Family Ownership and Firm Performance in Chile: A Note on Martinez et al.'s Evidence

Bonilla, C. A.; Sepúlveda, Jean P.; Carvajal, M.

doi:10.1177/0894486510365508

Cited by 19 publications

(7 citation statements)

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“…Additionally, Bonilla, Sepulveda, and Carvajal [64] in Chile, and Wenyi [65] in Taiwan, find that family participation on the board leads to better performance and lower volatility in returns.…”

Section: Board Structurementioning

confidence: 99%

Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance

Martín-Reyna

Durán-Encalada

2015

IJFS

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This study examines the relationship between ownership structure and performance of public firms in Mexico, considering debt and the structure of the board of directors as contextual and institutional factors. This research seeks to explain the mixed results about the relationship of ownership and performance presented by other relevant studies in family and non-family businesses, mainly in emerging countries. The results confirm the positive association between family ownership concentration and performance, calculated by Tobin's Q, showing how the participation of inside shareholders on the board and a low debt level contribute to higher performance. However, the association of these variables with performance shows a contrasting effect in the case of family as compared to non-family businesses. The particular corporate legal context in Mexico could be highlighted as one of the main reasons for these results.

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Section: Board Structurementioning

confidence: 99%

Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance

Martín-Reyna

Durán-Encalada

2015

IJFS

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“…However, the seeking and embarking on new ventures is not done blindly and recklessly. Family firms operate conservatively and are risk aversive compared to nonfamily firms (Bonilla et al, 2010). Second-generation family owners often become risk averse in an attempt to preserve the family wealth (Molly et al, 2010).…”

Section: Entrepreneurial Spiritmentioning

confidence: 99%

Constrictive vs. distinctive familiness and the culturing of familiness capital (FamCap)

Wyk¹

2012

Afr. J. Bus. Manage.

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The special capacity of family firms to perform competently is termed 'familiness'. The construct familiness refers to strategic processes in family firms, based on the unique capabilities and involvement of the family firm owners that enhance business performance. However, the culture of familiness has to be observed cautiously with both its positive (distinctive) and negative (constrictive) attributes. Only when distinctive familiness functions optimally, does it operate as 'familiness capital' (FamCap). As far as could be established, this review introduces the concept of FamCap for the first time as the ultimate performance of familiness. It furthermore explores the unique characteristics that could foster the cultivation of FamCap in family businesses.

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“…Following the previous studies(Hubbard, 2009;García-Sánchez & García-Meca, 2017), we use the multidimensional construct in order to measure CSR performance.2 The multidimensional construct consists of three indices(environmental, social and ethical).3 We manually gather information about 21 items from the annual reports of 190 companies for the period of 2007-2016 from companies' websites.The value of these 21 items ranged from 0 to 100. Afterwards, we repeat this process the previous studies, family-controlled business (FCB) is measured as a dummy variable, and is coded 1 if most of the family members are present on the company's board of directors; otherwise it is coded zero(Cascino, Pugliese, Mussolino, & Sansone, 2010;Bonilla, Sepulveda, & Carvajal, 2010; Prencipe & Bar-Yosef, choice of control variables generally followsBiddle and Hilary (2006),Biddle et al (2009) andGomariz and Ballesta (2014). Afterwards, we repeat this process the previous studies, family-controlled business (FCB) is measured as a dummy variable, and is coded 1 if most of the family members are present on the company's board of directors; otherwise it is coded zero(Cascino, Pugliese, Mussolino, & Sansone, 2010;Bonilla, Sepulveda, & Carvajal, 2010; Prencipe & Bar-Yosef, choice of control variables generally followsBiddle and Hilary (2006),Biddle et al (2009) andGomariz and Ballesta (2014).…”

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confidence: 99%

Does family control explain why corporate social responsibility affects investment efficiency?

Shahzad

Rehman²,

Nawaz

et al. 2018

Corp Soc Responsibility Env

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Drawing on stakeholder and socioemotional wealth theories, we empirically examine the influence of corporate social responsibility performance on investment efficiency in family-controlled businesses versus non-family-controlled businesses. Our panel dataset consists of 190 Pakistani firms listed on the Pakistan Stock Exchange over the period of 2007-2016. We use feasible generalized least square regression for model estimation. Our results suggest that firms with higher corporate social responsibility performance invest efficiently compared with firms with lower corporate social responsibility performance. Furthermore, the impact of corporate social responsibility performance on investment efficiency is higher in the family firms. The results suggest that family-controlled businesses are more willing to engage in social responsibility activities to achieve their non-economic goals, i.e. family image and trans-generational control. Overall, our results indicate that corporate social responsibility is beneficial for the organization, and its implication is more fruitful in the context of family-controlled businesses.

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Family Ownership and Firm Performance in Chile: A Note on Martinez et al.'s Evidence

Cited by 19 publications

References 0 publications

Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance

Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance

Constrictive vs. distinctive familiness and the culturing of familiness capital (FamCap)

Does family control explain why corporate social responsibility affects investment efficiency?

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