scholarly journals The Ownership Structure Influence on the Dividend Distribution Policy: The Case of Listed French Family Firms

2021 ◽  
Vol 18 (3) ◽  
Keyword(s):  
Ownership Structure ◽  
Family Firms ◽  
Dividend Distribution ◽  
French Family

Global financial crisis, ownership structure and firm financial performance

2017 ◽  
Vol 34 (4) ◽  
pp. 447-465 ◽  
Author(s):  
Ali Salman Saleh ◽  
Enver Halili ◽  
Rami Zeitun ◽  
Ruhul Salim
Keyword(s):  
Financial Crisis ◽  
Financial Performance ◽  
Ownership Structure ◽  
Family Firms ◽  
Global Financial Crisis ◽  
Ownership Concentration ◽  
Financial Leverage ◽  
Content Type ◽  
Crisis Period ◽  
The Global Financial Crisis

Purpose This paper aims to investigate the financial performance of listed firms on the Australian Securities Exchange (ASX) over two sample periods (1998-2007 and 2008-2010) before and during the global financial crisis periods. Design/methodology/approach The generalized method of moments (GMM) has been used to examine the relationship between family ownership and a firm’s performance during the financial crisis period, reflecting on the higher risk exposure associated with capital markets. Findings Applying firm-based measures of financial performance (ROA and ROE), the empirical results show that family firms with ownership concentration performed better than nonfamily firms with dispersed ownership structures. The results also show that ownership concentration has a positive and significant impact on family- and nonfamily-owned firms during the crisis period. In addition, financial leverage had a positive and significant effect on the performance of Australian family-owned firms during both periods. However, if the impact of the crisis by sector is taking into account, the financial leverage only becomes significant for the nonmining family firms during the pre-crisis period. The results also reveal that family businesses are risk-averse business organizations. These findings are consistent with the underlying economic theories. Originality/value This paper contributes to the debate whether the ownership structure affects firms’ financial performance such as ROE and ROA during the global financial crisis by investigating family and nonfamily firms listed on the Australian capital market. It also identifies several influential drivers of financial performance in both normal and crisis periods. Given the paucity of studies in the area of family business, the empirical results of this research provide useful information for researchers, practitioners and investors, who are operating in capital markets for family and nonfamily businesses.

scholarly journals Ownership structure and performance in family businesses at early developmental stage: evidence from China

2009 ◽  
Vol 7 (1) ◽  
pp. 138-150 ◽  
Author(s):  
Zhong Qin ◽  
Xin Deng
Keyword(s):  
Developmental Stage ◽  
Ownership Structure ◽  
Family Firms ◽  
Family Businesses ◽  
Early Developmental Stage ◽  
Governance Mechanism ◽  
Professional Managers ◽  
And Performance ◽  
The Impact ◽  
Early Developmental

This paper explores the impact of ownership structure on performance of family businesses at its early developmental stage in a context of under-developed market environment. Using a survey data of 296 private family firms in Ningbo, China, we find both management and single largest shareholder’s ownership is positively related to firm’s performance. However, family’s shareholding does not have significant impact on performance. Further inquiry on firm’s willingness to give shares to managers who are not family members indicates that while nearly half of the firms are willing to provide shares to professional managers, weak corporate governance mechanism and under-developed market may discourage such practice.

scholarly journals Do family firms perform better: A Belgian survey

2007 ◽  
Vol 4 (4) ◽  
pp. 173-182
Author(s):  
Christiane Bughin ◽  
Olivier Colot ◽  
Karin Comblé
Keyword(s):  
Agency Theory ◽  
Empirical Evidence ◽  
Ownership Structure ◽  
Family Firms ◽  
Management Practices ◽  
Family Values ◽  
Economic Literature ◽  
Paired Samples ◽  
Better Than

A large conceptual economic literature presents assumptions that family owned and controlled firms perform better than others, essentially on the basis of agency theory, ownership structure, cultural specificities and particular management practices. Large empirical evidence has been supplied by various studies, even if there are still contradictory debates. This paper uses the paired samples methodology to compare operational, economic and financial profitabilities of Belgian family firms. Evidence is given that they perform better, and this significantly for economic profitability. Discussion is engaged about the contribution of family values and practices to their results.

Is family ownership of a firm associated with the control of managerial discretion and corporate decisions?

2016 ◽  
Vol 6 (1) ◽  
Author(s):  
Jennifer Martinez Ferrero ◽  
Lázaro Rodríguez-Ariza ◽  
Manuel Bermejo-Sánchez
Keyword(s):  
Ownership Structure ◽  
Design Methodology ◽  
Family Firms ◽  
Managerial Discretion ◽  
Family Ownership ◽  
Managerial Decisions ◽  
Corporate Decisions ◽  
Type Design ◽  
The Family ◽  
The Impact

Purpose This paper considers the association between family firms and managerial discretion, hypothesising that a higher degree of family ownership may decrease the conflict of interest between owners and managers, thus avoiding the risk of discretionary actions by the latter. Design/methodology/approach Our empirical analysis is based on a large sample of international listed companies from 20 countries including the Special Administrative Region of Hong Kong and covers the period 2002–2010. Methodologically, we use a logit model with marginal effects on the panel data. Findings Our analysis shows that family ownership is associated with greater control and monitoring of managerial decisions, thus avoiding information asymmetries and, therefore, the risk of discretionary actions. In other words, family owners impose a stronger discipline and dissuade non-family managers from using managerial discretion to act in their own interest. Finally, we clarify the inconclusive results reported previously about the effects of family ownership on discretionary practices. Originality/value Our paper contributes to the family firm literature by providing evidence of the impact of ownership structure on the level of discretionay practices. Furthermore, we explore the differences between family and non-family firms as each group has its own varied characteristics. Moreover, in contrast to most previous studies, which have focused on only one country, we extend the analysis to include an international sample of 20 countries. This leads to potentially more powerful and generalizable results.

Multiple Large Shareholders and Corporate Risk-taking: Evidence from French Family Firms

2016 ◽  
Vol 22 (4) ◽  
pp. 697-745 ◽  
Author(s):  
Sabri Boubaker ◽  
Pascal Nguyen ◽  
Wael Rouatbi
Keyword(s):  
Risk Taking ◽  
Family Firms ◽  
Large Shareholders ◽  
French Family ◽  
Corporate Risk

scholarly journals A study on Taiwanese corporate social responsibility and ownership structures

2012 ◽  
Vol 9 (3) ◽  
pp. 111-122 ◽  
Author(s):  
Shihwei Wu ◽  
Fengyi Lin ◽  
Chiaming Wu
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Information Asymmetry ◽  
Ownership Structure ◽  
Family Firms ◽  
Earnings Quality ◽  
Ownership Structures ◽  
Professional Managers ◽  
Corporate Social ◽  
The Relationship

This study develops several models to examine the relationship between the corporate social responsibility (CSR) and the ownership structure of Taiwanese firms. Our results suggest that firms which are controlled by professional managers, government-owned, or collectively-owned would like to undertake serious efforts to integrate the CSR into various aspects of their companies. Due to Asia firm’s culture, family firms might be more reluctant to put efforts on CSR activities. We also report that there is a positive relationship between (a) the CSR and financial performance and (b) the CSR and earnings quality. This study suggests that the ownership structures are found to have effects on the CSR and the CSR could also decrease the information asymmetry between managers and investors.

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