A Meta-Analysis of the Financial Performance of Family Firms: Another Attempt

Wagner, Dominik; Block, Joern; Miller, Danny; Schwens, Christian; Xi, Guoqian

doi:10.2139/ssrn.2825069

Cited by 19 publications

(31 citation statements)

References 8 publications

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“…CSP ratings and reputational rankings are also considered externally reported or archival measures of CSP. The difference between self-reported and externally-reported CSP measurement approaches is analogous to the difference between accounting and market based measures that are commonly used to measure CFP [64][65][66][67][68][150][151][152]. To test for the moderating effect of the CSP measurement approach, the sample was divided on the basis of the two categories.…”

Section: The Moderating Role Of Approaches To the Measurement Of Corpmentioning

confidence: 99%

Firms’ Board Independence and Corporate Social Performance: A Meta-Analysis

Ortas

Álvarez

Zubeltzu³

2017

Sustainability

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This paper investigates the influence of organizations' board independence on corporate social performance (CSP) using a meta-analytic approach. A sample of 87 published papers is used to identify a set of underlying moderating effects in that relationship. Specifically, differences in the system of corporate governance, CSP measurement models and market conditions have been considered as moderating variables. The results show that the independence of a company's board positively influences CSP. This is because companies with more independent directors in their boards are more likely to commit to stakeholder engagement, environmental preservation and community well-being. Interestingly, the results also show that the positive connection between board independence and CSP is stronger in civil law countries and when CSP is measured by self-reporting data. Finally, the strength of the influence of the independence of a firm's board on CSP varies significantly in different market conditions. The paper concludes by presenting the main implications for academics, practitioners and policy makers.

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Section: The Moderating Role Of Approaches To the Measurement Of Corpmentioning

confidence: 99%

Firms’ Board Independence and Corporate Social Performance: A Meta-Analysis

Ortas

Álvarez

Zubeltzu³

2017

Sustainability

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“…Our study also adds to the broader literature about the performance consequences of blockholder ownership. The blockholder literature has focused on the performance and shareholder value effects of ownership by families (see Wagner et al 2015 for a meta-analysis), private equity firms (e.g., Achleitner et al 2011), banks (e.g., Lin et al 2009), institutional investors (e.g., Mizuno 2010), and venture capital firms (e.g., Dai 2007). Our results show that foundations constitute a special type of blockholder, which has so far been overlooked.…”

Section: Summary Of Main Results and Contributions To The Literaturementioning

confidence: 99%

Foundation Ownership and Shareholder Value: An Event Study

et al. 2017

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Some of the largest listed firms in Western and Northern Europe are partly owned by foundations. So far, little research exists about the shareholder value effects of foundation ownership. This study aims to close this gap using an event study method. We find that equity markets show a positive reaction following the announcement by a foundation that it intends to decrease its ownership share, whereas we find no reaction when a foundation announces that it intends to increase its ownership share. The positive reaction to an announcement of an ownership share decrease is particularly strong when a foundation holds an equity stake of less than 25%. Further investigations show that our findings are specific for foundations as blockholders and do not occur with other blockholders. Overall, our study shows that equity markets are skeptical about foundations as shareholders. Future research is needed to determine whether this skepticism is due to monitoring problems of foundations, goal divergences between foundations and firms, foundations being hybrid organizations with multiple goals, or legal restrictions that come with this particular form of firm ownership.

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“…This can allow for calculating an overall effect through consolidating available empirical evidence into a single quantitative effect size, and testing the role of various contingency factors, such as sample differences, study design differences, measures, regions, and more. The meta-analytic review (e.g., O'Boyle et al [10]; Wagner et al [33]) can thereby help integrate available empirical evidence, while at the same time identifying under-researched areas. More specifically, this type of review can highlight the importance of different forms of family involvement in publicly-traded firms to explain how families control corporations differently.…”

Section: Discussionmentioning

confidence: 99%