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Governance and Family Firms
This authoritative collection provides a broad overview of the role that family firms, both those publicly listed and privately held, play in the global economy. The editors have selected seminal papers which investigate how the family business model affects firm performance and corporate decision making, and contribute to disentangling the interrelations that exist between family control of corporations and other governance mechanisms. Given the relevance of corporate governance and family firms for the economy and society as a whole, the present collection constitutes a point of reference for family business researchers, practitioners and policymakers alike. A better understanding of family firms is of paramount importance because these companies are the main drivers of economic growth all over the world. The volume, with an original introduction by the editors, will be an excellent source of reference for students, practitioners and researchers in the field of governance and family firms.
More Information
Critical Acclaim
Contributors
Contents
More Information
This authoritative collection provides a broad overview of the role that family firms, both those publicly listed and privately held, play in the global economy. The editors have selected seminal papers which investigate how the family business model affects firm performance and corporate decision making, and contribute to disentangling the interrelations that exist between family control of corporations and other governance mechanisms. Given the relevance of corporate governance and family firms for the economy and society as a whole, the present collection constitutes a point of reference for family business researchers, practitioners and policymakers alike. A better understanding of family firms is of paramount importance because these companies are the main drivers of economic growth all over the world. The volume, with an original introduction by the editors, will be an excellent source of reference for students, practitioners and researchers in the field of governance and family firms.
Critical Acclaim
‘For family firms – big and small – designing an appropriate system of governance represents a perennial challenge. The compilation of articles in this book offer some of the most rigorous and relevant research relative to governance conducted in the past decade. Furthermore, it includes a wide variation of journals that offer rich and multidisciplinary views on the topic. An indispensable reference for everyone interested in the topic of family firms and/or governance!’
– Lloyd Steier, University of Alberta School of Business, Canada
– Lloyd Steier, University of Alberta School of Business, Canada
Contributors
30 articles, dating from 2003 to 2010
Contributors include: R.C. Anderson, L.R. Gomez-Mejia, D. Miller, R. Morck, F. Perez-Gonzalez, D.M. Reeb, A. Shleifer, B. Villalonga, P. Westhead, D. Wolfenzon
Contributors include: R.C. Anderson, L.R. Gomez-Mejia, D. Miller, R. Morck, F. Perez-Gonzalez, D.M. Reeb, A. Shleifer, B. Villalonga, P. Westhead, D. Wolfenzon
Contents
Contents:
Acknowledgements
Introduction Julio Pindado and Ignacio Requejo
PART I THE ROLE OF THE FAMILY IN CORPORATE GOVERNANCE
1. Mike Burkart, Fausto Panunzi and Andrei Shleifer (2003), ‘Family Firms’
2. Marianne Bertrand and Antoinette Schoar (2006), ‘The Role of Family in Family Firms’
3. Jean-Luc Arregle, Michael A. Hitt, David G. Sirmon and Philippe Very (2007), ‘The Development of Organizational Social Capital: Attributes of Family Firms’
PART II CONTROL STRUCTURES IN FAMILY FIRMS
4. Randall Morck and Bernard Yeung (2003), ‘Agency Problems in Large Family Business Groups’
5. Heitor V. Almeida and Daniel Wolfenzon (2006), ‘A Theory of Pyramidal Ownership and Family Business Groups’
6. Belén Villalonga and Raphael Amit (2009), ‘How Are U.S. Family Firms Controlled?’
7. Henrik Cronqvist and Mattias Nilsson (2003), ‘Agency Costs of Controlling Minority Shareholders’
PART III CORPORATE PERFORMANCE OF FAMILY FIRMS
8. Ronald C. Anderson and David M. Reeb (2003), ‘Founding-Family Ownership and Firm Performance: Evidence from the S&P 500’
9. Belen Villalonga and Raphael Amit (2006), ‘How do Family Ownership, Control and Management Affect Firm Value?’
10. Benjamin Maury (2006), ‘Family Ownership and Firm Performance: Empirical Evidence from Western European Corporations’
11. Christian Andres (2008), ‘Large Shareholders and Firm Performance − An Empirical Examination of Founding-Family Ownership’
12. Michael R. King and Eric Santor (2008), ‘Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms’
PART IV FAMILY FIRMS AND STRATEGIC CORPORATE DECISIONS
13. Ronald C. Anderson and David M. Reeb (2003), ‘Founding-Family Ownership, Corporate Diversification, and Firm Leverage’
14. Danny Miller, Isabelle Le Breton-Miller and Richard H. Lester (2010), ‘Family Ownership and Acquisition Behavior in Publicly-Traded Companies’
15. Ronald C. Anderson, Sattar A. Mansi and David M. Reeb (2003), ‘Founding Family Ownership and the Agency Cost of Debt’
16. Ronald C. Anderson, Augustine Duru and David M. Reeb (2009), ‘Founders, Heirs, and Corporate Opacity in the United States’
17. Shuping Chen, Xia Chen, Qiang Cheng and Terry Shevlin (2010), ‘Are Family Firms More Tax Aggressive than Non-Family Firms?’
PART V SUCCESSION IN FAMILY FIRMS
18. Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perez-Gonzalez and Daniel Wolfenzon (2007), ‘Inside the Family Firm: The Role of Families in Succession Decisions and Performance’
19. Francisco Pérez-González (2006), ‘Inherited Control and Firm Performance’
20. David Hillier and Patrick McColgan (2009), ‘Firm Performance and Managerial Succession in Family Managed Firms’
21. Khai Sheang Lee, Guan Hua Lim and Wei Shi Lim (2003), ‘Family Business Succession: Appropriation Risk and Choice of Successor’
PART VI FAMILY FIRMS AND CORPORATE GOVERNANCE MECHANISMS
22. Ronald C. Anderson and David M. Reeb (2004), ‘Board Composition: Balancing Family Influence in S&P 500 Firms’
23. Mauricio Jara-Bertin, Félix J. López-Iturriaga and Óscar López-de-Foronda (2008), ‘The Contest to the Control in European Family Firms: How Other Shareholders Affect Firm Value’
24. Luis R. Gomez-Mejia, Martin Larraza-Kintana and Marianna Makri (2003), ‘The Determinants of Executive Compensation in Family-Controlled Public Corporations’
25. Ashiq Ali, Tai-Yuan Chen and Suresh Radhakrishnan (2007), ‘Corporate Disclosures by Family Firms’
PART VII CORPORATE GOVERNANCE IN SMALL FAMILY FIRMS
26. Mark K. Fiegener (2010), ‘Locus of Ownership and Family Involvement in Small Private Firms’
27. Zhenyu Wu, Jess H. Chua and James J. Chrisman (2007), ‘Effects of Family Ownership and Management on Small Business Equity Financing’
28. Marco Cucculelli and Giacinto Micucci (2008), ‘Family Succession and Firm Performance: Evidence from Italian Family Firms’
29. Carole Howorth, Paul Westhead and Mike Wright (2004), ‘Buyouts, Information Asymmetry and the Family Management Dyad’
30. Jeroen van den Heuvel, Anita Van Gils and Wim Voordeckers (2006), ‘Board Roles in Small and Medium-Sized Family Businesses: Performance and Importance’
Acknowledgements
Introduction Julio Pindado and Ignacio Requejo
PART I THE ROLE OF THE FAMILY IN CORPORATE GOVERNANCE
1. Mike Burkart, Fausto Panunzi and Andrei Shleifer (2003), ‘Family Firms’
2. Marianne Bertrand and Antoinette Schoar (2006), ‘The Role of Family in Family Firms’
3. Jean-Luc Arregle, Michael A. Hitt, David G. Sirmon and Philippe Very (2007), ‘The Development of Organizational Social Capital: Attributes of Family Firms’
PART II CONTROL STRUCTURES IN FAMILY FIRMS
4. Randall Morck and Bernard Yeung (2003), ‘Agency Problems in Large Family Business Groups’
5. Heitor V. Almeida and Daniel Wolfenzon (2006), ‘A Theory of Pyramidal Ownership and Family Business Groups’
6. Belén Villalonga and Raphael Amit (2009), ‘How Are U.S. Family Firms Controlled?’
7. Henrik Cronqvist and Mattias Nilsson (2003), ‘Agency Costs of Controlling Minority Shareholders’
PART III CORPORATE PERFORMANCE OF FAMILY FIRMS
8. Ronald C. Anderson and David M. Reeb (2003), ‘Founding-Family Ownership and Firm Performance: Evidence from the S&P 500’
9. Belen Villalonga and Raphael Amit (2006), ‘How do Family Ownership, Control and Management Affect Firm Value?’
10. Benjamin Maury (2006), ‘Family Ownership and Firm Performance: Empirical Evidence from Western European Corporations’
11. Christian Andres (2008), ‘Large Shareholders and Firm Performance − An Empirical Examination of Founding-Family Ownership’
12. Michael R. King and Eric Santor (2008), ‘Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms’
PART IV FAMILY FIRMS AND STRATEGIC CORPORATE DECISIONS
13. Ronald C. Anderson and David M. Reeb (2003), ‘Founding-Family Ownership, Corporate Diversification, and Firm Leverage’
14. Danny Miller, Isabelle Le Breton-Miller and Richard H. Lester (2010), ‘Family Ownership and Acquisition Behavior in Publicly-Traded Companies’
15. Ronald C. Anderson, Sattar A. Mansi and David M. Reeb (2003), ‘Founding Family Ownership and the Agency Cost of Debt’
16. Ronald C. Anderson, Augustine Duru and David M. Reeb (2009), ‘Founders, Heirs, and Corporate Opacity in the United States’
17. Shuping Chen, Xia Chen, Qiang Cheng and Terry Shevlin (2010), ‘Are Family Firms More Tax Aggressive than Non-Family Firms?’
PART V SUCCESSION IN FAMILY FIRMS
18. Morten Bennedsen, Kasper Meisner Nielsen, Francisco Perez-Gonzalez and Daniel Wolfenzon (2007), ‘Inside the Family Firm: The Role of Families in Succession Decisions and Performance’
19. Francisco Pérez-González (2006), ‘Inherited Control and Firm Performance’
20. David Hillier and Patrick McColgan (2009), ‘Firm Performance and Managerial Succession in Family Managed Firms’
21. Khai Sheang Lee, Guan Hua Lim and Wei Shi Lim (2003), ‘Family Business Succession: Appropriation Risk and Choice of Successor’
PART VI FAMILY FIRMS AND CORPORATE GOVERNANCE MECHANISMS
22. Ronald C. Anderson and David M. Reeb (2004), ‘Board Composition: Balancing Family Influence in S&P 500 Firms’
23. Mauricio Jara-Bertin, Félix J. López-Iturriaga and Óscar López-de-Foronda (2008), ‘The Contest to the Control in European Family Firms: How Other Shareholders Affect Firm Value’
24. Luis R. Gomez-Mejia, Martin Larraza-Kintana and Marianna Makri (2003), ‘The Determinants of Executive Compensation in Family-Controlled Public Corporations’
25. Ashiq Ali, Tai-Yuan Chen and Suresh Radhakrishnan (2007), ‘Corporate Disclosures by Family Firms’
PART VII CORPORATE GOVERNANCE IN SMALL FAMILY FIRMS
26. Mark K. Fiegener (2010), ‘Locus of Ownership and Family Involvement in Small Private Firms’
27. Zhenyu Wu, Jess H. Chua and James J. Chrisman (2007), ‘Effects of Family Ownership and Management on Small Business Equity Financing’
28. Marco Cucculelli and Giacinto Micucci (2008), ‘Family Succession and Firm Performance: Evidence from Italian Family Firms’
29. Carole Howorth, Paul Westhead and Mike Wright (2004), ‘Buyouts, Information Asymmetry and the Family Management Dyad’
30. Jeroen van den Heuvel, Anita Van Gils and Wim Voordeckers (2006), ‘Board Roles in Small and Medium-Sized Family Businesses: Performance and Importance’
