How Can Family Firms Attract Foreign Investors? The Role of Governance Mechanisms in Tunisia

Hammouda, Amira

doi:10.1007/978-3-319-57630-5_10

Cited by 2 publications

(2 citation statements)

References 58 publications

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“…This situation may cause due to a low transparency and less corporate disclosure thus, high monitoring costs [9] which cause foreign investors left the firms [4]. This finding also in line with Hammouda [27]This result supported the entrenchment effect where the greater the value of family ownership the lower the value of foreign investment in the firm [1]Foreign investors prefer companies with low control-ownership disparities, reflecting that foreign investors are sensitive to the corporate governance [7]. The results in Table 3 also find that both founders and descendant have a weak effect on foreign investment.…”

Section: Resultssupporting

confidence: 75%

The Effect of Family Ownershipnd CEO Characteristics n Foreign Investmentof Publicly Listed Family Firms

Sabila¹,

Viverita²

2019

Proceedings of the Proceedings of the 1st Sampoerna University-Afbe International Conference, SU-AFBE 2018, 6-7 December 2018,

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This study aims to analyze the effect of family ownership and CEO characteristics on foreign investment of the Indonesian publicly listed family firm.CEO characteristics are proxied by three variables which are CEO founder and CEO descendant, CEO education, and CEO background.This study uses the purposive sampling of family firms which divided into two categories, group and standalone.By using the Random effect model, this study founds that family ownership significantly lessen foreign investment due to the risk of expropriation and high monitoring cost.This effect is more pronounced in standalone firms rather than firms within a group.On the other hand, higher CEO education brings more foreign investment. In addition dividend and board size reduced foreign investment meanwhile firm's profits and crisis increased foreign investment.

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Section: Resultssupporting

confidence: 75%

The Effect of Family Ownershipnd CEO Characteristics n Foreign Investmentof Publicly Listed Family Firms

Sabila¹,

Viverita²

2019

Proceedings of the Proceedings of the 1st Sampoerna University-Afbe International Conference, SU-AFBE 2018, 6-7 December 2018,

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“…Moreover, the majority of family SMEs are still young and belonging to the first generation and therefore the need for family involvement in the business is less recognized (Nordvisqt et al ., 2014; Tadu and Chiguvi, 2019). The small size of the effect of governance on the sustainable longevity of family businesses is explained by the fact that Tunisian SMEs have a monistic leadership structure, hence the need for governance structures is less recognized (Hammouda, 2017). Family involvement is irrelevant for the sustainable longevity of family SMEs.…”

Section: Discussionmentioning

confidence: 99%

Governance characteristics and sustainable longevity of family firms: the role of long-term orientation

Grissa,

Lakhal

2023

JFBM

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PurposeThe aim of this research is to study the direct and indirect effects among governance characteristics, long-term orientation and sustainable longevity of family firms.Design/methodology/approachData were collected from 108 family firms operating in different sectors using survey questionnaires. The authors used the partial least square structural equation modeling (PLS-SEM) to examine the hypotheses of the study.FindingsResults indicate that governance characteristics influence long-term orientation and sustainable longevity. Furthermore, results also suggest that long-term orientation partially mediates the impact of governance characteristics on sustainable longevity. These findings provide critical implications for both theory and practice.Originality/valueThe findings of the study fill gaps in the existing literature and contribute to the body of knowledge in strategic management literature by providing additional evidence of the internal drivers of corporate sustainable longevity, particularly for family SMEs in developing economies.

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How Can Family Firms Attract Foreign Investors? The Role of Governance Mechanisms in Tunisia

Cited by 2 publications

References 58 publications

The Effect of Family Ownershipnd CEO Characteristics n Foreign Investmentof Publicly Listed Family Firms

The Effect of Family Ownershipnd CEO Characteristics n Foreign Investmentof Publicly Listed Family Firms

Governance characteristics and sustainable longevity of family firms: the role of long-term orientation

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