Family Firms as Prominent Investment Organizations of Social Finance: An Empirical Analysis of U.S. Family Foundations

2021 ◽  
pp. 167-189
Author(s):  
Carmen Gallucci ◽  
Rosalia Santulli ◽  
Riccardo Tipaldi
Keyword(s):  
Empirical Analysis ◽  
Family Firms ◽  
Family Foundations

scholarly journals Exploring the moderating effect of family CEO on the association between family ownership and firm value: An empirical analysis of top Indian family firms

2015 ◽  
Vol 12 (2) ◽  
pp. 349-361
Author(s):  
Lakshmi Kalyanaraman
Keyword(s):  
Family Member ◽  
Empirical Analysis ◽  
Interaction Effect ◽  
Firm Value ◽  
Family Firms ◽  
Stock Exchange ◽  
Moderating Effect ◽  
Market Valuation ◽  
Family Ownership ◽  
The Relationship

We study 288 family firms included in the NSE CNX 500 index of the National Stock Exchange of India. We find an entrenchment-alignment-entrenchment relationship between family ownership and firm value. We show that family CEO has a negative moderating effect on the relationship between family ownership and firm value. When the interaction effect of Family CEO on family ownership is controlled, only family shareholding in the alignment range is found to be statistically significant. The study shows that family firms with family CEO suffer from a decrease in market valuation. This finding is extremely valuable given the fact that India is dominated by family firms and majority of family firms appoint a family member as CEO

scholarly journals Measures of Value in Acquisitions: Family Versus Nonfamily Firms

2010 ◽  
Vol 23 (4) ◽  
pp. 341-354 ◽  
Author(s):  
Darya Granata ◽  
Francesco Chirico
Keyword(s):  
Empirical Research ◽  
Empirical Analysis ◽  
Family Firms ◽  
Family Firm ◽  
Superior Performance ◽  
Matched Pairs ◽  
Family Versus ◽  
The World

This article sheds light on the valuation of family firms when compared with nonfamily firms as acquisition targets. The authors argue that although the majority of theoretical and empirical research explicitly recognizes the prevalence and superior performance of family firms around the world, acquiring companies tend to regard family firms as unprofessional and inefficient organizations, thus negatively affecting their valuation when compared with nonfamily firm targets. Overall, the authors’ empirical analysis, based on a matched-pairs methodology and use of multiples, shows that acquiring companies favor the stagnation perspective rather than the stewardship perspective and thus pay less (i.e., acquire at a discount) for a family firm target than for a nonfamily firm target.

The Impact of Vote Differentiation on Investment Performance in Listed Family Firms

2010 ◽  
Vol 23 (4) ◽  
pp. 327-340 ◽  
Author(s):  
Per-Olof Bjuggren ◽  
Johanna Palmberg
Keyword(s):  
Empirical Analysis ◽  
Family Firms ◽  
Positive Impact ◽  
Performance Measure ◽  
Investment Performance ◽  
Family Control ◽  
And Control ◽  
The Impact ◽  
Marginal Q ◽  
The Empirical Analysis

This article investigates the effects of separation of ownership and control because of vote differentiation on listed family firms’ investment performance. The authors study the question of whether family-controlled firms have better investment performance than nonfamily firms and whether this investment performance is negatively affected by a separation of ownership and control because of vote differentiation. Marginal q is used as a performance measure. The empirical analysis shows that family control has a positive impact on investment performance when ownership and control are aligned, whereas separation of ownership and control in terms of vote-differentiated shares reduce investment performance.

Family ownership and capital structure decision: an empirical analysis of private family firms.

2016 ◽  
Vol 2016 (1) ◽  
pp. 15778
Author(s):  
Donata Mussolino ◽  
Alessandro Cirillo ◽  
Simone Terzani ◽  
Silvia Bacci
Keyword(s):  
Capital Structure ◽  
Empirical Analysis ◽  
Family Firms ◽  
Family Ownership

The Accumulation of Distinctive Competences in Family Firms

2020 ◽  
pp. 90-126
Author(s):  
César Camisón ◽  
Alba Puig-Denia
Keyword(s):  
Empirical Analysis ◽  
Structural Equation Modelling ◽  
Structural Equation ◽  
Family Firms ◽  
Family Businesses ◽  
Equation Modelling ◽  
The Family ◽  
Distinctive Competences ◽  
Managerial Capabilities ◽  
The Empirical Analysis

Taking as its basis the resource- and capability-based view of the firm, this study provides an in-depth exploration of the ability of the family tourism firm to accumulate and develop the distinctive competences that are key to its success. Specifically, the analysis centres on how the family tourism firm acquires distinctive competences through the development of managerial capabilities. Using structural equation modelling (SEM), the empirical analysis focuses on a sample of 1,019 Spanish tourism firms. The results of the study suggest that family businesses face certain problems in accumulating distinctive competences. Moreover, the study indicates that such problems are due in part to the difficulties of developing efficient managerial capabilities in this type of company, which is an obstacle to the accumulation and management of other distinctive competences.

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