The effect of industry characteristics on the control longevity of founding-family firms

King, Roger; Peng, Winnie

doi:10.1016/j.jfbs.2013.10.004

Cited by 14 publications

(9 citation statements)

References 73 publications

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“…Other researcher also agrees with this statement, e.g. King and Peng (2013), Poutziouris (2001) and Pindado et al (2015). The last one shows that the easier access to debt financing and the lower adjustment costs of family firms, enable them to fill the gap between actual and target leverage at a higher pace.…”

supporting

confidence: 53%

The financial decisions of family businesses

Motylska-Kuźma

2017

JFBM

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Purpose The purpose of this paper is to examine the status, trends and potential future research areas in the field of financial decision-making process in family firms. Design/methodology/approach The bibliometric indicators and methods are applied in order to describe the publication activity and to analyze the contents of the articles. The material examined are the journals included in the SCOPUS, SAGE and EBSCO database and the peer-reviewed article, which contain in their titles, keywords or abstracts with a combination of phrases “family firms,” “family business” or “family enterprise” with “financial decision” or one of the subcategories: capital structure, investment decision, capital budgeting, working capital management or dividend policy. The study covers the period from 2000 to 2016. Findings Although the interest in family business research is growing rapidly, the area of financial decision making is underestimated. Despite of the fact that the vast majority of the studies into financial decisions in family firms is are focused on the capital structure, they do not give clear answers to the question of how the family businesses behave in this scope and what their true financial logic is. Additionally, the area of the investment decisions and dividend policy is rather not better left uncovered. Research limitations/implications The analyses enable the identification of potential avenues for future research which could be vital to make an advancement in the consolidation of the discipline. Practical implications The analyses ought to have a potential meaning mainly for external institutions (especially financial institutions) in better understanding of the family businesses and their point of view. Originality/value This paper fulfills the need of a comprehensive review of financial decision making process in family firms. It provides a literature review and bibliography for the period between 2000 and 2016 for the use of both academicians and practitioners.

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supporting

confidence: 53%

The financial decisions of family businesses

Motylska-Kuźma

2017

JFBM

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“…Usually, the distance between family firms and outside investors is quite large, mainly due to the so-called empathy gap between owners and investors (Poutziouris, 2011) or because of the generally preferred retention of control rather than the firm’s growth and development (Wu et al, 2007). On the other hand, contrary to the pecking order perspective, King and Peng (2013) find that in industries characterized by cyclicality, capital intensity, and growth, large listed family firms rely on equity financing before debt financing to fund their expansion, mainly because of a strong aversion linked to financial distress.…”

Section: Where Are We Now?mentioning

confidence: 60%

Financing Decisions in Family Businesses: A Review and Suggestions for Developing the Field

Michiels

Molly

2017

Family Business Review

123

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Motivated by the growing attention to the financing decisions of family firms, this review brings together the two highly relevant research fields of family business and finance. This study critically reviews 131 articles on financing decisions in family businesses, published between 1977 and 2016 in 64 finance and management journals. We develop a state of the art on family business financing literature and present a model to guide extant and future research by identifying gaps across the theoretical perspectives and across context-specific elements such as family business heterogeneity and country-specific factors.

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“…In fact, the literature on the concept of family business indicates that there is no definition that is completely accepted and legitimized by the authors, noting that many of the features found in family businesses can also be seen in other firms, making it difficult to conceptualize it and demonstrating that the family aspect is more related to the style with which the firm is managed than just the fact that the capital is owned by one or more households (Bernhoeft, 1989). Thus, the search for these definitions has been one of the biggest challenges faced by the researchers in the field (King & Peng, 2013).…”

Section: Concept Of Family Business and Their Characteristicsmentioning

confidence: 99%

Analysis of Familiar Businesses and Their Difficulties in the Professionalization Process

Monticelli¹,

Bernardon²,

Sabrito³

2019

Revista Gestão e Inovação

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Esse trabalho objetiva identificar as principais dificuldades encontradas pelos administradores familiares e não familiares no processo de profissionalização de uma empresa familiar. O método aplicado é caracterizado inicialmente como exploratório, decorrente da necessidade de pesquisar a literatura produzida a respeito do tema. O método foi o estudo de casos múltiplos, sendo realizado em três empresas familiares que possuem gestores familiares e não familiares. As informações e a coleta dos dados foram realizadas por meio de entrevistas préagendadas com os diretores e gerentes das empresas, seguindo um roteiro semiestruturado. Foram aplicadas perguntas abertas, realizadas individualmente, que foram gravadas e transcritas com o objetivo de evidenciar pontos em comum na fala dos entrevistados, bem como confrontá-las. O conteúdo obtido nas entrevistas foi analisado com base na fundamentação teórica realizada, de forma qualitativa, podendo assim confrontar a teoria com realidade das empresas estudadas, sendo possível atingir o objetivo central deste estudo. Os entrevistados atribuíram as dificuldades da profissionalização das empresas a alguns fatores comuns entre elas, como a falta de feedback, o excesso de confiança, a falha na comunicação e o favoritismo. Essas características foram confirmadas mediante relato dos entrevistados, ficando em evidência que apesar da diferença do tempo de vida de cada empresa, os pontos em comum são os mesmos, e as dificuldades no processo de profissionalização, também são semelhantes independentemente da fase do processo.

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The effect of industry characteristics on the control longevity of founding-family firms

Cited by 14 publications

References 73 publications

The financial decisions of family businesses

The financial decisions of family businesses

Financing Decisions in Family Businesses: A Review and Suggestions for Developing the Field

Analysis of Familiar Businesses and Their Difficulties in the Professionalization Process

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