Board characteristics and firm performance in public founder- and nonfounder-led family businesses

García‐Ramos, Rebeca; Olalla, Myriam Garcı́a

doi:10.1016/j.jfbs.2011.09.001

Cited by 121 publications

(65 citation statements)

References 108 publications

(190 reference statements)

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“…For ROE, the effects were negative in all systems. The results of Panel A and Panel B are contradictory to Rosenstein and Wyatt (1990), Arosa et al (2010b), and Ramos and Olalla (2011), who observed that the composition of the Board of Directors resulted in positive changes in performance. For ROE, Panel B, they are similar to Agrawal and Knoeber (1996) and in Brazil to Santos and Silveira (2007) and Santos et al (2012), who found that the composition of Board of Directors resulted in negative changes in the performance of the companies.…”

Section: Relationship Of the Composition Of The Board Of Directors Wicontrasting

confidence: 61%

“…With this set of hypothesis it BAR, Rio de Janeiro, v. 13, n. 2, art. 1, e160007, Apr./June 2016 www.anpad.org.br/bar is expected to find results similar to those of Rosenstein and Wyatt (1990), Silveira, Barros and Famá (2003), Arosa, Iturralde and Maseda (2010b), and Ramos and Olalla (2011), that the composition of the Board of Directors with a larger number of independent members, outsiders, positively influences the performance of the companies. This suggests that the higher the independence indicator of the Board, the greater the performance of the company.…”

Section: H2mentioning

confidence: 90%

“…The Board of Directors, according to Rosenstein and Wyatt (1990), Rhoades, Rechner and Sundaramurthy (2000), Ramos andOlalla (2011), andChahine andGoergen (2013), has a positive effect on corporate performance, characterized as an endogenous variable as discussed by Hermalin and Weisback (1988) and tested empirically by Barnhart and Rosenstein (1998), and Lefort and Urzúa (2008). Black, Jang and Kin (2006) found out that the increase of the number of independent directors is consistent with the increase in the market value of the companies.…”

Section: Board Of Directors and Performance Of The Companiesmentioning

confidence: 98%

“…Internationally, studies investigated characteristics such as insiders/outsiders, independence, duality, size (Arosa, Iturralde, & Maseda, 2010a;Chahine & Goergen, 2013;Cheng, 2008;Ramos & Olalla, 2011;Rosenstein & Wyatt, 1990;Yermack, 1996). However, these studies do not highlight its sociological elements.…”

Section: Introductionmentioning

confidence: 99%

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Do the Board of Directors Composition and the Board Interlocking Influence on Performance?

Vesco

Beuren

2016

BAR, Braz. Adm. Rev.

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This study analyzes the influence of composition of the Board of Directors and their social relations (board interlocking) on performance of Brazilian companies. A descriptive study based on documentary research was conducted with a total of 1,163 companies' observations and 18,119 standardized observations regarding directors. Simultaneous equations were applied to the data analysis. The survey results showed that, regarding the influence of composition of the Board of Directors on the performance of the companies, among variables used to identify its characteristics, that some showed endogeneity. Among the characteristics of the Board of Directors, the duality of the board was exogenous when comparing market performance (Tobin's Q) and the outsiders were also exogenous for internal performance (Return on Equity). Thus, the duality of the board is more influenced by the specificities of each company than by the market value of the companies. The characteristic outsiders are more influenced by the institutional environment than by the ROE. The practice of board interlocking proved to be insignificant in relation to the market value, indicating natural selection. Therefore, it is not possible to infer that the board interlocking can increase the dependency of the management, compromising the role of monitoring. Also, it is not possible to state that better positioned and central companies in the corporate relationships network show better performance.

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Section: Relationship Of the Composition Of The Board Of Directors Wicontrasting

confidence: 61%

Section: H2mentioning

confidence: 90%

Section: Board Of Directors and Performance Of The Companiesmentioning

confidence: 98%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Do the Board of Directors Composition and the Board Interlocking Influence on Performance?

Vesco

Beuren

2016

BAR, Braz. Adm. Rev.

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“…Particularly with regards to the European environment "the context is characterized by high ownership concentration and the presence of family groups that remain in control of a significant number of firms, in contrast to the less amenable American and AngloSaxon markets" (Garcìa-Ramos and Garcìa-Olalla, 2011).…”

Section: Introductionmentioning

confidence: 99%

Two models of family firms in dividends and investments policy

Bresciani

Culasso

Giacosa

et al. 2016

GBER

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Internal corporate sustainability drivers: What evidence from family firms? A literature review and research agenda

Broccardo

Truant

Zicari

2018

Corp Soc Responsibility Env

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Despite the many studies on corporate sustainability, few have analyzed the specific case of the family business. Family firms have certain characteristics that make them different from nonfamily firms, making it valuable to analyze whether these peculiarities are also reflected in their attitude toward sustainability. Specifically, the determinants of the sustainability concept in family firms are unclear. Given the importance of family businesses in most economies, this paper will contribute to filling this gap, depicting through a literature review the main determinants that can affect the sustainability approach of the family firm. The systematic review was carried out through a documented process to guarantee its replicability. The findings show that drivers do not have a homogenous impact on sustainability initiatives due to the distinctiveness of these types of firms. This review contributes by systematizing the existing literature on such topics, identifying future research avenues, and providing several stimuli for researchers. KEYWORDScorporate sustainability, family firms, internal determinants, internal drivers, literature review, research agenda, stakeholder engagement

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Board characteristics and firm performance in public founder- and nonfounder-led family businesses

Cited by 121 publications

References 108 publications

Do the Board of Directors Composition and the Board Interlocking Influence on Performance?

Do the Board of Directors Composition and the Board Interlocking Influence on Performance?

Two models of family firms in dividends and investments policy

Internal corporate sustainability drivers: What evidence from family firms? A literature review and research agenda

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