Corporate governance and family business performance

Brenes, Esteban; Madrigal, Kryssia; Requena, Bernardo

doi:10.1016/j.jbusres.2009.11.013

Cited by 195 publications

(192 citation statements)

References 2 publications

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“…For Campbell et al (2011), the board of directors is an important monitoring agent, particularly in corporate events in which managers' interests are tangential to shareholders' interests. The challenge for all board members is aligning business strategy with shareholder interests, in an environment in which shareholders aim to obtain value in the long run, while top management seeks growth and increased valuation in the short run (Brenes et al, 2011).…”

Section: Board Of Director Interlockingmentioning

confidence: 99%

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Influence of board interlocking on earnings management

Cunha

Piccoli

2017

Rev. contab. finanç.

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The participation of directors on more than one board is called "board interlocking". This phenomenon contributes to the spread of management and governance practices, through directors sharing their knowledge and experiences on other boards. Thus, directors could "carry" the earnings management practices present in one company into another in which they sit on the board. It is assumed that the greater directors' direct or indirect connections on boards, the greater the sharing of information, especially information that can be reflected in company earnings quality. In light of the above, the aim of this study is to verify the influence of board interlocking on earnings management in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa). The study is characterized as descriptive, quantitative, and documentary, and uses a sample of companies listed on the BM&FBOVESPA between 2011 and 2013. For earnings management, the model from Kang and Sivaramakrishnan (1995) was used, while for interlocking, degree centrality measures were used for direct board member connections, and intermediation centrality for indirect connections. The results indicate that earnings management is influenced by the interlocking of board members. It is concluded that the greater the degree centrality, the greater positive earnings management is, and that variations in positive and negative accruals are influenced by board member intermediation. The results reinforce the idea that earnings management behavior can be transferred between companies by the directors that make up their boards.

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Section: Board Of Director Interlockingmentioning

confidence: 99%

“…Th eir role is to ensure equal treatment of shareholders and to intermediate between shareholder interests and manager practices, which thus makes boards important monitoring agents (Brenes, Madrigal & Requena, 2011;Campbell, Ghosh, Petrova & Sirmans, 2011).…”

Section: Introductionmentioning

confidence: 99%

Influence of board interlocking on earnings management

Cunha

Piccoli

2017

Rev. contab. finanç.

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“…Está basado en los desarrollos empíricos que muestran una relación entre gobierno corporativo y desempeño (Anderson y Reeb, 2003;Andres, 2008;Block, Jaskiewicz & Miller, 2011;Chu, 2011). De forma general, estos estudios muestran que la mejora en el desempeño se debe a que las estructuras de gobierno están en sintonía con los requerimientos del mercado y de los accionistas, situación que proporciona objetividad a las decisiones y ayuda a mejorar la percepción de transparencia y confianza en los miembros familiares que no participan de forma activa en la gestión de la empresa (Brenes, Madrigal & Requena, 2011). No obstante, algunos estudios han identificado que las familias con control de la propiedad pueden buscar sus objetivos, aunque estos vayan en detrimento de los accionistas externos (Braun & Sharma, 2007).…”

Section: Gestión Y Organizaciónunclassified

“…Otros estudios se centran en la junta directiva y muestran que los miembros no familiares en este órgano de gobierno proporcionan objetividad adicional a las decisiones, siendo determinantes en la mayor percepción de transparencia y confianza de los miembros familiares que no participan de la gestión de la empresa (Brenes et al, 2011). Anderson y Reeb (2004) encontraron que la presencia moderada de la familia en la junta directiva ofrece beneficios sustanciales; por ejemplo, muestran que las ef que poseen pocos miembros independientes en la junta directiva presentan resultados significativamente peores que las enf.…”

Section: H1 La Implementación De Prácticas De Gobierno Corporativo Sunclassified

Relación entre gobierno corporativo, control familiar y desempeño en empresas colombianas

Cortés¹,

Ramírez²,

Gómez-Betancourt³

2018

Innovar

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El gobierno corporativo como herramienta para minimizar los problemas de agencia parece tener un efecto positivo en el desempeño. Este trabajo analiza la relación entre gobierno corporativo, control familiar y desempeño financiero en empresas colombianas. A través del método generalizado de momentos (GMM), se estimó dicha relación en un panel de datos balanceado para 104 empresas inscritas en el Registro Nacional de Valores y Emisores (RNVE) durante el periodo 2008-2014. Las empresas fueron clasificadas como empresa familiar (EF), cuando se identificó una familia como accionista controlante mayoritario. El desempeño fue aproximado a partir de la rentabilidad del activo (ROA) y la rentabilidad del patrimonio (ROE). Para medir el nivel de gobierno corporativo se usaron las 41 prácticas recomendadas en el Código País. Se encontró que solo las prácticas alusivas a la junta directiva se relacionan con el roa, mientras que en el caso del roe no se encontró evidencia de relación con alguna de las prácticas de gobierno corporativo. Respecto al carácter familiar, se encontró que, cuando una familia es el primer accionista controlante, las empresas presentan mayor desempeño. No obstante, cuando los dos primeros accionistas controlantes son familias, se observó que no existe relación con el desempeño

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“…Others consider that this strong relationship between family and business may be somewhat negative. Brenes et al (2011) state that family businesses result from the interaction between the business system and the family system which sometimes causes conflicts, making management more complex. This complexity happens because management of the family business has to do with business and also with family (Sorenson, 1999;Arrègle and Mari, 2010).…”

Section: Figure 1 Organisation Of Innovation and Learningmentioning

confidence: 99%

The learning ability of Portuguese small family businesses

Fernandes

Ussman

2013

IJEIM

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Abstract:The learning ability of a firm is often cited as a necessary feature for its longevity. This ability has a greater impact on family businesses, given their characteristics. This research analyses the learning ability of Portuguese small family businesses. The research is based on an empirical study with primary data collected from a multiple case study of 22 firms. The results indicate that firms have some learning ability but on a small scale. The results also show that this learning capacity is almost absent from the design of firms' operations and employees and is especially related to the owner-manager and the relationship established with the environment.

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Corporate governance and family business performance

Cited by 195 publications

References 2 publications

Influence of board interlocking on earnings management

Influence of board interlocking on earnings management

Relación entre gobierno corporativo, control familiar y desempeño en empresas colombianas

The learning ability of Portuguese small family businesses

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