Corporate governance and profitability in family SMEs

被引：12
|
作者：
Hansson, Mats [1 ,2 ]
Liljeblom, Eva [1 ]
Martikainen, Minna [3 ]
机构：
[1] Hanken Sch Econ, Helsinki 00101, Finland
[2] Nordea Savings & Asset Management, Nordea 00020, Finland
[3] Lappeenranta Univ Technol, Lappeenranta 53851, Finland
来源：
EUROPEAN JOURNAL OF FINANCE | 2011年 / 17卷 / 5-6期
基金：
芬兰科学院;
关键词：
firm performance; family employees; family CEO; board size; family SMEs; WESTERN-EUROPEAN CORPORATIONS; FIRM PERFORMANCE; OWNERSHIP STRUCTURE; EMPIRICAL-ANALYSIS; BOARD COMPOSITION; MARKET VALUATION; FOUNDER-CEOS; AGENCY COSTS; MANAGEMENT; SIZE;
D O I：
10.1080/1351847X.2010.543842
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We analyze the determinants of performance in small unlisted family firms and find, in line with previous studies, a positive effect associated with a family CEO. We contribute by bringing in an additional variable, the proportion of family members employed by the firm and find it to be negatively related to firm performance. There is a significant tendency for family CEOs to employ family members, which - given the negative effect of these - should offset some of the positive performance effects of a family CEO. We also analyze the effect of board size in these already small family boards, where the maximum number of board members is six. We find that even here, board size is significantly negatively associated with firm performance.
引用
收藏
页码：391 / 408
页数：18
相关论文
共 50 条
  • [41] Formal HRM in family SMEs: the role of family-centered goals and family governance
    Michiels, Anneleen
    Arijs, Diane
    Uhlaner, Lorraine
    REVIEW OF MANAGERIAL SCIENCE, 2022, 16 (08) : 2553 - 2576
  • [42] Leveraging corporate governance characteristics for stock crash risk assessment
    Zhao, Xin
    Guo, Yanhong
    Liu, Chuanren
    INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2024, 96
  • [43] Corporate governance and financial performance: the case of English NHS hospitals
    Achiro, Laura Obwona
    Tauringana, Venancio
    Alta'any, Mohammad
    INTERNATIONAL JOURNAL OF PUBLIC SECTOR MANAGEMENT, 2024, : 896 - 912
  • [44] Corporate Governance and Tobin's Q as a Measure of Organizational Performance
    Singh, Satwinder
    Tabassum, Naeem
    Darwish, Tamer K.
    Batsakis, Georgios
    BRITISH JOURNAL OF MANAGEMENT, 2018, 29 (01) : 171 - 190
  • [45] Corporate governance and underpricing of small and medium enterprises IPOs in India
    Arora, Nischay
    Singh, Balwinder
    CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2020, 20 (03): : 503 - 525
  • [46] Adaptive conjoint analysis: A new approach to defining corporate governance
    Adrian, Christofer
    Wright, Sue
    Kilgore, Alan
    CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2017, 25 (06) : 428 - 439
  • [47] Implementation of Good Corporate Governance Mechanisms on Family Firm Performance in Indonesia
    Robin
    Amran, Noor Afza Binti
    ADVANCED SCIENCE LETTERS, 2016, 22 (5-6) : 1435 - 1438
  • [48] Family control and ownership monitoring in Stakeholder-oriented corporate governance
    Sakawa, Hideaki
    Watanabel, Naoki
    MANAGEMENT DECISION, 2019, 57 (07) : 1712 - 1728
  • [49] Intellectual capital efficiency: the missing piece to your corporate governance and profitability puzzle
    Ijaz, Misal
    Zarrar, Abeera
    Naz, Farah
    INTERNATIONAL JOURNAL OF LAW AND MANAGEMENT, 2024, 66 (03) : 393 - 415
  • [50] The relationship among family business, corporate governance and firm performance: Evidence from the Mexican stock exchange
    Martin-Reyna, J. M. San
    Duran-Encalada, Jorge A.
    JOURNAL OF FAMILY BUSINESS STRATEGY, 2012, 3 (02) : 106 - 117
12345