Dissertations / Theses: 'Family ownership'

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Palmberg, Johanna. "Family Ownership and Investment Performance." Doctoral thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-14518.

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This dissertation provides an economic analysis of families as owners of large listed firms. The essential research question is whether family ownership provides an efficient form of governance. Family ownership and control is evaluated from different angles; how ownership, control, management, and board structure affects firm performance, and executive compensation. Chapter two “A Contractual Perspective of the Firm with an Application to the Maritime Industry” is a conceptual paper analyzing the contractual structure of a firm. The chapter conceptualizes the relations between firms, and markets, and gives a transaction cost perspective of why firms are organized the way they are. The third chapter “The Impact of Vote Differentiation on Investment Performance in Listed Family Firms” investigates ownership and control in Swedish family controlled firms. The analysis shows that family control is beneficial, but only if voting rights and cash-flow rights are aligned. The fourth chapter “Family Control and Executive Compensation” analyses whether families use remuneration as a way to expropriate minority shareholders. The study shows that managers in family-controlled firms have alower share of variable compensation than managers in non-family controlled firms. The analysis shows further that family control has a reducing effect on the total level of CEO-compensation. The last chapter “Board of Directors, Dependency, and Returns on Investment” investigates if there is a relationship between ownership structure, board of directors, and firm performance. The marginal q analysis indicate that firm dependent directors have a negative impact on firms’ investment performance. Owner-dependent and employee elected directors do not affect firm investment performance. To sum up, the empirical results show that family ownership and control affects remuneration in listed firms, and the firm investment performance. The analysis further shows that there are clear differences in the ownership and governance structure between family and non-family controlled firms.

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Vishwakarma, Vijay Kumar. "Family Ownership and its impact on diversified Indian Business Group Ownership." ScholarWorks@UNO, 2008. http://scholarworks.uno.edu/td/860.

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By using the data on Indian firms on the BSE 500 Index during the period 2005-2006, we find that family ownership affects group affiliated firms more positively than standalone firms. Group affiliated firms underperform initially as compared to standalone firms but after certain threshold of family ownership their performance becomes better than standalone firms. Within diversified Indian Business Group, family ownership affects highly diversified affiliates positively. Effect of family excess vote holdings and involvement of family management is found to be insignificant. We also find that block holders affect firm value negatively. Our results are in contrast with the existing literature of diversification and family ownership on developed market especially, US and UK. Some of our results are consistent with those of Khanna and Palepu (2000). This paper supports most of the findings of Khanna and Palepu based on more complete and reliable data set. In addition, it shows that the superior performance of highly diversified groups is related to greater family ownership. In the second essay, we examined the issues related to market reaction on IT outsourcing announcement and firm characteristics which induce firms to outsource. We find that IT outsourcing has a strong positive effect on stock prices of announcing firms, especially for longer event windows. We also find that the higher the pre-announcement inefficiency of a firm (as evidenced by lower asset turnover ratios, higher operating cost to sales, and higher cost of good sales to sales), the greater the positive price reaction to the outsourcing announcements. We also find that firms with higher information asymmetry problems (firms in the service industry) elicit a higher positive market reaction at the time of outsource announcement. Finally, firms that are likely to outsource are cost inefficient, and/or are cash needy.

3

Hultén, Adam. "Family Ownership and Payout Policy : A Study of Ownership and Dividend Policies in Swedish Firms." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414594.

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Ownership structure is referenced as one of the key determinants of policy decisions and corporate governance of companies however suggested implications of different structures part in previous research. This study investigates the relationship between different ownership structures and dividend policy decisions taken by a firm and sets out to identify how family ownership in specific differs from other ownership structures. The study follows a framework based on a number of postulated hypothesis based on previous findings of similar investigations and applies it to a Swedish setting. A model is constructed consisting of variables describing ownership, financial and market conditions in Swedish firms from the period 2010-2019. Some, yet sparse, evidence is found indicating differences in dividend policy can be derived from differences in ownership, yet results clarify dividend policy decisions are based on a complex set of conditions not easily captured in a single model.

4

Wang, Dechun. "Founding family ownership and accounting earnings of quality /." free to MU campus, to others for purchase, 2004. http://wwwlib.umi.com/cr/mo/fullcit?p3144465.

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Klasa, Sandy J. "The evolution of ownership structures in publicly traded firms : evidence from controlling family ownership exits /." view abstract or download file of text, 2002. http://wwwlib.umi.com/cr/uoregon/fullcit?p3055696.

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Thesis (Ph. D.)--University of Oregon, 2002.
Typescript. Includes vita and abstract. Includes bibliographical references (leaves 96-101). Also available for download via the World Wide Web; free to University of Oregon users.

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Harun, Pitra C. "Founding-Family Ownership and Firm Performance: Evidence From Indonesia." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1108.

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In my study, I examine the relationship between founding family ownership and firm performance. Using publicly listed companies in Indonesia, I observe families are much more prevalent than in the US; in my sample, families are present in over 60% of Indonesian listed companies and families own an average outstanding equity of 50.4%. Contrary to previous literatures, I present new evidence to show founding family ownership and control is a more efficient form of ownership structure only when the family is a majority-shareholder in the company. Additional investigations shows that founding family ownership has a U-shaped quadratic relationship with firm performance, indicating that an increase in family ownership is initially associated with worsening firm performances, but is then associated with improving firm performances after passing a certain level of equity ownership.

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Hayward, Andrew Peter. "Judicial discretion in ownership disputes over the family home." Thesis, Durham University, 2013. http://etheses.dur.ac.uk/8489/.

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The core focus of this thesis is on the exercise of judicial discretion in the resolution of ownership disputes over the family home. Drawing upon the academic scholarship on judicial discretion, this thesis evaluates how the exercise of discretion has been conceptualised and employed within this specific context. Focusing on both the exercise of judicial discretion in matrimonial property disputes prior to the House of Lords’ decision in Pettitt v Pettitt in 1969 and in the modern implied trust framework, it questions whether there is evidence of judges arrogating enhanced discretion to themselves and whether this is deployed in order to take account of ‘changing social and economic circumstances’ surrounding the ownership of family property. Having identified an increased visibility of discretion in modern family property cases, this thesis questions whether a greater use of discretion within the context of domestic property evidences a departure from traditional property law reasoning and represents a problematic development in the law requiring a return to orthodoxy. This thesis provides a more nuanced understanding as to the exercise of discretion within this context. The claim advanced by this thesis is that judges in this specific context have increased their use of discretion to enable greater sensitivity to the domestic context and, whilst this may appear a controversial move to some, it is a beneficial, principled and structured modification of the property law framework applicable in this area.

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Tse, Yick-kee, and 謝奕琪. "Home ownership in relation with family formation and child bearing." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2013. http://hdl.handle.net/10722/194929.

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It is believed that home ownership has a positive connection with family formation and child bearing as there is a speed up process of attaining home-ownership when the couples are in anticipation of starting family and having children. However, home ownership in relation with family formation and child bearing are not always in positive connection as other factors are necessary to be taken into consideration when associating relationship between them, such as (i) postponement of marriage and child bearing, (ii) family background, (iii) housing markets and financial systems, and (iv) government policies which will be investigated internationally in this research and tested the hypothesis in Hong Kong. With the family budget constraints, cost competition between housing and marriage or child bearing is one of the significant factors affecting the couples’ decision in home purchasing. Our empirical results from the questionnaire survey demonstrated that home ownership is perceived as a precondition to marriage and child bearing and indicated that the cost competition between becoming home owners and becoming parents was strong. Postponement of marriage and child bearing are found over the past decade and decrease in number of children that the respondents wanted to have are the current trend. Our empirical results also show that family background is an important factor affects decision of the couples in home purchasing when getting married and in anticipation of having children. Facing a budget constraint, most of the young couples depend on their parents who are in owner-occupied housing tenure for financial assistance to succeed their home purchasing dreams. Nowadays, Hong Kong residential property value has also increased sharply in recent years and costs of housing with increasing mortgage rate would affect decision of the young couples in home purchase, a series of measures are therefore launched by the government to solve the problems of housing since its inauguration aiming at increasing private and subsidized housing flats as well as land for affordable housing development to cool down the overheating property market. People’s home purchase is greatly affected by the prevailing housing policy found in the survey and their recommendations to the government are to provide more HOS flats, stabilize the house price, increase in amenities and facilities provision in the suburb housing developments and resume Home Assistance Loan Scheme in order to satisfy their housing needs in forming families and planning to child bearing.
published_or_final_version
Housing Management
Master
Master of Housing Management

9

Payne, Troy C. "Does Changing Ownership Change Crime? An Analysis of Apartment Ownership and Crime in Cincinnati." University of Cincinnati / OhioLINK, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1288968354.

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Betancourt, Ramirez Jose Bernardo. "Ownership governance practices and their influence on family businesses financial performance." Doctoral thesis, Pontificia Universidad Católica del Perú, 2020. http://hdl.handle.net/20.500.12404/16196.

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Ownership was usually a system implicitly assumed in the dynamics of company management, but it deserved more attention than a periodic control in the yearly general shareholder´s assembly. Empowerment of owners was required given the magnitude of decisions made in terms of capital and business purpose, and not just delegating it to the Board or the CEO. Despite the relevance of the topic, a gap was identified in the literature of corporate governance in family business from the ownership dimension. This longitudinal study used a quantitative approach with an explanatory scope that which sought to answer the question: Do shareholders corporate governance practices and family control influence financial performance on businesses? 104 public companies were analyzed and 36.5% of them were identified as family businesses, data were used from National Registry of Values and Issuers, which also responded the country Code 'survey of Colombia in the period 2008 to 2014. Data was processed with Student's t test and Random Effects analysis as a panel data technique. Results shown that family and non-family businesses had significant differences in ownership governance practices, but no significant relationship were identified between corporate governance practices of shareholders or family control with financial performance. The theoretical contribution to the areas of corporate governance and family business was to opening a new scenario for the study of ownership governance; the practical contribution was giving rise to the design of a model of practices for shareholders, where they develop a more active role in terms of capital and strategy decisions that exceeded the decision limits of the Board of Directors; Finally, a contribution in public policy was created by supporting the need to highlight corporate governance practices at the owners level, with models that differentiate Family Business and others.
La propiedad era generalmente un sistema implícito en la dinámica de la gestión de la empresa, pero merecía más atención que un control periódico en la asamblea general anual de accionistas. Se requería el empoderamiento de los propietarios dada la magnitud de las decisiones tomadas en términos de capital y propósito comercial, y no solo delegarlo en la Junta o el CEO. A pesar de la relevancia del tema, se identificó una brecha en la literatura de gobierno corporativo de la empresa familiar desde la dimensión de propiedad. Este estudio longitudinal utilizó un enfoque cuantitativo con un alcance explicativo que buscaba responder a la pregunta: ¿Las prácticas de gobierno corporativo de los accionistas y el control familiar influyen en el desempeño financiero de las empresas? Se analizaron 104 empresas públicas y el 36,5% de ellas se identificaron como empresas familiares, se utilizaron datos del Registro Nacional de Valores y Emisores, que también respondió a la encuesta del Código de país de Colombia en el período 2008 a 2014. Los datos se procesaron con la prueba t de Student y análisis de efectos aleatorios como técnica de datos de panel. Los resultados mostraron que las empresas familiares y no familiares tenían diferencias significativas en las prácticas de gobierno de propiedad, pero no se identificaron relaciones significativas entre las prácticas de gobierno corporativo de los accionistas o el control familiar con el desempeño financiero. La contribución teórica a las áreas de gobierno corporativo y empresa familiar fue abrir un nuevo escenario para el estudio del gobierno de propiedad; la contribución práctica fue dar lugar al diseño de un modelo de prácticas para los accionistas, donde desarrollen un papel más activo en términos de decisiones de capital y estrategia que exceden los límites de decisión de la Junta de Directiva; Finalmente, se creó una contribución en las políticas públicas al apoyar la necesidad de resaltar las prácticas de gobierno corporativo a nivel de los propietarios, con modelos que diferencien a las empresas familiares y otras.
Tesis

11

Martin, Christopher John. "SME ownership succession : an investigation using an intellectual capital lens." Thesis, Birmingham City University, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.272092.

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Duggal, and Dinh Tung Rubecca and Giang. "Ownership Dispersion and Capital Structure in Family firms : A study of closed Swedish SMEs." Thesis, Jönköping University, JIBS, Economics, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12801.

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Duggal, Rubecca, and Tung Giang Dinh. "Ownership Dispersion and Capital Structure in Family firms : A study of closed Swedish SMEs." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Nationalekonomi, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-12801.

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SIST, FEDERICA. "International strategic alliances and internationalisation process: the family ownership effect in Italy." Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2008. http://hdl.handle.net/2108/807.

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La teoria eclettica sostiene che le decisioni strategiche di internazionalizzazione sono influenzate dalle caratteristiche delle imprese e in Italia le imprese familiari contribuiscono in modo significativo all’economia del Paese. Questo studio esamina se la struttura proprietaria delle imprese italiane influenza il processo di internazionalizzazione delle imprese che hanno formato alleanze strategiche internazionali con partecipazione al capitale di rischio (Equity International Strategic Alliances). In particolare confronto il livello di internazionalizzazione, il coinvolgimento internazionale, la scelta del paese e la crescita delle organizzazioni tra imprese familiari con le imprese non familiari, questa è la metodologia più utilizzata nella letteratura sull’imprenditorialità delle imprese familiari. La definizione di imprese familiari si basa sulla partecipazione della famiglia diretta e indiretta al capitale dell’impresa e la presenza di in componente della famiglia nel consiglio di amministrazione. Utilizzando una variabile dicotomica ho separato le imprese familiari dalle imprese non familiari tra le imprese selezionate nella base dati Zephyr della BvD. I dati finanziari mancanti sono stati rilevati nei bilanci delle imprese. L’analisi dei dati finanziari, con Kruskall Wallis e il software SSPS, evidenzia che la struttura finanziaria delle imprese ha un effetto sul livello di internazionalizzazione, perché le imprese familiari hanno un livello maggiore rispetto alle imprese non familiari quando formano alleanze strategiche internazionali di tipo equity; infatti in letteratura si è già trovato che tale differenza si ha quando le imprese familiari pianificano il processo di internazionalizzazione. La struttura proprietaria di tipo familiare non influenza in modo significativo, rispetto alle imprese non familiari, il coinvolgimento nel processo d’internazionalizzazione, la crescita dell’organizzazione e la scelta del paese in cui ha formato l’alleanza strategica internazionale. Anche se da un’analisi di tipo descrittiva risulta che le imprese familiari reagiscono meglio delle imprese non familiari alla diminuzione del fatturato che è previsto durante la fase di formazione dell’alleanza di tipo equity. Il coinvolgimento della famiglia nell’attività dell’impresa influenza positivamente il coinvolgimento dell’impresa nel processo d’internazionalizzazione: all’aumentare della partecipazione diretta della famiglia all’impresa aumenta la partecipazione nell’alleanza. I risultati sull’influenza del coinvolgimento familiare verso il coinvolgimento nel processo d’internazionalizzazione offre opportunità di sviluppare ricerche future.
Internationalisation strategy decisions are influenced by features of firms and Italian family firms make a significant contribution to the Italian economy. This study examines whether the ownership structure of Italian firms affects the internationalisation process of firms that completed equity international strategic alliances (EISA). This paper provides a comparison of the degree of internationalisation, the internationalisation commitment, the choice of country and the growth of organisation between family businesses and non-family businesses. Financial data of Italian firms that completed an EISA between 2003 and 2006 were used for this analysis. The analysis of data shows that family ownership has an effect on the degree of internationalisation. In fact, family businesses are more internationalised than non-family businesses if firms have completed an equity international strategic alliance. Family ownership does not influence growth of organisation and the choice of country in which international strategic alliances is formed. The family commitment influences positively internationalisation commitment. The influence of family commitment towards internationalisation commitment offers an opportunity for future research.

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Staf, Susanne. "Ownership succession process in practice : Importance of long-term planning." Thesis, Jönköping University, JIBS, Business Administration, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-988.

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Abstract

Problem According to previous research a successful succession requires a long-term plan. This is since the main problem causing companies to fail in succes-sions is seen to be the absence of planning, or that planning is not done well enough. But when the next generation is found outside the family or the family business, the succession is done quite fast, so long-term planning in advance does not seem to be that important after all. Therefore I question the importance of long-term planning, and what it includes, since I believe the outcome is decided by several interacting factors, and not by one alone.

Purpose The purpose with this thesis is to contribute to the debate concerning the need of long-term preparation before transitions of family businesses are done. This is done by comparing the characteristics of two successful suc-cession processes. One is a family business that has undertaken a shift within the family, and the other is a family business that has been sold ex-ternally. It will also take into account the kind of advices that comes from interviews with representatives of one bank and two audit firms, in order to find out their general view of the process.

Method This study was conducted through a qualitative method. The data was col-lected by interviewing representatives from two family businesses that have undertaken successions. In addition data was collected from representatives from one bank, and two audit firms. The characteristics in the data from these interviews have been compared to each other, and also to literature and research within the subject.

Conclusion Based on this study, I believe a view that takes into account all aspects is needed, since all aspects are equal important when a company undertakes a succession. As a result of this, long-term planning should not be seen as an aspect more important than any other. From the ancestors´ point of view long-term planning is foremost about how well-prepared the succession of the company has been, and the time until the succession is done. Long-term planning seen from the successors´ view is the time from when the succes-sion is done, and forward. This includes for example how the handing over process should be done, and how to secure that important knowledge stays within the company.

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Nordqvist, Mattias. "Understanding the Role of Ownership in Strategizing : A Study of Family Firms." Doctoral thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, EMM (Entrepreneurskap, Marknadsföring, Management), 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-165.

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This dissertation deals with the role of ownership in strategizing in family firms. More closely, it examines how ownership is channeled through different actors and arenas in the everyday work on strategic issues. The study emanates from the increased interest in family firms and in the role of visible, active, and longterm ownership in the strategic development of firms. The study is positioned in the growing approach in strategy research often referred to as strategizing. The strategizing perspective draws attention to micro processes of strategic work, such as who the actors involved in strategic work are and how, where, and when, i.e. in what arenas, they meet and interact. In line with basic assumptions in the strategizing approach, the role of ownership in this process is addressed from a symbolic interactionist perspective, where inspiration from psychological ownership is also used in order to introduce and elaborate on a notion of socio-symbolic ownership. Empirically, the study is based on in-depth and interpretive case studies of strategizing in three family firms, where the everyday strategic work is followed in real time over a period of about fours years in two firms and one and a half years in one firm. The empirical work is based on in-depth interviews, detailed observations, and secondary documents in order to build rich case descriptions. Abbreviated versions of these case descriptions are presented in this dissertation. The empirical interpretations are integrated into a conceptual model with four ideal types of character of strategizing in terms of actors and arenas involved in this process in the three family firms, with the aim to also visualize how the process changes over time. Moving beyond this level of interpretation, a socio-symbolic understanding of the role of ownership in strategizing is outlined, where a central interpretive process labeled enacting ownership is especially elaborated on. Enacting ownership is about how actors, both family and non-family, interpret, understand, and act on the guiding province of meaning related to the ownership in the different arenas of everyday strategic work. It is suggested that how and why actors enact ownership is shaped by especially three interrelated processes: channeling ownership through formal intentions and vision, channeling ownership through informal interaction, and channeling ownership through symbolic embodiment in the strategic work. Consideration is also given to what the socio-symbolic understanding of the role of ownership means for outcomes of strategizing, both at the micro level of social interaction and at the organizational level of the family firm. At the micro level, particular attention is paid to the performance of actors and arenas in strategizing. At the organizational level, there is a specific focus on how the strategic proximity and the strategic persistence of family ownership can be a source of strategic advantage as well as disadvantage in family firms.

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Espinoza, Aguiló Tomás. "Founding Family Ownership and Firm Performance: — Evidence from the Mexican Stock Exchange." Tesis, Universidad de Chile, 2009. http://repositorio.uchile.cl/handle/2250/107985.

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Nosotros investigamos si existe alguna diferencia en el desempeño de las compañías familiares relativo a las no familiares, considerando una muestra del total de compañías de la bolsa de valores de México, para el periodo 2000-2009(3), donde 56 de 99 firmas fueron consideradas familiares. Explicamos la diferencia de desempeño de las compañías a partir del ROA y ROE, realizando un test de diferencia de medias entre los dos grupos de firmas para luego confirmar nuestros resultados con un análisis multivariado. Nosotros encontramos que las compañías familiares presentan un desempeño significativamente mejor que las compañías no familiares, dado un grupo de ventajas que estas presentan.
We investigate whether there is any difference in the performance of family companies on the non-family, considering a sample of the total companies in the Market Stock Exchange of Mexico, for the period 2000-2009 (3), where 56 of 99 firms were considered family. We explain the difference in performance of companies from the ROA and ROE, by a difference of mean test, between the two groups of firms and then confirm our results with multivariate analysis. We found that family companies have performed significantly better than non-family companies, given a set of advantages these present.

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Rosenblad, Mikael, André Weich, and Claes Wångehag. "The Family Business on the SSE : Family Ownership's Impact on a Valuation Process." Thesis, Jönköping University, JIBS, EMM (Entrepreneurship, Marketing, Management), 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-735.

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The main purpose of this thesis is to investigate the differences between family and non-family businesses that are listed on the stock exchange, more specifically which factors that is being used in the valuation process and why family businesses as a rule seem to be undervalued. We also look at if family ownership is a factor in this process.

By conducting interviews with analysts and journalists working with valuation we hope to be able to not only find out what factors differ but also why family busi-nesses are undervalued.

Our conclusion is that while the two forms of ownership has several negative factors that differ between them that are more common among family businesses, such as conservative dividend policy, this is not connected to the family business as a form but is rather an individual factor differing from company to company. Family ownership as such was however not in any way a factor in the valuation since the valuations instead looks at the individual company and does not generalize.

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Duong, Hoa Thanh. "Asset pricing models in financial crises, family ownership and privatisation : evidence from Turkey." Thesis, SOAS, University of London, 2014. http://eprints.soas.ac.uk/20332/.

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This thesis studies asset pricing from three different angles. Firstly, it reveals that there is a possibility that economic shocks could damage asset pricing model performance, taking the recent 2007/2008 financial crisis and a number of recent asset pricing models as examples. Although there has been research suggesting the potential impacts of 'bad' and 'good' economic conditions on stock performance and forecasting power of economic models, this possibility remains an undiscussed idea. This is perhaps due to a range of methodological obstacles in testing the link. The thesis, therefore, proposes a new approach to overcome the issues and finds that financial shocks indeed have impacts and need to be adjusted for when assessing performance of asset pricing models. Secondly, in search for potential risk exposure associated with family ownership in pricing assets in stock markets, an examination in Turkey, a family business country, shows that family firms are not necessarily riskier that non-family firms. Instead, such ownership characteristics are associated with the sensitivity of some other risk factors. We find that within firms with low growth prospects and/or small firms, family firms outperform non-family firms and as firms grow in size and market-to-book value, nonfamily firms appear to perform better. Also, liquidity ratio, firm age and current stock prices are also among those factors which can explain the return differentials between family and non-family firms. Thirdly, privatisation with involvement of family ownership does have positive impacts on firm performance and stock return in the longrun but has negative impacts on short-term investors. An investigation on a recent privatisation deal of Tupras, the largest refineries firm in Turkey, shows that unless shareholders' investment horizon is in line with the owner family, they would not benefit from the firm long-term investment projects and could even suffer from low dividends.

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Hossain, Ibteesam. "Investment Performance of Swedish Family Firms : A study of how management, control and ownership impact Swedish family firms investment performance." Thesis, Jönköping University, JIBS, Economics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1119.

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Sammanfattning

Denna magister uppsats undersöker huruvida ledarskap, ägarstruktur och kontroll påverkar svenska familjeföretags investerings prestation på marknaden. I undersökningen har 90 svenska företag analyserats inom en 15 års period (1990-2005).

Ledarskap har delats upp i tre olika strukturer, den första strukturen står för grundar ledarskap. Regressionsanalysen i denna uppsats visade att en grundare har en positiv påverkan på företagets investerings prestation då grundaren agerade som Verkställande Direktör (VD), Styrelseordförande (SO) eller båda. Detta kan förklaras utifrån teorier som gör tydligt att en grundare äger entreprenörskaps anda och utmärkande kunskaper inom området ifråga. Resultatet för den andra strukturen, ättlings ledarskap visade att då ättlingar till grunderaren verkade som antingen VD, SO eller båda i företaget förekom en negativ påverkan på företagets finansiella prestation. Detta kan förklaras utifrån teorier som menar att en ättling inte har samma kunskap eller ambitioner som grundaren till företaget. Ättlingar har oftast ärvt högre poster inom företagen på grund av sina familjerelationer till grundaren snarare än på grund av sina kunskaper inom området. Den tredje ledarskapsstrukturen är externa ledare. Externa ledare är antingen en VD, SO eller båda som har blivit inhyrda till företaget av ägarfamiljen. Regressionsanalysen visade ett insignifikant resultat.

När resultaten för ägarstruktur och andel röster av ägare analyserades i både företag med röstdifferensiering och utan röstdifferensiering visade det sig att när grundaren agerade som VD, SO eller båda i företag utan röstdifferensiering förekom ingen minoritets expropriation eller principal-agent konflikter inom företaget, vilket betyder att företagets finansiella prestation påverkades positivt. Liknande resultat hittades även för företag med röstdifferensiering som hade externa ledare i sin ledning.

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Smith, Erin. "Structuring for serendipity: family wealth creation, farmer autonomy and the pursuit of security in an uncertain Australian countryside." Thesis, The University of Sydney, 2014. http://hdl.handle.net/2123/13363.

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The social and economic particularities of family farms have captured researchers’ attention for many years; but rural scholarship still lacks a clear, analytical sense of how and why family farms are organised in the ways that they are. This thesis critically examines the internal logics underpinning the socio-economic organisation of Australian farms. It adopts Johnsen’s (2003) conceptualisation of farm enterprises as three-way coalitions between farm businesses, farm households and the respective property holdings. Changes to the Australian agricultural property regime are used as the lens through which to observe how the organisational logics of farm enterprises are recalibrated in response to environmental policy reforms; specifically, the separation of land and water titles. Despite the obvious economic significance of separating land and water titles, the impacts on farm organisation remain under-researched. Hence, this thesis uniquely brings together scholarship on family farming with that of water reforms. A qualitative research method – farm life history – is used to generate narratives of the development of 40 farms in Victoria, Australia. Twenty-one of these are from an irrigation district where land and water titles have been separated, and nineteen from a dry land region unaffected by the reforms. The interpretive chapters comprise an analysis of the ways in which the ownership configurations of farm businesses, land and water assets embody farmers’ aspirations for building wealth and maintaining autonomy. These aspirations are jointly articulated in the concept of ‘structuring for serendipity’, which elevates the notions of risk, uncertainty and security as critical drivers shaping farm-level responses to contemporary conditions. The thesis concludes that the organisational forms observed within the Australian agricultural sector ultimately represent farmers’ pursuit of a sense of security in a constantly changing and uncertain countryside.

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Zhang, Xian. "Family ownership and business performance of unlisted Chinese family firms : the mediating roles of hybrid governance mechanisms and guanxi networks." Thesis, University of Wales Trinity Saint David, 2010. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.683095.

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鄭宏泰 and Hongtai Zheng. "The transfer of ownership and leadership: a study of Chinese family business and inheritance." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2002. http://hub.hku.hk/bib/B31245109.

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Kam, Ming-kin, and 甘銘堅. "Home ownership aspiration in Hong Kong : a case study of family financing in home owning." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/207605.

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Many studies focus on the housing decisions of younger generation mainly on the households’ individual level such as affordability, house prices, income, interest rate and the relative costs of owning. However, the family financing is also another indispensable factor to affect the decision of home-owning. The home buyers save for several years to accumulate the down payment, but it will be nibbled up by the rising of home prices. Such rapid increases in house prices will make home-owning more difficult for home buyers, especially for first-time buyers. They may seek a loan from a family member to use as part of the down payment in order to achieve homeownership. Forrest and Murie (1995) noted that family support in home owning may take an important contribution in home-ownership sphere. Moreover, many scholars pointed out that family financing is particularly important where housing prices are high, financial institutions are unwilling to provide mortgage loans or requiring high-ratio of down payment and government subsidies are not available. (Barrios, Colom and Moles, 2013; Engelhardt, 1996; Engelhardt and Mayer, 1994; Forrest and Murie, 1995; Meen, 2013; Mulder and Wanger, 1998; Ost, 2012). In Hong Kong case, parents give a finance support to their children for paying the down payment can be easily found in mass media. More significantly, the number of cases for parents getting direct involvement in helping children for home owning are largely increasing. Looking at the house price was increased 15% in average annually during the period of 2010-2012. Many parents have expectations that the house price will keep rising. If you do not buy it now, then you may not possible to afford this very soon. In this paper, we will explore how importance the family support for home-owning, the kind of financing modes are adopted for the parent and the reasons for the parent to provide financing support in helping their children’s homeownership.
published_or_final_version
Housing Management
Master
Master of Housing Management

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Hoeness, Stefanie, and Adam Kamal. "An emotional ownership perspective on the dynamics of role conflicts and relationship conflicts within family businesses." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-26871.

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Problem: Family-owned and –managed businesses constitute the majority of organizations worldwide. Yet, although, because of their special enmeshment of family and business spheres, conflicts constitute a central threat to those types of organizations, not much has been done to study this phenomenon specifically in a family business context. Minding the actuality that especially the family related factors that contribute to the occurrence of role and relationship conflicts within family firms remain understudied, this thesis will take an emotional ownership perspective to examine the phenomenon from a different angle. Purpose: To advance the general understanding of role and relationship conflicts within a family business setting, the purpose of this thesis is to determine the role emotional ownership plays in regard to role and relationship conflicts within family firms. Method: This qualitative study utilizes a case study strategy including a total of six case companies and eight research respondents. Data is thereby collected from semi-structured interviews and documentary secondary data. The analysis of the empirical findings is conducted following a two-step process. First, the empirical findings of the distinct case companies are cross-analyzed. Then the emerging patterns are formulated into a general model. Conclusions: Family owners’/employees’ feelings of emotional ownership towards the firm do influence the occurrence/intensity of role and subsequent relationship conflicts within family firms. The exact nature and impact of this influence will however depend on a number of factors. Those factors include (i) the existence of rules and regulations to govern the separation of family- and work related roles within the family and the firm, (ii) family-related factors, like the existence of a “peacemaker” and/or “decider”, strong family cohesion and/or trust among the family and its members, as well as (iii) cultural factors such as “respect for the elders”.

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Wibom, Marcus, and Fanny Lundvall. "The impact of family ownership on dividend payout policy : An examination on the Swedish context." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-414751.

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This study investigates whether family ownership impacts firms’ dividend payout policies by examining firms publicly listed on the Stockholm Stock Exchange (OMX Stockholm) during the years 2013–2018 (1,363 firm-year observations). The investigation is made by performing multiple regression analyses including the dependent variable DIVIDEND PAYOUT. The findings reveal that family firms distribute higher dividend payouts than non-family firms, suggesting that dividends are used as a corporate governance mechanism to mitigate agency problems. Family firms without a second blockholder present have the highest dividends. A family second blockholder appears to collude with the controlling family resulting in lower dividends. A separation between ownership and control results in higher dividends as it implies a worse corporate governance structure. In sum, the results imply that family ownership positively impacts firms’ dividend payout policies in Sweden.

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Mártires, Miguel Ángel, and Kamil Sawicki. "Family Controlled Firms on the Stock Market : Do family-controlled firms show a convergence in corporate governance systems?" Thesis, Jönköping University, JIBS, Business Administration, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1365.

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Background:

Family-business is considered to be the most frequent and complex form of business

organization around the world. However, recently there has been a large number of

corporate scandals in such firms especially at the board level (e.g. Parmalat). Within the

framework of two corporate governance models characterized by the Continental European

and the Anglo-Saxon model, boards of directors hold a central position. This position

becomes of great importance when talking about public companies and more specifically in

public family-controlled companies. The concentration of ownership is the main

characteristic of the Continental European, which is the most workable form of corporate

governance for family-controlled business. Nevertheless, family-controlled companies acting

under the Anglo-Saxon model have also been able to operate successfully. Therefore, we

will investigate if there is a convergence of corporate governance in family-controlled

companies across frontiers focusing mainly on boards’ structures and composition as well as

ownership, and the sub-committees.

Purpose:

The overall purpose of this thesis is to contribute to the understanding of Corporate

Governance in public Family-controlled firms which are in the Swedish and United

Kingdom stock market. More specifically, investigate whether the boards’ structures and

composition, as well as ownership and the existence of sub-committees show similarities or

not in Family-controlled firms acting within the framework of an Anglo-Saxon and

Continental model of Corporate Governance

Method:

A quantitative approach was used to fulfill the purpose of this thesis. Furthermore, the top

10 family-controlled companies with highest market-capitalization have been selected from

both countries to constitute our sample. The empirical material was gathered mainly from

the annual reports of the companies but also by contacting the companies by email or from

articles in online newspapers.

Conclusion:

This study found that in some aspects of corporate governance convergence exists while in

others it does not. Regarding board structures and composition, there is a convergence to

“one tier board” and the presence of family members and employee representation in boards.

On the other hand, when it comes to the sizes of the boards and number of independent

directors in the boards we argue that convergence is not present.

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Lee, Eunju. "Gendered processes : Korean immigrant small business ownership /." New York : LFB Scholarly Pub, 2006. http://www.ebrary.com/.

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Su, Xiaohan, and Simran Patel. "The Infulence of Siblings Toward R&D Investment in Family Firm." Thesis, Internationella Handelshögskolan, Jönköping University, IHH, Företagsekonomi, 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-48668.

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Purpose Various studies suggested that family ownership plays a significant role in R&D investment considering family-owned businesses. This thesis specifically explores sibling ownership and how it influences R&D Investment in their company. Moreover, various factors have been highlighted and explored extensively to understand what makes the difference between sibling owners and sole owners when it comes to their behaviors whether to pursue and invest in R&D for the betterment of the company. Method This paper adopted qualitative research as a method. Data was collected from 5 cases which consisted of sibling owners and sole owners to understand the differences between 2 types. In this multiple case study, two respondent took part in each case. Semi-structured interviews were carried out to have an in-depth understanding of the cases. Furthermore, the analysis of these data was done using the SEWi scale which provided us the three dimensions to scrutinize the impact on R&D investment by sibling owners and compare it with sole owners. Conclusion Using the theoretical lenses, the sibling ownership presents a unique attitude as of any other family ownership. To have a more broader approach, the comparison between a sole owner and sibling owner derived many different factors to take up R&D Investments. It shows that sibling owner does not always initiate investment for the company to prosper but they consider other family members involvement for investing. R&D investments are taking part in the sibling ownership by keeping the family wealth in mind. This tends to provide evidence that sibling owner is careful in investment for R&D. Family values and family unity in sibling owned business create an immense impact on the decision making for the investment. Considering the decision making regarding R&D investment, sibling owner believe that they have ease to make a decision when the family is involved whereas sole owner finds difficulty in taking such decisions, especially under uncertainty. The following observations from our research provided the idea that sibling owner initiative to invest in R&D is not only restricted to the company growth perspective but also the involvement of various family dimensions.

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Wiberg, Victor, and Philip Andersson. "Ownership structure and family-control, the effects on dividends : - A study on listed firms in Sweden." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-448421.

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This study investigates how the ownership structure affects the dividend payout policies of firms in Sweden. The study uses data on publicly listed firms in Sweden (Nasdaq Stockholm) over the years 2015-2019 with a total of 987 firm-year observations. The hypotheses are tested with multiple fixed effects analyses on two datasets. Our results show that family-controlled firms pay out higher dividends compared to non-family-controlled firms, suggesting that dividends are used as a governance mechanism to mitigate agency problems. The other hypotheses test different constellations of ownership structures within family-controlled firms and reveal that the presence of a family blockholder lowers the dividends payout, while a non-family blockholder increases dividends. These findings suggest that owners that share characteristics tend to collude in order to lower dividends and extract private benefits and that blockholders of other characteristics oppose. Lastly, the presence of multiple blockholders also results in higher dividends payouts, suggesting that collusion among multiple blockholders becomes more difficult as more wills are in play, thus resulting in the decreased possibility to exercise profitable collisional actions.

31

Kim, Chunhyo. "A Family Affair: The Political Economy of Media Ownership in the Republic of Korea (1998-2012)." OpenSIUC, 2014. https://opensiuc.lib.siu.edu/dissertations/831.

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This dissertation investigates the nature of Korean media giants among members of Asian media conglomerates in the era of media marketization. Since the 1980s, each state in Asia has adopted neoliberal media laws and policies that have made its media systems more market-driven. This neoliberal media reform led to the restructuring of media systems from state-controlled systems to profit-oriented ones and facilitating the emergence of Asian media conglomerates. However, scholarship on the nature of Asian media giants has been sparse in critical media studies. Thus, I conduct a case study to explore the nature of Asian media giants with a focus on the interplay between media ownership and media markets in order to determine the major beneficiaries of Asian media marketization. I focus on the three Korean media conglomerates of Samsung, CJ and JoongAng Ilbo groups during the period from 1998 to 2012 when the Korean state applied the neoliberal media mode to the Korean media systems. Utilizing the theoretical approach of political economy of communication, I examine three points: (1) the relationship between the era of neoliberal media and the structures of four media markets (e.g., advertising, daily newspaper, cable television and film); (2) the interconnections among media expansions, media ownership and informal ties (e.g., blood and marriage ties); and (3) the relationship between the changed structures of those four media markets and corporate censorship of the three chaebol groups. To address these questions, I used both institutional and corporate profiling techniques and then analyzed both governmental and secondary documents, including those covering structures of media markets, media ownership, boards of directors, media expansions and emergent issues in the information and entertainment markets. Consequently, my analysis finds that neoliberal media laws and policies led to forming centralized market structures controlled by chaebol groups with connections to Western media conglomerates and/or foreign capital. Also, I find that the Lee family members used family connections to expand their media businesses and control multiple media operations, thereby becoming the media emperor in Korea. Finally, my analysis shows that a media-oriented ideology has rarely guaranteed free competition among market players but has instead led to increasing the market polarization between a few market controllers and many independent media companies. In other words, my study indicates that the neoliberal media mode allowed family capitalists in Korea with foreign capital to control the structures of media markets.

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De, Scheemaecker Anne-Marie Esther. "Planning Strategies for Generational Succession in Flemish Third-Generation Family-Owned Businesses." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3762.

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Survival over generations is critical for family-owned businesses (FOBs). Only 3% of family firms survive the 3rd generation, and a succession strategy is the most challenging decision for family business leaders to make. The purpose of this multiple case study was to explore nonfinancial succession planning strategies that 3rd-generation FOB leaders in Flanders, Belgium, apply for the transition of ownership and leadership to the 4th generation. The conceptual framework for this study was the socioemotional wealth paradigm. Data were collected using semistructured interviews, archival document reviews, company internal and public documents, and press releases. Yin's 5-step data analysis was applied to identify themes and patterns. Analysis of the data revealed that, among these 3rd-generation FOBs, the socioemotional aspect of generational succession planning required strategies that simultaneously focused on successor suitability and well-being, consensus of the family, mode of transition, leadership and governance, and survival of the family firm. These findings may provide other, similar FOB leaders with insights into the dynamics of a successful transition of the 3rd-generation family firm to the next generation. Findings may be used to increase FOB survival rates, provide new job opportunities, contribute to community growth, and enhance the well-being of stakeholders. Successful family firms may engage in philanthropic activities as a way of transmitting legacies between generations.

33

Ahmad, Bilal, and Sunisa Hemphoom. "Family Firms and Clean Technologies : A qualitative study exploring how a firm’s ownership status influences implementation of clean technologies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-42397.

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Abstract Background: Sustainability practices have become a crucial factor for firms since there are external and internal pressures that expect firms to act environmentally friendly. Especially within organizations that are owned by family, being sustainable enables them to pass their firm in a good condition to the next generation. One way firms can be sustainable is through adopting clean technology strategy as it can provide both environmental and economic benefits to firms. Being sustainable and having the ability to implement clean technology requires a long-term vision or long-term orientation (LTO); a characteristic often associated with family-controlled businesses (FCBs). Purpose: The purpose is to examine the adoption of clean technology within family-controlled firms (FCBs) and non-family-controlled firms (Non-FCBs). The aim is to explore if there are certain characteristics of FCBs that facilitate implementation of clean technologies. Method: This research is based on qualitative research method with an abductive approach and interpretivism philosophy. The primary data is collected through semi-structured interviews with four companies of which three are family-controlled businesses and one is a non-family- controlled business. Conclusion: FCBs are more inclined to invest in clean technologies. The extent to which a company does or does not implement clean technologies depends not only on the institutional values of an organization but also how deeply one or more of the three LTO dimensions are implanted in those values.

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Masseling, Geert, and Martijn Roelse. "The Role of Psychological Ownership in Deciding Upon the Consultant's Advice : A study of Swedish Family Businesses." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-18378.

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There has been nothing written, as far as we researched, about the decision-making when a family manager decides upon the advice of an external consultant. With this research we tried to build an understanding on the topic with a special focus to the role of emotions in the process. Five family managers of five different family businesses in Sweden were interviewed. The interviews were semi-structured so that the factors that play a role in the decision-making could be explored. The factors that were identified were coded and afterwards further analyzed, together with the help of new gathered theory. In other words an abductive approach was used. We found that emotions in the decision-making mainly arise when the advice is given in the field of expertise of the family manager concerned. The emotions arise from a psychological ownership of the family manager over a pre- formed solution or approach to the issue the consultant is hired for. In order for the advice to be accepted, the advice has to be in the line of the preformed solution or approach. We believe these findings to be valuable to encourage more research on the topic, but also the findings can contribute to the everlasting field of research to find the optimal technique to consult to family businesses.

35

Ng, Sin Huei. "The influence of ownership, control, governance and diversification on the performance of family-controlled firms in Malaysia." Thesis, Northumbria University, 2012. http://nrl.northumbria.ac.uk/11058/.

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This study explores how a concentrated ownership structure and the underlying firm strategies/activities or practices influence the performance of family-controlled publicly-listed firms in Malaysia. Specifically, it aims to enhance our understanding of how differing types of significant owners, control-enhancing means, business groups and firm diversification affect firm performance within a national corporate governance system characterized by pervasive political involvement in business. It also aims to enhance out understanding of the role of board independence in moderating the above effects. the distinctiveness of this study arises from its approach of considering ownership structure and the underlying firm strategies/activities or practices in an integrated manner with particular emphasis on their inter-relationships. Multivariate with moderate regression analysis were utilized as primary tools of analysis. Based on a sample of 314 firms, major findings include (i) the proportion of family equity ownership positively influences corporate performance, (ii) group-affiliated firms generally under-perform non-group affiliated firms, (iii) the heterogeneity of business groups results in considerable differences in performance. Specifically, size of business group has a negative moderating effect on the firm diversification-performance relationship, (iv) profit redistribution occurs in firms that have a high level of family ownership and that are affiliated to large business groups, (v) board independence in general lacks effectiveness in moderating the influence of firm strategies or activities on firm performance. In terms of practical/managerial implications, the study demonstrates (i) the importance of conceptualising corporate governance in a broader sense, particularly in emerging economies such as Malaysia, (ii) how policymakers and regulators may identify and better monitor firms that are more likely to expropriate investors and/or exhibit governance problems, and (iii) a potentially fruitful approach to be adopted by investment professionals in selecting firms with better overall governance structures and performance that enhance their investment returns, particularly in the long term.

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Hsieh, Meng-Fang, and 謝孟芳. "The Effects of Family Ownership, Family Involvement and Family Management on Information Disclosure." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/97587047460597751541.

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碩士
國立高雄第一科技大學
財務管理研究所
99
After the Asian financial crisis, the many financial scandals occurred (such as, the United States of Enron, and the Taiwan of Bardon), that let governments and international organizations to pay attention to corporate governance. And the information disclosure is important for corporate governance. In addition, family firms are an important organization type at listed companies in Taiwan. So we propose three characteristics to begin our study with the question whether the family ownership, family involvement and family management will effects that information disclosure. Our sample consists of 1867 firm-years from 663 listed companies in Taiwan. Empirical results show that family ownership is significantly and positively associated with information disclosure, while the family involvement and the family management are significantly and negatively related to information disclosure.

37

"The structure of ownership in family firms." Thesis, 2010. http://library.cuhk.edu.hk/record=b6075291.

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Prior literature focuses on the causes and effects of ownership concentration between significant blockholders and minority shareholders. Anecdotal evidence shows that it is also important to look at the causes and effects of ownership concentration within controlling families as family ownership can become diffused after generations. Family trust is a popular vehicle for holding family ownership. It allows a founder to concentrate firm ownership on a long-term basis, preventing control loss after he/she steps down. Family members can enjoy control benefits such as preservation of their family intangible assets. However, there is tradeoff. Family members cannot resolve their conflicts by acquiring and selling off shares among them, since they are no longer the legal owners of the shares.
Using a sample of 216 family firms listed on the Hong Kong Stock Exchange with time series data spanning 1990--2008, I investigate the causes and effects of ownership concentration by means of family trust. I fmd that when family control is important (when there exists a large amount of family intangibles), there is a higher propensity that family trust is used to concentrate ownership and secure control, provided that the cost of using it is low (small family size hence low family conflict). However, when there are more and more family members after generations, the benefit of preserving the intangibles may not be high enough to cover the cost of potential family conflict, leading to firm value loss. Moreover, the cost of using trust magnifies during difficult periods such as financial distress, economic downturn and leadership succession. Hence, firms with high potential family conflict have poorer performance during difficult time if family trust is used for holding the firm's controlling stake. Family trust also induces common pool problem. Family members tend to extract resources from the family firm as much and as early as possible, leading to higher payout and slower firm growth.
Leung, Siu Ching.
Adviser: Joseph P. H. Fan.
Source: Dissertation Abstracts International, Volume: 73-03, Section: A, page: .
Thesis (Ph.D.)--Chinese University of Hong Kong, 2010.
Includes bibliographical references (leaf 58).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [201-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Abstract also in Chinese.

38

-Chun, Chao, and 張兆君. "Family Ownership, Board Characteristics and International Investment." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/42570277168702529805.

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碩士
國立高雄第一科技大學
財務管理所
97
Family firms play an important role in the global economy. This study aims to analysis the relationship between family ownership and the international investment. Furthermore, the board of directors is the core of corporate governance. This article also analysis the moderating effects of different board characteristics on the international investment of family ownership. The empirical results reveal the idea that family ownership is negatively related to international investment. Among board characteristics, duality could strengthen the relationship. However, to some extent, both outside directors and board size could overcome the weaknesses of family ownership and positively effects the relationship.

39

Su, Chia-hui, and 蘇佳慧. "Family Ownership, Board of Directors, and Internationalization." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/93296203545891719899.

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碩士
國立中央大學
企業管理研究所
96
The purpose of this paper is to examine the impact of family characteristics and board characteristics on internationalization. We collect data from listed firms in Taiwan between 2001 and 2006, and use panel data regression models for analysis. The results, with the numbers of operational country as the proxy of internationalization, show that compared with non-family business, family business has lower level of internationalization; firms with higher deviation between control right and cash flow right is, higher outside director percentage, duality have more operational countries. By contrast, firms with longer average tenure of directors and higher external connections of outside directors have fewer operational countries. When using foreign sales/ total sales as the proxy of internationalization, we find that family businesses with family CEO, larger board size have lower the foreign sales. To the contrary, those with more abundant outside directors have higher foreign sales. The overall research results show that family ownership and board characteristics are important factors to decide the level of internationalization.

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YANG, WEI-LING, and 楊薇齡. "Family Ownership, CEO Overconfidence, and Investment Policy." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/09445071536327011348.

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碩士
國立臺北大學
企業管理學系
104
This study examines the influence of family ownership on overconfident CEOs. The literature suggests that because family owners of firms seek to leave family businesses to their descendants, they are more likely to be risk averse to maintain firm stability and survival. This study’s analysis of S&P 1500 firms from 2001 to 2010 shows that overconfident CEOs, who overestimate future cash flow of investment project and underestimate project risk, leading to overinvestment, will be affected by the conservative tendency of the family firms and reduce their overinvestment behaviors. Further, the sensitivity of investment to cash flows is also reduced significantly. Family ownership also mitigates overconfident CEOs’ risk preferences. As a result, the total risks of firms with overconfident CEOs are negatively related to family ownership. Although overconfident managers in family firms reduce their overinvestment and risk-taking behaviors, the over monitoring of family ownership make overconfident CEOs tend to reduce their innovation activities and abandon positive NPV projects rather than negative NPV projects, reducing firm value.

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Cheng, Hsiu-Hui, and 鄭秀惠. "Family Ownership, Financial Decisions, and Organizational Performance." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/71605628128599115260.

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碩士
東海大學
會計學系
95
In worldwide commercial activities, family firms always play an important role. A large portion of Taiwan’s firms are characterized by family ownership. Previous literature lacked a comprehensive survey of the relationship among family firms, financial decisions and organizational performance. This study tends to use Taiwan’s listing corporations controlled by families to investigate the family ownership from the perspectives of financial decisions and organizational performance. Besides, the study further examines whether financial decisions will affect organizational performance in family firms. I expect to help firms make the best financial decisions and maximize the firm performance. The results are following. First, on the financial decisions, the higher family ownership indicates the higher cash dividend payout ratio, the lower cost of capital, stock dividend payout ratio and R&D ratio. Second, on the organizational performance, the higher family ownership indicates the higher performance. Third, on the relationship between financial decision controlled by family firms and organizational performance, cash (stock) dividend payout ratio are positively (negatively) correlated with performance, and cash (stock) dividend payout ratio and family ownership interactively are negatively (positively) correlated with performance; R&D ratio are positively correlated with performance. However, R&D ratio and family ownership interactively correlates insignificantly with performance. Consequently, when family firms manipulate dividend and investment decisions appropriately, they could create higher organizational performance.

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Wang, Min-Jing, and 王閔靖. "Family Characteristics, Managerial Ownership and Investment Decisions." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/23566583410464237632.

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碩士
逢甲大學
財務金融學系碩士班
102
In this paper we examine the relationship between managerial ownership and investment decisions. We also consider the ownership and family characteristics to see whether the relationship between managerial ownership and investment decisions are impact. Our sample is made up of companies listed on the Taiwan Stock Exchange (TSE) and the Over-the-Counter (OTC) market which are including in the Taiwan Economic Journal database (TEJ). We collect the items required in this study from yearly financial statements covering the period from 2001 to 2012. As a whole, this study shows that CEO stock ownership is negatively associated with investment decisions－supporting that CEO risk aversion will significantly decrease the firm-level investment. We also find that institutional ownership and family characteristics can positively affect the relationship between managerial ownership and investment decisions. These findings support the negative effect of managerial risk aversion on investment is mitigated when the managers are also the owners or the firms are family firms. Finally, our results are also consistent with the notion that institution shareholders are more effective monitors than individual shareholders.

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Fuh, Thung, and 吳聰富. "The Effects of Family Ownership and Family Involvement on Product Diversification." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/61912723087557415994.

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Abstract:

碩士
國立高雄第一科技大學
財務管理研究所
99
This study focuses on the relationship between family ownership and family involvement and the extent of product diversification in business operations. The result shows that both of family ownership and family involvement have positive effect on the extent of product diversification, indicating the higher the shareholding ratio of family members, both for reducing risk and for business continuity, the more support for the product diversification strategy; the more family involvement, meaning family members as directors, for the benefit of individual, family, and company, the more support for product diversification decision.

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Shen, Yu-Hung, and 沈育宏. "Family ownership, family management and firm performance：Empirical evidence from Taiwan firms." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/05944299160340106608.

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碩士
國立臺灣科技大學
財務金融研究所
96
This article presents a critical investigation of the impacts of family ownership and management on firm performance in Taiwan. By utilizing panel data based on Taiwan 465 listed firms between 2002 and 2006. The empirical results exhibit the influences of both family ownership and management on firm performance. A brief overview of the results are described as follows: (1)Family firms perform better than nonfamily firms on both ROA and Tobin’s Q, which is proving that family firms combining ownership and management are helpful to reduce agent cost, conform to agent cost hypothesis. (2) Family ownership and performance are jointly endogenous, while higher family ownership cause higher performance；higher performance also result in increase of family ownership. Consideration to the jointly endogenous issue, it will be helpful to the firm performance only when the total amount of family members holding (have) to be held under 30% of outstanding shares. (3) In terms of family management, the firm performance will be largest supported by the founder serves as CEO. Noteworthily, having descendant serves as CEO is also stimulating firm performance. Furthermore, distinct firm performance is reflected from family members or hired manager serves as Chairman or CEO. In addition, it would be best when the founder holds both positions of Chairman and CEO at the same time. It is required that the founder holds the Chairman position, while the vacancy of CEO is handed over to a descendant or hired manager to attain significant firm performance.

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Jang, Jyh-Meng, and 張志盟. "Family-controlled Firms, Institutional Ownership and Earnings Management." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/pdyn4x.

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碩士
國立雲林科技大學
會計系
105
Note that family-controlled firms may expropriate the interests of minority shareholders through financial reporting. This study firstly uses the unbalanced panel data to examine the relationship between family-controlled firms and accrual-based earnings management based on the listed firms in Taiwan stocks market from 1996 to 2014. Moreover, this study further tests whether institutional investors can play an active monitoring role to mitigate this agency problem resulted from family-controlled firms in protecting the interests of minority shareholders. The empirical results show that family-controlled firms are positively associated with accrual-based earnings management and support the family-controlled firms’ expropriation hypothesis. Further testing documents that both the qualified foreign and domestic institutional investors do not effectively mitigate the core agency problem resulted from the concentrated ownership, which in turn, triggered the higher accrual-based earnings management of family-controlled firms. This study conducted a number of sensitivity tests and found that the results are robust to the various specifications.

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Medeiros, Catarina Lobo Moutinho Melo. "Can family ownership influence firms' capital structure decisions?" Master's thesis, 2015. http://hdl.handle.net/10400.14/17985.

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The purpose of the present study is to endeavor the explanatory capacity of family ownership in determining the capital structure of the firms. Having this purpose in mind, we collect and analyze information for the period 2005-2013, regarding a sample of 194 family and non-family businesses, whose headquarters' location is in either European or North American countries. We obtain empirical evidence to conclude that i) non-family firms present higher leverage ratios compared to their family peers; and ii) non-family firms rely more on long-term debt than their family peers. Our study adds value to previous research since it compares companies from two different continents, (North) America and Europe, it analyzes how different firm characteristics may influence both leverage ratio and long-term debt to total debt and finally because it studies the impact of the financial crisis on the firms' financial results.

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BIRKE, Sarah. "Ownership of the family home : a critical analysis." Doctoral thesis, 2005. http://hdl.handle.net/1814/5488.

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Lin, Chuan-Chieh, and 林卷頡. "Family Ownership and Internationalization: the Moderating Effect of Ownership Concentration and the Degree of Deviation." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/69433091318331837637.

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碩士
中國文化大學
國際貿易學系
100
Over the past decade, the world has witnessed what is arguably a new wave of globalization, by way of outward internationalization from emerging markets, including Taiwan. Many emerging economies firms are characterized as having family control. According prior studies, family owners may take risk-averse attitudes toward interna-tionalization and hence be reluctant to pursue internationalization until their ownership reaches the point where there is minimal threat of control loss. However, when family ownership is large enough to ensure family control, family owners have strong incentives to pursue ID to enhance long-term competitive advantage and spread their wealth outside the home country. Therefore, the level of family ownership in emerging econo-my firms will have a U-shaped relationship with internationalization. Two overlapping but distinct ownership characteristics, family control and ownership concentration, can be found in emerging economies. We employ the degrees of ownership as the measure-ment of family control, and use the Herfindahl index for all shareholdings to capture the overall degree of ownership concentration. It can similarly be argued that since owner-ship concentration, by definition, concentrates voting power in the hands of relatively few shareholders, it is easier to conjure majority support for initiatives such as outward internationalization. However, a number of factors offset this potentially positive relationship between ownership concentration and outward internationalization. And we think ownership concentration will moderated the negative relationship between family ownership and internationalization. Besides, prior studies also observe the phenomenon of excessive family control (through pyramid structures and cross-holdings) on the economic structure of East Asian societies, and find that the family has effective control over investment decisions in many companies and may channel these resources toward their own interest. It is expected that such tightly held and managed family firms will choose to expand operations locally rather than to pursue high-risk foreign market investments, thus avoiding the possibility of expropriation by outside investors. There-fore, we think excess family control will moderated the negative relationship between family ownership and internationalization. We using data on 789 publicly listed infor-mation technology industry firms in Taiwan during the 2003 to 2008 period and panel data regression models for analysis. This paper finds empirical evidence in support of our hypotheses.

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Huang, Yin-yu, and 黃茵妤. "Founding family ownership and innovation:An empirical analysis from Taiwan." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/32896019164138202587.

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碩士
國立中央大學
企業管理研究所
96
This study investigates the relation between founding-family ownership and inventive activity. We find that family firms are more innovative than nonfamily firms. Our empirical results are consistent with the conjecture that family ownership is effective at alleviating the high agency costs associated innovation.

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PINGWANG, PARIWAT, and 派瑞華. "Family Business Internationalization: The Ownership and the Generation Involvement." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/21757833665633038787.

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碩士
輔仁大學
國際創業與經營管理學程碩士在職專班
105
The study proceeds to analyze the influence of the ownership and the generation involvement on the internationalization of family business. At present, the ownership is a significant factor for the family business to success. The involvement of generations also impacts the family business performance. Even though the ownership and the generation involvement are considered as key factors for the family business, it is still unclear the positive effects between the mentioned factors on the family business performance. The internationalization is a choice for family business to increase the growth of the company. When the family business goes well, the economy is positively affected as well regarding the family business provides employment to the market. The study evaluates the influence of the ownership and the generation involvement from a developed framework. To achieve the final result of the framework, key consequential concepts were determined by the impact through four propositions. The final study indicates that family business positively relates to the generation involvement. The involvement of multi-generations in the family business influences the internationalization of the family business. Besides, the involvement of generations also links to the ownership of the family members in the family business. When the percentage of ownership increases, the family business gain more power to expand aboard. The contribution of the study shows that key factors can be assessed and be applied in the family business to provide the family owners understanding and implement the internationalization for better performance. As a summary, the ownership and the generation involvement need to be considered within the family business to increase the possibility for the firm to internationalization. When the family business succeeds internationalization, its wealth is enhanced. Moreover, the internationalization affects indirectly to the global economy through the family business performance regarding the family business creates jobs in the world market offered to not only family members, but also to the population of the world. Family enterprise has to consider the internationalization more as the key strategy increase the fortune of itself and the world.

Dissertations / Theses on the topic 'Family ownership'

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