Family Ownership, Asset Levels, and Firm Performance in Western European Hospitality Companies

Masset, Philippe; Uzelac, Irena; Weisskopf, Jean‐Philippe

doi:10.1177/1096348019849665

Cited by 23 publications

(19 citation statements)

References 79 publications

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“…Prior literature has treated family firm as a binary construct (i.e. yes or no) without separating family firm corporate governance structures or with using family ownership alone (Kallmuenzer and Peters, 2018;Masset et al, 2019;Singal, 2014). Different family firm corporate governance structures can impact strategic decision in various processes, such as management, voting and/or supervising (Lv et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

Does family matter? The moderating role of family involvement on the relationship between CSR and firm performance

Yeon

Lin

Lee

et al. 2021

IJCHM

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Purpose The purpose of this study is to investigate the moderating role of family involvement on the corporate social responsibility (CSR)-firm performance (FP) relationship in the US hospitality industry. Building on agency theory, this study examines how family ownership, management and board control influence the relationship between CSR and FP. Design/methodology/approach To examine the moderating effect of family ownership, family management and family board control, this study adopts the two-way fixed-effects model and performs a panel regression analysis with robust standard errors. The sample period spans 1994–2018 and 565 firm-year observations are included. Findings This study finds that the impact of CSR on FP is positively moderated by the extent of a firm’s family member involvement. In specific, all three aspects of corporate governance (i.e. ownership, management and board control) positively moderate the relationship between CSR and FP. Research limitations/implications Findings of this study yield several recommendations for hospitality managers, including shaping strategic decisions for implementing CSR, by providing a unique perspective that the involvement of founding family members can be helpful in enhancing firm value through CSR activities. Originality/value This study sheds light on the further understanding of the CSR-FP link in the hospitality literature. In addition, this study provides practical guidelines for hospitality firms in the context of CSR by revealing possible advantages of strengthened founding family involvement.

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Section: Introductionmentioning

confidence: 99%

Does family matter? The moderating role of family involvement on the relationship between CSR and firm performance

Yeon

Lin

Lee

et al. 2021

IJCHM

View full text Add to dashboard Cite

show abstract

“…As such, they merit further investigation. As Masset et al [71] stated, different subindustries can give rise to distinct conclusions on their ownership structures, asset intensity, operations, and performance.…”

Section: Discussionmentioning

confidence: 99%

“…TFB managers are especially focused on cost reduction [67] and cost control [53], with TFB usually securing financing from a combination of internal funds and bank loans [62,64], often maintained through investments in tangible collateral assets [71]. However, the factors that determine whether TFB will innovate may or may not be economic, but tend to be linked to risk aversion, the maintenance of traditional products, family control, and avoidance of disclosure [68].…”

Section: Family Business Assets Ownership and Governance Structurementioning

confidence: 99%

“…Examining the relationship between blockholder ownership, asset endowment, and corporate performance in the European lodging and food and beverage industries, Masset et al [71] found evidence that family and nonfamily blockholders perform differently. FB have tended to adopt a differentiation strategy focused on profit margin, with low sales rotation [71], typical of businesses with high capital intensity, in contrast to nonfamily firms, with greater capital productivity [49].…”

Section: Cluster 4: Strategy and Economic Performancementioning

confidence: 99%

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A Bibliometric Overview of Tourism Family Business

2021

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Family businesses are of particular economic relevance in the international hospitality and tourism industry. However, there are few studies that address their specific characteristics and objectives. The aim of this study is to produce a bibliometric overview that reveals the structure underpinning the analysis of the tourism family business in the business and management research field. The study also reveals the evolution of this research over time, as well as the most relevant related concepts and study gaps. Through a keyword co-occurrence analysis and a systematic review of 129 studies on tourism family businesses published between 1997 and 2020, the main contributions were organized into four thematic clusters, which include specific theoretical approaches. The clusters are Entrepreneurship, Marketing Orientation and Innovation Performance; Capabilities and Competitiveness; Sustainability; and Strategy and Economic Performance. On the basis of these results, this study introduces an integrative framework for tourism family business research, clarifying the rich diversity of research paths that seek to explain tourism business competitiveness, and identifying potential directions for future research aimed at further developing the field.

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“…For instance, Pacheco (2019) finds that family power (family equity plus family presence on the board) improves accounting performance for a sample of Portuguese wine firms. Masset et al (2019) investigate the hospitality industry in sixteen Western European countries and find that family food-and-beverage firms perform better than nonfamily food-andbeverage firms. Similarly, Rienda et al (2020) and Cucculelli and Storai (2015) find that family ownership improves firm performance in Spanish hotel firms and Italian manufacturing firms, respectively.…”

Section: Literature Review and Research Hypothesesmentioning

confidence: 99%

Founding-family-controlled firms, intergenerational succession, and firm value

Cid

Martín

Saona

2021

Economic Research-Ekonomska Istraživanja

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Using a unique, hand-collected data sample and panel-data econometric techniques, we analyse the impact of founding-family control and intergenerational succession on the value of Chilean listed companies. After controlling for firm-and ownership-specific characteristics, we find an inverse U-shaped relationship between a founding family's degree of ownership and firm value. Hence, family ownership at first increases firm value. However, when family ownership exceeds a threshold of about 38 percent of outstanding shares, the family takes advantage of its power in the firm and extracts wealth from minority shareholders. Further, if the founder of the company is the CEO or chairman of the board, firm value increases. However, family businesses with a subsequent-generation owner-manager destroy value.

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Family Ownership, Asset Levels, and Firm Performance in Western European Hospitality Companies

Cited by 23 publications

References 79 publications

Does family matter? The moderating role of family involvement on the relationship between CSR and firm performance

Does family matter? The moderating role of family involvement on the relationship between CSR and firm performance

A Bibliometric Overview of Tourism Family Business

Founding-family-controlled firms, intergenerational succession, and firm value

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