Search results for "Family firms"

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

2022

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

Career Paths in Institutional Business Elites: Finnish Family Firms from 1762–2010

2015

This article analyzes the career paths of family business executives in institutional business elites in Finland using an empirical database based on a Bourdieusian prosopographical approach. The results indicate that career paths became more complex but shortened in length toward the beginning of the twenty-first century. The early career paths of family executives changed from positions as assistants and salesmen in the eighteenth and nineteenth centuries to governance, chief executive officer (CEO), and management positions in the twentieth and twenty-first centuries. Compared with the founder generation, next-generation family members benefited from more rapid institutional business eli…

The interrelation between socio-spatial and institutional context and family business characteristics

2019

Tomaselli, Agrò, Fazio e Fricano show how family firms draw strength from the regional institutional context (where the region is properly intended as an administrative sub-unit at national level), as well as contribute to its evolution via their own actions. The variation in family competencies and internal dynamics lead to differences in family firms's overlla performance. The relationship with the regional institutional system in mutually sinergic - even marginal family businesses add their voice to whole, resulting in grater collective political influence, and at the same time the institutions at the regional level provide some degree of legitimacy to all players.

Teollisten perheyritysten kasvudynamiikan systeemiteoreettinen tarkastelu

2004

Leverage and Family Firms

2020

This chapter analyses the relationship between ownership structure and leverage, providing an integrated theoretical approach that combines traditional financial theories, agency theory, and recently developed theories relating to non-financial preferences. The results show that, after controlling for endogeneity, being a family firm has a positive effect on the propensity to incur debt. These findings add to the existing body of literature and underline the need for a multi-theoretical approach when explaining the capital structure of family firms. The authors apply panel data methodology to control for individual heterogeneity of family firms. The chapter uses a sample of Spanish firms op…

Analysis of social performance and board of directors in family firms: evidence from quoted Italian companies

2013

'This is a very business-like book in its approach. It has an impressive global reach in its authorship, focal areas and use of evidence; it hits all the major practical challenges of family firms in a spirit that is fresh and current; and it deals with the cutting-edge themes and issues that are uppermost in the minds of owners, executives, advisors and researchers in the field.' - Nigel Nicholson, London Business School, UK, author, Managing the Human Animal, Family Wars and The 'I' of Leadership. © Kosmas X. Smyrnios, Panikkos Zata Poutziouris and Sanjay Goel 2013. All rights reserved.

The Measurement of Human Capital in Family Firms

2017

Intangibles are the key elements underpinning the competitiveness of enterprises. Among them a decisive role is certainly represented by the skills, knowledge, skills and experience possessed by members within organizations, as fundamental drivers thanks to which delineate identity and strategic objectives. Intangible assets became the determinants and foremost sources of company success (Drucker, 1993). The literature on human capital proposed that firms require to recruit, nurture and retain talents so that the knowledge base can be extended, which has the capacity to improve an organization's overall productivity (Boxall, 2003; Lin & Wang, 2005, Lim et al., 2010; Mehralian et al., 20…

Family firms and networks : the role of trust and commitment : a case study of two Finnish furniture networks

2000

Advising in family firms: shaping relational dynamics and trustful connections in strategy work

2022

The purpose of this article is to explore strategy advisors’ actions and interactions with family actors and nonfamily managers for strategy work in family businesses. By combining the strategy-as-practice perspective with the concept of emotional engagement practices, we interpret the case of a family firm collaborating with an external advisor over a 15-year period. We add to prior studies by showing how advisors work to build trustful and emotional connections that shape relational dynamics within evolving spaces of strategic discussion. We highlight the implications for strategy work, which change as relational dynamics develop over time.

Success factors of Polish family businesses

2017

This article presents the results of a study carried out among family businesses operating in Poland. It is intended to supplement previously generated knowledge in the area of the operation of family businesses in the specific socio-economic and legal conditions in Poland. The objective was to collate the opinions of entrepreneurs regarding the need for visibility of the family and the family business status in business relations and the marketing activities of enterprises. The data were collected using in-depth interviews with the Polish family business owners. This paper outlines the conclusion of the study with respect to success factors such as: the trust among the family members, flex…