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Zeitschriftenartikel zum Thema „Family ownership“

Autor: Grafiati
Veröffentlicht am 4. Juni 2021
Zuletzt aktualisiert am 10. März 2023

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1

Villalonga, Belén, und Raphael Amit. „Family ownership“. Oxford Review of Economic Policy 36, Nr. 2 (2020): 241–57. http://dx.doi.org/10.1093/oxrep/graa007.

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Abstract This article reviews the existing literature about the most prevalent form of corporate ownership around the world: ownership by individuals—particularly founders—and families. We summarize the existing evidence about the prevalence and persistence of family ownership around the world, along with its impact on performance—both financial and non-financial—relative to other types of corporate ownership. We discuss how and why these empirical facts and findings come about—why owners in general, and family owners in particular, are critical drivers of firm behaviour and performance, and how they are able to exercise their influence over corporations in which other shareholders, such as institutional investors, and other stakeholders can also play an important role.
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Sanjaya, I. Putu Sugiartha, Rayenda Khresna Brahmana und Wimpie Yustino Setiawan. „Family Ownership and Corporate Performance“. Jurnal Akuntansi dan Pajak 22, Nr. 2 (13.01.2022): 636. http://dx.doi.org/10.29040/jap.v22i2.3202.

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The paper aims to investigate whether family ownership as controlling shareholder effect on firm performance. This paper uses ultimate (direct and indirect) ownership to identify a listed firm owned by family or non-family. Family ownership is majority shareholder for listed companies in Indonesia. Family ownership will be good impact (competitive advantage) or bad impact (private benefit) on companies. The study also motivates to study this topic because investigating on family ownership as controlling shareholder is limited in Indonesia. The study uses panel data or pooled data. The method for collecting data is archival. Unit of analysis of the study is organization. Sample of this study is 604 observations during 2001-2007. This study uses purposive sampling to collect data from the Indonesian Stock Exchange. This study collects and searches ultimate ownership on chain of ownership structure in manufacturing companies listed in the Indonesian Stock Exchange. This study uses ultimate ownership to identify family ownership or non-family ownership because the reality of ownership structure in public companies in Indonesia is concentrated. This study identifies direct and indirect ownerships on chain of ownership. Based on direct and indirect, this study can identify ultimate ownership whether are family or non-family ownership. This study uses return on assets to proxy firm performance. The return is operating income. To analysis data, this study uses multiple reggresion model. Dependend variable is firm performance and independen variable is family ownership. The results of this study are family ownership negatively affect to firm performance. It indicates that ownership by family reduce firm performance. These results suggest that entrenchment effect is more dominant than alignment effect on the family ownership. The research focus only for manufacturing industry and data is only from 2001-2007. The results of the study will impact for regulation to lead listed companies have to disclosure the ultimate owner because it is a potential agency problem in Indonesia. The results also give information for potential and existing investor to give more pay attention on financial statements because it is potential to mislead on the statements. Keywords : Ultimate Ownership, Family, Firm Performance, Entrenchment Effect
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Musallam, Sami R. M., Hasan Fauzi und Nadhirah Nagu. „Family, institutional investors ownerships and corporate performance: the case of Indonesia“. Social Responsibility Journal 15, Nr. 1 (04.02.2019): 1–10. http://dx.doi.org/10.1108/srj-08-2017-0155.

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Purpose This paper aims to investigate the relationship between family and institutional ownerships and corporate performance. Design/methodology/approach Using a panel data of 139 nonfinancial companies listed on the Indonesian Stock Exchange from 2009 to 2013, this study used generalized least square model. Findings The results show that family ownership has a significant and positive impact on corporate performance, while institutional ownership has significantly and negatively influenced corporate performance. These results imply that family ownership leads to better corporate performance, while institutional ownership leads to lower corporate performance. Research limitations/implications Future research would extend to examine different ownership variables, e.g. domestic, foreign and black shareholders ownerships with different performance measures such as profit margin and return on investments (ROI). Then, their results could be compared to the result of this paper. Practical implications For shareholders and managers, the result of this study provides a base for shareholder on the importance to have the same understanding as management to improve return of capital invested by them (family capital) through firm’s long- and short-term business decision-making. It is possible for management for doing so because their interest is same. Therefore, this can be an interesting incentive for management. This result of this study also provides practical implication for investors (including international investors) with respect to their funds in the firm with family ownership share. By doing so, they will get better and stable ROI compared to nonfamily-owned business. Originality/value This study is original as studies on institutional and family ownerships and corporate performance are limited in the Indonesian context. The use of nonlinearity effect of family ownership and corporate performance in Indonesian case is the first attempt. Therefore, this study contributes to corporate governance literatures by investigating the relationship between family and institutional ownerships and market performance in Indonesian context using the improved methodology.
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Rautiainen, Marita, Timo Pihkala und Markku Ikavalko. „Family business in family ownership portfolios“. International Journal of Entrepreneurial Venturing 1, Nr. 4 (2010): 398. http://dx.doi.org/10.1504/ijev.2010.032540.

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Chen, Hsiang-Lan, Wen-Tsung Hsu und Chiao-Yi Chang. „Family Ownership, Institutional Ownership, and Internationalization of SMEs“. Journal of Small Business Management 52, Nr. 4 (19.08.2013): 771–89. http://dx.doi.org/10.1111/jsbm.12031.

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Setiawati, Erma, Eskasari Putri und Nashirotun Nisa. „Implementation of corporate governance, family ownership, and family-aligned board: Evidence from Indonesia“. Problems and Perspectives in Management 20, Nr. 4 (11.10.2022): 14–23. http://dx.doi.org/10.21511/ppm.20(4).2022.02.

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This study aims to examine the impact of family ownership on the composition of the board of directors and the number of family-affiliated directors. In addition, it analyzes how it affects corporate governance. Big capital and middle capital companies among the top 50 IICD (Indonesia Institute for Corporate Directorship) awards issuers from 2017 to 2019 make up the study population. The sample consists of 57 middle capital companies and 72 big capital companies. The link between the variables is examined using multiple linear regression. Both the partial coefficient test and the model accuracy test were performed. First, the study findings indicate that family-owned businesses have a higher proportion of family-affiliated board members and commissioners on their boards in big capital and middle capital companies. Second, while family ownership has a favorable impact on middle capital companies, it has a negative and significant impact on the application of corporate governance in big capital firms. Third, since big capital companies exhibit different signals than middle capital companies, it can be inferred that the number of directors and commissioners who are members of the same family affects the adoption of good governance practices and, consequently, the development of sound policies to deal with challenging issues that may arise within a company. This study is innovative in that it divides the sample into big capital and middle capital companies.
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Brundin, Ethel, Emilia Florin Samuelsson und Leif Melin. „Family ownership logic: Framing the core characteristics of family businesses“. Journal of Management & Organization 20, Nr. 1 (Januar 2014): 6–37. http://dx.doi.org/10.1017/jmo.2014.15.

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AbstractIn this article we show how specific family business logic shapes managerial practices. Based on empirical material from 20 case studies of family ownership governance, our study identifies seven core characteristics of family ownership logic. These include active, visible and persistent ownership with few owners, relatively stable strategic development encompassing multiple ownership goals, autonomy towards capital markets, and a strong identification and emotional bonding with the business. By considering the family business context, we find managerial practices that are prevalent in the majority of businesses around the world and that have implications for ownership research. It is concluded that by taking the logic of ownership into consideration when studying family businesses, researchers in this field can contribute to the growing literature on sociocultural and behavioural factors in corporate governance relations.
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Benjamin, Samuel Jebaraj, Shaista Wasiuzzaman, Helen Mokhtarinia und Niloufar Rezaie Nejad. „Family ownership and dividend payout in Malaysia“. International Journal of Managerial Finance 12, Nr. 3 (06.06.2016): 314–34. http://dx.doi.org/10.1108/ijmf-08-2014-0114.

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Purpose – The purpose of this paper is to investigate the effects of family ownership on dividend payout from the perspective of agency costs in Malaysia. Design/methodology/approach – Annual financial, board and family ownership data of 160 firms listed on the Bursa Malaysia are collected for the period 2005-2010. Analyses are carried out using descriptive statistics, χ2 tests, Tobit regression and three-stage least square regression analysis. Findings – The empirical results suggest that family share ownership at the dispersed level from between 0 to 5 percent is negatively associated with dividend payout and positively associated from the 5 to 33 percent level with dividend payout. Consistent with the extant literature, the observed relationship between family share ownership and dividend payout is stronger in firms with smaller total assets (size), low debt and low-growth opportunities. Further examination of investment decisions lends support to arguments which attribute higher agency costs as a result of family ownerships. Research limitations/implications – The observed results at the different family ownership levels are attributed to the possible expropriation in family-owned firms and accordingly, to the proportional pressure by minority and other shareholders for dividend payout. Practical implications – For policy makers, findings from this study could serve to justify initiatives to further strengthen the institutional and regulatory architectures that would enhance the power of minority and other shareholders of public listed firms in Malaysia. Originality/value – This study contributes to the growing literature on dividend policy and family firms. Particularly, it provides further understanding of the effect of family ownership on dividend policy.
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Kuiken, Andrea. „Intermittent Exporting and Family Ownership“. Academy of Management Proceedings 2019, Nr. 1 (01.08.2019): 17371. http://dx.doi.org/10.5465/ambpp.2019.17371abstract.

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Fang, Hanqing, Esra Memili, Josip Kotlar und James J. Chrisman. „Family Ownership and Firm Performance“. Academy of Management Proceedings 2013, Nr. 1 (Januar 2013): 14568. http://dx.doi.org/10.5465/ambpp.2013.14568abstract.

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Cho, Jaeyoung, und Jangwoo Lee. „Family Ownership and SME Performance“. korean management review 47, Nr. 5 (31.10.2018): 1175–200. http://dx.doi.org/10.17287/kmr.2018.47.5.1175.

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Dharmadasa, Pradeep. „Family Ownership and Firm Performance“. International Journal of Asian Business and Information Management 5, Nr. 4 (Oktober 2014): 34–47. http://dx.doi.org/10.4018/ijabim.2014100104.

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Numerous studies have focused on ownership structure and firm performance. In recent years a growing amount of research has recognized the importance of family-controlled firms (FCFs) where ownership concentrates on single individual or family. Despite many important insights, however, significant gaps in the literature remain. Studies have produced divergent findings about the performance of FCFs, leading to calls for further research. Utilizing 151 and 753 firm-years of FCFs drawn from the Colombo Stock Exchange, Sri Lanka, and the Tokyo Stock Exchange, Japan, respectively during 2011-2013, this study examines the relationship between family ownership and firm performance. Regression results show conflicting findings in that family ownership has a positive relationship with firm performance in Japan whereas a negative relationship is found in Sri Lanka. In sum, finding supports that view of the extant studies that family ownership and firm performance have a curvilinear relationship meaning that ownership concentration beyond a certain point likely creates entrenchment and consequently negative effects on performance.
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Chen, Xia, Qiang Cheng und Zhonglan Dai. „Family Ownership and CEO Turnovers“. Contemporary Accounting Research 30, Nr. 3 (September 2013): 1166–90. http://dx.doi.org/10.1111/j.1911-3846.2012.01185.x.

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Mulder, Clara H. „Home-ownership and family formation“. Journal of Housing and the Built Environment 21, Nr. 3 (25.10.2006): 281–98. http://dx.doi.org/10.1007/s10901-006-9050-9.

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15

Chen, Vincent Y. S., Shou-Min Tsao und Guang-Zheng Chen. „Founding family ownership and innovation“. Asia-Pacific Journal of Accounting & Economics 20, Nr. 4 (Dezember 2013): 429–56. http://dx.doi.org/10.1080/16081625.2012.762971.

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16

Weiser, John, Frances Brody und Michael Quarrey. „Family Businesses and Employee Ownership“. Family Business Review 1, Nr. 1 (März 1988): 23–35. http://dx.doi.org/10.1111/j.1741-6248.1988.00023.x.

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Employee ownership, properly structured, enhances the strengths of family-owned firms and offers significant financial benefits. Employee ownership is often of particular interest to family firms when an owner is seeking to retire and has no heirs interested in continuing in the business.
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Lee, Eun Jung, Joon Chae und Yu Kyung Lee. „Family ownership and risk taking“. Finance Research Letters 25 (Juni 2018): 69–75. http://dx.doi.org/10.1016/j.frl.2017.10.010.

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18

Anderson, Ronald, Nan Li, David M. Reeb und Masud Karim. „The Family Firm Ownership Puzzle“. Review of Corporate Finance 2, Nr. 4 (2022): 679–720. http://dx.doi.org/10.1561/114.00000027.

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19

Azoury, Nehme, Andre Azouri, Elie Bouri und Danielle Khalife. „Ownership concentration, ownership identity, and bank performance“. Banks and Bank Systems 13, Nr. 1 (15.02.2018): 60–71. http://dx.doi.org/10.21511/bbs.13(1).2018.06.

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This paper examines whether ownership concentration and certain type of ownership can affect the financial performance of Lebanese banks. It uses longitudinal data from the largest 35 Lebanese banks over the period 2009–2014 and employs the panel regression model. The empirical results show that ownership concentration and certain type of shareholders play an important role in the area of corporate governance in Lebanese banks. In particular, bank financial performance is positively associated with ownership concentration, managerial ownership, and foreign and institutional ownerships; however, family ownership is not related to bank performance. Also, this paper shows that both ownership concentration and managerial ownership have a U-shaped relationship with bank performance. Several robustness tests largely confirm the findings, with important implications for policy-makers. The findings are crucial to policy-makers and bankers who are interested in tailoring good corporate governance principles for the Lebanese banking sector.
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Upton, Nancy, Elisabeth J. Teal und Samuel L. Seaman. „Growth Goals, Strategies and Compensation Practices of US Family and Non-Family High-Growth Firms“. International Journal of Entrepreneurship and Innovation 4, Nr. 2 (Mai 2003): 113–20. http://dx.doi.org/10.5367/000000003101299465.

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How do family firms grow rapidly while maintaining a high concentration of family ownership? In this study, a sample of high-growth firms is divided into three groups based on concentration of family ownership (no family ownership, low family ownership, high family ownership). A comparative analysis of these three groups is performed on the variables previously identified as barriers to growth, namely: growth objectives, growth strategy and incentive compensation. Data analysis revealed no significant differences between the three groups for growth objectives, although the high family ownership group placed more importance on maximizing profits and the low family ownership group placed more importance on maximizing sales. There were no significant differences between the groups on strategy selected to achieve growth, with all three groups achieving the majority of their sales growth from market penetration and market development strategies. Finally, firms with a high concentration of family ownership were significantly more likely to offer profit sharing.
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Franco, Julián Benavides, Samuel Mongrut Montalván und Mónica González-Velasco. „Family ties, do they matter? Family ownership and firm performance in Peru“. Corporate Ownership and Control 9, Nr. 4 (2012): 96–107. http://dx.doi.org/10.22495/cocv9i4art7.

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This paper studies the relationship between ownership concentration, family ownership, management, and market and accounting performance for 59 industrial firms listed in the Lima Stock Exchange during the period of 1999 to 2005. An inverted U-shaped relationship was found between ownership concentration and market performance in both family and non-family firms, pointing out an entrenchment effect or excessive risk aversion of the controlling group. This effect is worsened for family firms. The presence of family members as CEOs, Chairmen and Board Members is also negative for a firm’s performance and family ownership was found to increase the leverage of a firm.
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Cahyani, Krisnati Adi, und I. Putu Sugiartha Sanjaya. „ANALISIS PERBEDAAN DIVIDEN PADA PERUSAHAAN KELUARGA DAN NON KELUARGA BERDASARKAN KEPEMILIKAN ULTIMAT“. MODUS 26, Nr. 2 (20.03.2016): 133. http://dx.doi.org/10.24002/modus.v26i2.584.

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This study aims to to analyze whether there is a diference of the dividend shared on family company and non family based on the ultimate ownerships. Sampling method that used in this research was 400 manufacturing companies which are listed at Indonesia Stock Exchange (IDX), with research periods 2009-2012. The sample collected by purposive sampling method. Secondary data obtained from a IDX database and the ownership structure obtained through Sanjaya’s (2010) previous research. The result of data analysis shows there are signifcant and diferences of the dividend shared between family company and non family. Family company pay dividends lower than non family company.Keywords : Dividend, Agency Teory, Family Ownership, IDX
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Yopie, Santi, und Angellyn Lim. „PENGARUH MANAJEMEN KELUARGA, GENERASI, DAN STRUKTUR KEPEMILIKAN TERHADAP KINERJA PERUSAHAAN KELUARGA YANG TERDAFTAR DI BURSA EFEK INDONESIA“. Jurnal Akuntansi Trisakti 8, Nr. 2 (30.09.2021): 249–74. http://dx.doi.org/10.25105/jat.v8i2.9792.

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The family company is an important and influential entity, especially in the economic sector. This study examines how family management, generations, ownership structure influence the performance of family companies listed on the Indonesia Stock Exchange (BEI). Ownership structure variables consist of family ownership, institutional ownership, foreign ownership and managerial ownership. Performance is measured by Tobin's Q and Return of Assets (ROA). This study examined 112 from all 135 family companies from 2016-2020. This research used e-views version 10 to test the data. The results of this study are family generation and foreign ownership have a significant positive effect, family management has a significant negative effect, while family ownership, institutional ownership, and managerial ownership have no significant effect on Tobin's Q. Then, institutional ownership has a significant positive effect, family generation has a negative effect, and family management, family ownership, foreigners, and managerial have no significant effect on ROA.
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Manurung, Muhammad Rizqi Alriansyah, und Juli Riyanto Tri Wijaya. „The Effect Of Family Ownership, Institutional Ownership, Managerial Ownership, Blockholder Ownership, And Board Of Directors On Company Performance“. Ratio : Reviu Akuntansi Kontemporer Indonesia 3, Nr. 2 (19.07.2022): 125. http://dx.doi.org/10.30595/ratio.v3i2.14773.

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This study aims to determine the effect of family ownership, institutional ownership, managerial ownership, blockholder ownership, and the board of directors on firm performance that is proxied by ROA (Return On Assets) in industrial companies related to consumer goods companies in the Indonesian Sharia Stock Index (ISSI) years 2015-2018. The sampling technique used was the purposive sampling technique in order to obtain a sample of 32 companies with 128 observations. The data analysis technique used is multiple linear regression analysis with the help of the SPSS program. The results showed the variable family ownership, and managerial ownership did not affect the firm company, while institutional ownership negatively affected firm performance. However, other variables namely blockholder ownership and the board of directors have a positive effect on firm performance.
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Alroqy, Faisal Ayid, und Khaled Salmen Aljaaid. „Family, Governmental, Domestic Corporations and Board of Directors and Audit Committee Effectiveness in GCC**“. Journal of Corporate Governance, Insurance, and Risk Management 3, Nr. 3 (30.12.2016): 89–104. http://dx.doi.org/10.56578/jcgirm030307.

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This study aims at investigating the association between ownership structure (government ownership, family ownership and domestic corporate ownership) and the interaction of board of directors effectiveness and audit committee effectiveness by GCC listed companies. The study utilizes a cross-sectional analysis of 492 firm-year observations during the 2006- 2010 period. A pooled OLS regression analysis is used to estimate the associations proposed in the hypotheses. The study finds that government and domestic corporate ownerships are positively related to the effectiveness of board of directors and audit committee. However, such association could not be reported by the family ownership. The results of this study suggest that government-owned and domestic corporate-owned companies are characterized to have good corporate governance practices in terms of board of directors and audit committee as internal control and monitoring mechanisms. Further, the results of this study contribute to the existing theory and empirical evidence of how the effectiveness of board of directors and audit committee is related to monitoring and controlling ownership type. This study offers policy-makers additional evidence to be used for setting up and/or enacting regulations in GCC.
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Setiawan, Doddy, Bandi Bandi, Lian Kee Phua und Irwan Trinugroho. „Ownership structure and dividend policy in Indonesia“. Journal of Asia Business Studies 10, Nr. 3 (01.08.2016): 230–52. http://dx.doi.org/10.1108/jabs-05-2015-0053.

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Purpose This research aims to examine the effect of ownership structure on dividend policy using the Indonesian context. The most common ownership structure is concentrated in the hand of family owners except in the UK and USA (La Porta et al., 1998, 2000). Family owners hold more than half of the companies in Indonesia (Carney & Child, 2013; Claessens et al., 2000). Family firms play an important role in Indonesia. Another important characteristic that emerges is the rise of government- and foreign-controlled firms in Indonesia. Thus, this research also divides ownership concentration into family firms, government-controlled and foreign-controlled firms. Design/methodology/approach Samples of this research consist of dividend announcements during 2006-2012 in Indonesian Stock Exchange. This research excluded financial data because these have characteristics that are different non-financial sectors’ characteristics. The final sample of this research consists of a 710 firm-year observation. Findings The result of this research shows that ownerships have a positive effect on dividend payout. This research divides the sample into family-controlled firms, government-controlled firms (GOEs) and foreign-controlled firms. This research shows that government- and foreign-controlled firms have a positive impact on dividend payout. However, family firms have a negative effect on the dividend payout. Family firms pay lower dividends because they prefer to control it themselves. Family firms earn benefit from those resources, but at the expense of minority shareholders. Thus, family firms engage in expropriation to minority shareholders. Research limitations/implications This study focuses on ownership structure of Indonesian listed firm. This study does not analyze the impact of other corporate governance mechanism such as board structure on dividend decisions. The owner of the companies (family, government and foreign firm) has an opportunity to put their member as part of board members. However, this study does not analyze the impact of board structure on dividend decisions. Originality/value This study provides evidence that ownership concentration positively affects dividend payout. However, there is a different effect of ownership structure (family-controlled firms, GOEs and foreign-controlled firm). Government- and foreign-controlled have a positive effect; however, family-controlled firm have a negative effect on dividend payout. Therefore, this study provides evidence of the importance of ownership structure on dividend decision.
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Mondal, Arindam, Sougata Ray und Somnath Lahiri. „Family ownership, family management, and multinationality: Evidence from India“. Journal of Business Research 138 (Januar 2022): 347–59. http://dx.doi.org/10.1016/j.jbusres.2021.09.017.

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Sitthipongpanich, Thitima. „Family ownership and free cash flow“. International Journal of Managerial Finance 13, Nr. 2 (03.04.2017): 133–48. http://dx.doi.org/10.1108/ijmf-06-2014-0088.

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Purpose The purpose of this paper is to investigate the effect of family ownership on investment-cash flow sensitivity and on firm performance. Design/methodology/approach The author uses panel data to examine the relationship between investment and cash flow and between family ownership and the firm performance of Thai listed firms from 2001 to 2008. To account for the endogeneity of the lagged dependent variable, the investment equation is estimated by the generalized method of moments, following Arellano and Bond (1991). Findings The presence of family owners reduces the sensitivity of investment and cash flow. At low and high levels of family ownership, an increase in family shareholding leads to lower investment-cash flow sensitivity. In contrast, firms with medium family ownership levels have higher investment-cash flow sensitivity. Only at high levels of family ownership is firm performance positively related to family shareholding. Originality/value The ownership levels of family shareholders affect the investment-cash flow sensitivity in an S-shaped relation, supporting the interest alignment and entrenchment effects. When family shareholders have high ownership incentives, their interest alignment reduces the agency costs of free cash flow problems and leads to higher firm performance.
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Mueller, Holger M., und Thomas Philippon. „Family Firms and Labor Relations“. American Economic Journal: Macroeconomics 3, Nr. 2 (01.04.2011): 218–45. http://dx.doi.org/10.1257/mac.3.2.218.

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This paper examines the relationship between family ownership and the quality of labor relations. We find that family ownership is more prevalent in countries in which labor relations are hostile, consistent with the notion that family firms are particularly effective at coping with difficult labor relations. Our results are robust to controlling for minority shareholder protection and other potential determinants of family ownership. To address endogeneity issues, we show that, controlling for industry- and country-fixed effects, industries that are more labor dependent have relatively more family ownership in countries with worse labor relations. (JEL G32, G34, J52, J53)
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Loxterkamp, D. „The Dream of Home Ownership“. Annals of Family Medicine 7, Nr. 3 (01.05.2009): 264–66. http://dx.doi.org/10.1370/afm.978.

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Minh Nguyen, Kieu, und Tu Minh Vu. „The impact of family ownership and under-aspiration performance on a firm’s capital structure“. Investment Management and Financial Innovations 18, Nr. 3 (01.09.2021): 183–93. http://dx.doi.org/10.21511/imfi.18(3).2021.17.

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Research on the capital structure of family firms has flourished in recent years, but the impact of performance aspiration and family ownership together on capital structure remains inadequately investigated. Therefore, the purpose of this study is to explore the impact of family ownership and under-aspiration performance and their interaction on capital structure. Panel data estimations were applied with a unique dataset of 3.857 observations from 387 public firms in Vietnam from 2010 to 2020 (134 family firms and 253 non-family firms). The results reveal that family ownership and under-aspiration performance each has a positive effect on capital structure. However, under-aspiration performance negatively moderates the positive effect of family ownership on capital structure. These findings contribute to a stream of studies on the capital structure of family firms by exploring the role of under-aspiration performance, as well as provide important implications for shareholders, managers and debtors in financial management.
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Xavier, Wlamir, Silvio Parodi Camilo, Rosilene Marcon und Frederick Greene. „OWNERSHIP STRUCTURE OF FAMILY BUSINESS GROUPS“. Revista Visão: Gestão Organizacional 9, Nr. 2 (14.12.2020): 240–53. http://dx.doi.org/10.33362/visao.v9i2.2470.

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This study seeks to analyze the relationship between the ownership structure of Family Business Groups and the institutional environment. Family Business Groups prevail in emerging countries as diverse organizational structures that aggregate various companies under the control of a family or a reduced number of people. This economically relevant structure is responsible for a significant share of countries' Gross Domestic Product and frequently congregates the largest private companies in their respective countries. Institutional reforms have been implemented in emerging economies in order to support the integration of other nations from a trade perspective. This paper contributes to the literature by developing propositions on the effect of institutional reforms on the ownership structure of Family Business Groups.
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33

Pawlowski, Mark, und James Brown. „Beneficial Ownership of the Family Home“. Denning Law Journal 32, Nr. 1 (31.03.2021): 151–73. http://dx.doi.org/10.5750/dlj.v32i1.1920.

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The aim of this article is to review and critically analyse the English law relating to common intention constructive trusts in the context of the family home. In particular, it seeks to show how the English courts have addressed the question of establishing and quantifying the parties’ beneficial shares in both sole and joint ownership cases. The writers also seek to compare the English approach with the way in which such questions have been answered by the Australian courts. The primary purpose of this comparison is to consider what lessons (if any) can be learnt from the Australian model.
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34

Drewniak, Zbigniew, Urszula Słupska und Agnieszka Gozdziewska-Nowicka. „Succession and Ownership in Family Businesses“. EUROPEAN RESEARCH STUDIES JOURNAL XXIII, Issue 4 (01.11.2020): 638–54. http://dx.doi.org/10.35808/ersj/1706.

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35

Bjuggren, Carl Magnus, Sven-Olov Daunfeldt und Dan Johansson. „High-growth firms and family ownership“. Journal of Small Business & Entrepreneurship 26, Nr. 4 (Juli 2013): 365–85. http://dx.doi.org/10.1080/08276331.2013.821765.

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36

Richards, Lyn. „Family and Home Ownership in Australia-“. Marriage & Family Review 14, Nr. 1-2 (18.12.1989): 173–93. http://dx.doi.org/10.1300/j002v14n01_10.

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37

Silva, Francisca, und Nicolás Majluf. „Does family ownership shape performance outcomes?“ Journal of Business Research 61, Nr. 6 (Juni 2008): 609–14. http://dx.doi.org/10.1016/j.jbusres.2007.06.035.

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38

WANG, DECHUN. „Founding Family Ownership and Earnings Quality“. Journal of Accounting Research 44, Nr. 3 (19.04.2006): 619–56. http://dx.doi.org/10.1111/j.1475-679x.2006.00213.x.

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39

Liu, Yixin. „FOUNDING FAMILY OWNERSHIP AND CASH HOLDINGS“. Journal of Financial Research 34, Nr. 2 (Juni 2011): 279–94. http://dx.doi.org/10.1111/j.1475-6803.2011.01291.x.

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40

Tsao, Chiung-Wen, Shyh-Jer Chen, Chiou-Shiu Lin und William Hyde. „Founding-Family Ownership and Firm Performance“. Family Business Review 22, Nr. 4 (24.07.2009): 319–32. http://dx.doi.org/10.1177/0894486509339322.

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The controversial findings of both high and low performance for family-controlled public firms offer a unique context in which to study the moderating role of high-performance work systems (HPWS) on founding-family ownership effects. In a sample of Taiwan-based public firms, founding-family ownership was found not to be associated with firm performance. However, when the level of HPWS facing family ownership was accounted for, the results showed that the relationship between founding-family ownership and firm performance is significantly negative for companies with lower levels of HPWS but is significantly positive for companies with higher levels of HPWS.
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41

Giovannini, Renato. „Corporate governance, family ownership and performance“. Journal of Management & Governance 14, Nr. 2 (19.04.2009): 145–66. http://dx.doi.org/10.1007/s10997-009-9093-x.

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42

Setiawan, Doddy, Andi Asrihapsari, Rayenda Khresna Brahmana, Harumi Puspa Rizky und Mega Wahyu Widawati. „Role of Family Ownership in the Relationship between Corporate Social Responsibility and Firm Performance“. Complexity 2022 (11.04.2022): 1–9. http://dx.doi.org/10.1155/2022/1318875.

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This study examines the effect of corporate social responsibility (CSR) on firm performance in Indonesia. Most Indonesian companies are family-owned; therefore, it is important to consider the family ownership’s role in the relationship between CSR and firm performance. The study sample consists of 285 Indonesian listed firms for the period 2015–2019. Our results show that CSR positively affects performance. Companies that conduct more CSR activities perform better, indicating their importance. Further, the interaction between family ownership and CSR negatively affects firm performance. Therefore, family ownership weakens the positive effects of CSR. Family owners have significant disincentives for the CSR’s positive effect in improving firm performance.
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43

Yopie, Santi, und Caroline Hakim. „Pengaruh struktur kepemilikan pada perusahaan keluarga yang terdaftar di Bursa Efek Indonesia: dimoderasi oleh Karakteristik Dewan“. Owner 6, Nr. 4 (01.10.2022): 3781–91. http://dx.doi.org/10.33395/owner.v6i4.1154.

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This study was to examine family ownership, institutional ownership, managerial ownership, and foreign ownership on the performance of family firms. In addition, this study will also examine family ownership which is moderated by the independent board of commissioners and the board of directors. This study uses quantitative methods and is tested using the SPSS application and E-views. The sample in this study is a family company listed on the Indonesia Stock Exchange (IDX) for the period 2017 to 2021. The company's performance variable in this study is measured by Tobin's Q. This study will conduct three tests. The first test is all variables without moderation. The second test is family ownership which is moderated by an independent board of commissioners. The third test is family ownership which is moderated by the board of directors. The results of this study are family ownership and foreign ownership have a significant positive effect on company performance. Meanwhile, institutional ownership, managerial ownership, family ownership moderated by an independent board of commissioners, and family ownership moderated by a board of directors have an insignificant effect on company performance. The results of this study can conclude that not all share ownership can affect the performance of a company.
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44

Wei, Xiao, und Ling Chen. „Dispersion of Family Ownership and Innovation Input in Family Firms“. Sustainability 14, Nr. 14 (09.07.2022): 8418. http://dx.doi.org/10.3390/su14148418.

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Innovation is an investment in future growth and development, and it is critical for family businesses to maintain a competitive advantage. Different types of innovation inputs have different uncertainties, advantages, and risks. Product innovation and process innovation are two distinct types of innovation that necessitate significantly different organizational resource allocation and risk taking. Ownership is the source of decision-making authority, and the dispersion of intra-family ownership influence goal preferences, risk taking, and resource allocation. We investigate the effect of intra-family ownership dispersion on the decision preferences of two unique types of innovation inputs by distinguishing between product and process innovations. The greater the concentration of ownership within the family, the more likely it is that the proportion of product innovation input is higher than the proportion of process innovation input. We further discuss the moderating effects of both the proportion of family directors and collective decision-making mode on the different innovation input decisions by family firms. Using a sample of 882 Chinese small- and medium-sized family firms from the 2015 All-China Federation of Industry and Commerce, we find support for these proposed relationships. The implications of these findings extend to both family business and innovation research.
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45

Khan, Muhammad Nauman, und Fawad Khan. „DOES OWNERSHIP MATTER? A STUDY OF FAMILY AND NON FAMILY FIRMS IN PAKISTAN“. Problems of Management in the 21st Century 2, Nr. 1 (05.12.2011): 95–109. http://dx.doi.org/10.33225/pmc/11.02.95.

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Researchers have been trying to find out whether ownership makes any difference to a firm’s performance. The purpose of this article is to analyse whether family or non-family firms perform better. It focuses on comparison only and does not indulge in finding out reasons of the results. A sample of 100 randomly selected firms from Karachi Stock Exchange (KSE), Pakistan were examined for six years (2004-2009). Ownership variable is taken as a dummy variable besides two other independent variables: age and size. Return on Asset (ROA), Return on Equity (ROE) and Tobin’s Q are used to measure firm performance. Fixed Effect Model along with statistical analysis were used to examine the effects of the variables. The statistical analysis showed that non-family firms had greater mean values for performance variables. Correlation matrix showed that the size of a firm will be small in case a family is running it. The correlation coefficient between family ownership and age is also negative. Family ownership had a negative β in every regression. Log of asset and log of age had positive βs in every model. The results thus obtained from empirical data of firms listed on KSE clearly reflect that non-family firms outperform family firms with every performance variable included in the study. This can serve as a guideline in determinig ownership structure for firms in Pakistan. Key words: family and non family firms, Karachi Stock Exchange (KSE), ownership structure, performance of firms.
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Schank, Milena J., Aurora Murgea und Cosmin Enache. „Family Ownership and Firm Performance: Romania Versus Germany“. Timisoara Journal of Economics and Business 10, Nr. 2 (01.12.2017): 169–86. http://dx.doi.org/10.1515/tjeb-2017-0011.

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Abstract A consistent body of research is dedicated to the relationship between the ownership structure of a firm and its financial performance. Despite that, the hitherto researches fail to reach a consensus regarding this issue since both negative and positive relationships have been found out. This paper examines the impact of ownership’s type (more precise the impact of the family ownership) on the firm’s financial performance. The analysis includes a comparison between family and non-family firm performance using a sample of 1,161 Romanian companies and 1,342 German companies for a time frame that range between 2008 to 2015. Based on different types of static panel data regressions: Pooled Ordinary Least Squares (OLS), Fixed Effects (FE), Random Effects (RE) and a corrective model (PCSE), the main findings show very different results for the two considered countries. Financial performance, expressed as return on assets (ROA) and return on equity (ROE) seems to be insensitive to family ownership in Romanian companies and statistically positively correlated with it for German ones. A potential explanation for these outputs consists in the different development circumstances in the two countries in the period that forego the Second War. At the same time, other variables considered do not show significant differences in outcome between the two countries: size, age, capital intensity and leverage negatively influence the financial performance of companies.
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47

Ho, Yulianthy, Suwandi Ng und Paulus Tangke. „STRUKTUR KEPEMILIKAN PERUSAHAAN SEBAGAI MEKANISME PEMBENTUKAN PRINSIP KONSERVATISME UNTUK MENCIPTAKAN RESPON PASAR“. SIMAK 17, Nr. 02 (15.12.2019): 55–86. http://dx.doi.org/10.35129/simak.v17i02.92.

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The aim of this research is to investigate whether institutional ownership and family ownership have an impact to conservatism, whether institutional ownership, family ownership and conservatism have an impact to ERC, and whether conservatism is able to mediate the impact of institutional ownership and family ownership to ERC. The population used in this research is all non-financial companies listed on the Indonesia Stock for the period 2014-2017. The number of samples used amounted 147 companies each year, selected using purposive sampling method. Path analysis is used to analyze the data in this research. The first substructure equation of this research shows that institutional ownership and family ownership have a positive impact on conservatism. The second substructure equation shows that institutional ownership positively affects the ERC, while family ownership and conservatism negatively affect the ERC. The results of a sobel test indicate that conservatism fails to mediate the impact of institutional ownership and family ownership towards ERC. The implications of this research is that investors can consider institutional ownership, family ownership, and the application of conservatism principles that can affect the response to the firms’ earnings quality as measured by earnings response coefficient (ERC).
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48

Alwadani, Rawa, und Nelson Oly Ndubisi. „Sustainable family business“. International Journal of Manpower 41, Nr. 7 (25.10.2019): 945–65. http://dx.doi.org/10.1108/ijm-08-2019-0359.

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Purpose Family centered non-economic (FCNE) goals, such as environmental and social goals, are sometimes strenuous to “sell” to non-family members in a family business, and are often open to resistance. The purpose of this paper is to identify socio-psychological mechanisms for achieving FCNE goals because, in addition to economic goals, they are the other two components of the triple bottom line. Design/methodology/approach Through a juxtaposition of the literature on family businesses, and the theories of mindfulness and psychological ownership, this paper argues for the facilitating roles of family involvement and mindful organizing in the achievement of FCNE goals. An example of how a Kuwaiti oil company implements these ideas is appended. Findings A moderated link between family involvement, mindful organizing and FCNE goal of environmental sustainability. Besides its direct effect on environmental sustainability, mindful organizing also has a potential mediating role in the relationship between family involvement and environmental sustainability. Psychological ownership, environmental sensitivity and individual mindfulness will moderate the relationship between mindful organizing and the achievement of environmental sustainability goals. Research limitations/implications The paper presents ten propositions and argues that three types of family involvement (ownership, management and inter-generational), together with non-family engagement (through mindful organizing) would lead to success in achieving the FCNE goal of environmental sustainability. Psychological ownership, environmental sensitivity and individual mindfulness are potential moderators. Practical implications The paper suggests some key drivers of FCNE goal of environmental sustainability as well as several contingent factors. Applicable to family businesses, owners and/or managers of similar firms can apply knowledge from this study in the pursuit of environmental sustainability. Originality/value The paper’s model advances the current understanding of the link between family involvement, mindful organizing, environmental sustainability, psychological ownership, environmental sensitivity and individual mindfulness in the context of family business. The paper further suggests new future research directions.
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Remery, Chantal, Ilse Matser und Roberto Hans Flören. „Successors in Dutch family businesses: gender differences“. Journal of Family Business Management 4, Nr. 1 (08.04.2014): 79–91. http://dx.doi.org/10.1108/jfbm-09-2013-0021.

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Purpose – The purpose of this paper is to investigate gender differences among (potential) successors of Dutch family firms with respect to education, self-perceived capabilities and ownership ambition. Design/methodology/approach – The empirical analysis – which includes correlations, t-test and logistic regression analysis – is inspired by several theoretical perspectives used in previous studies and based on a sample of 232 (potential) successors who filled in a questionnaire. Findings – The results show that there is a clear gender difference regarding ownership; men strive more often for full ownership, whereas women opt for shared ownership, even when controlling for relevant variables such as the presence of children. Research limitations/implications – Future research should address the precise reasons why female successors prefer shared ownership. Particularly, it would be interesting to include the impact of the institutional environment, for example the specific Dutch working culture, where the majority of women works part-time. Practical implications – Shared ownership might be more complicated in terms of governance and management than full ownership. Social implications – Opportunities for shared ownership might stimulate more women to take over the family firm, and therefore contribute to more diversity among family business owners. Originality/value – This paper contributes to the still limited knowledge on gender differences among successors of family firms.
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Chen, Hsiang-Lan, und Wen-Tsung Hsu. „Family Ownership, Board Independence, and R&D Investment“. Family Business Review 22, Nr. 4 (11.09.2009): 347–62. http://dx.doi.org/10.1177/0894486509341062.

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Family influence is central in Asian countries; however, little research exists regarding the effects of family ownership and corporate governance on corporate investment decisions. This article examines the relationships among family ownership, board independence, and R&D investment using a sampling of Taiwanese firms. The finding of the negative family ownership—R&D investment relationship suggests that family ownership may discourage risky long-term R&D investment. Such a finding may also suggest that firms with high family ownership may use R&D investment more efficiently and thus need less R&D in relation to firms with low family ownership. In addition, the interaction of family ownership and CEO duality/independent director ratio is negatively/positively related to R&D investment, suggesting that firms with high family ownership may increase R&D investment when the CEO—chair roles are separated or when more independent outsiders are included in the board.
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