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37
Research on accounting in family firms: Past accomplishments and future challenges
- Family Business Review
, 2010
"... Accounting practices in family firms, although displaying evident unique features, have received relatively little attention as distinct from their equivalents in publicly held firms. This may have hampered conceptual advancements in both the accounting and the family business literatures. In this a ..."
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Accounting practices in family firms, although displaying evident unique features, have received relatively little attention as distinct from their equivalents in publicly held firms. This may have hampered conceptual advancements in both the accounting and the family business literatures. In this article the authors first assess accounting areas in which the “family entity ” plays a distinct role and elaborate on important characteristics of these phenomena. They also report evidence suggesting that additional research efforts may illuminate both unresolved issues in the accounting literature and so-far-neglected dimensions of the family business entity. Finally, the authors examine several different avenues for research at the accounting–family business interface and identify common themes among them. Keywords auditing, earnings management, family firms, financial accounting, management accounting The matching of “accounting ” and “family firms ” does not have a familiar ring in either field. To accounting scholars, family firms have been little more than one of the many empirical contexts in which basic accounting
Influence of family involvement in management and ownership on firm performance: Evidence from Poland
- Family Business Review
, 2010
"... This article investigates the influence of family involvement on firm performance in an emerging market economy. Using a panel of 217 Polish companies from 1997 to 2005, the authors find an inverted U-shaped relationship between the share of family ownership and firm performance. The data also revea ..."
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This article investigates the influence of family involvement on firm performance in an emerging market economy. Using a panel of 217 Polish companies from 1997 to 2005, the authors find an inverted U-shaped relationship between the share of family ownership and firm performance. The data also reveal that firms with family CEOs are likely to outperform their counterparts that have nonfamily CEOs. The results take into account the endogeneity of family ownership and are robust to a number of specification checks.
Taxes, institutions, and local governance: evidence from a natural experiment in colonial
, 2009
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Family Business and Market Orientation: Construct Validation and Comparative Analysis
"... Market orientation refers to the collection, dissemination, and utilization of market information that promotes a sustainable competitive advantage. Despite the contribution of the market orientation construct to both the strategic management and marketing literatures, little attention has been devo ..."
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Market orientation refers to the collection, dissemination, and utilization of market information that promotes a sustainable competitive advantage. Despite the contribution of the market orientation construct to both the strategic management and marketing literatures, little attention has been devoted to exploring how market orientation relates to family businesses and how these relationships might differ from nonfamily businesses. To address this gap and stimulate further research in this area of inquiry, this study develops and validates a market orientation measure using content analysis of CEO letters from the S&P 500 and tests for differences between family businesses and nonfamily businesses. Keywords market orientation, family businesses, content analysis A market orientation describes the norms and behaviors that support the organization-wide generation and dis-semination of, and strategic responses to, market infor-mation (Kohli & Jaworski, 1990). Market orientation is a strategic orientation toward being responsive to cus-
Exploring the concept of familiness: Introducing family firm identity
"... This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or sel ..."
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This article appeared in a journal published by Elsevier. The attached copy is furnished to the author for internal non-commercial research and education use, including for instruction at the authors institution and sharing with colleagues. Other uses, including reproduction and distribution, or selling or licensing copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal website or institutional repository. Authors requiring further information regarding Elsevier’s archiving and manuscript policies are encouraged to visit:
Resource mobilization and performance in family and nonfamily businesses in the United Kingdom
- Family Business Review
, 2009
"... This study draws on agency theory and the resource-based view to hypothesize that family and nonfamily businesses differ in the capital that they deploy and the way that they deploy it. It, and test this hypothesis in a large U.K.-based sample of 319 family business and 258 nonfamily business owner/ ..."
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This study draws on agency theory and the resource-based view to hypothesize that family and nonfamily businesses differ in the capital that they deploy and the way that they deploy it. It, and test this hypothesis in a large U.K.-based sample of 319 family business and 258 nonfamily business owner/managers. The analysis revealed that adverse selection, opportunism, and niche mar-ginalization are more prevalent among family business owner/managers. Yet, their businesses are similar to those of their nonfam-ily business peers in performance outcomes such as size and growth, which suggests that weaknesses in human and financial capital choice are offset by strengths in the social capital of family firms.
Conceptual understanding of sustainable competitive advantages of family firms through Causal Ambiguity
"... Current literature mainly focuses on the competitive advantage of family firm resources. The sustainability competitive advantages of family firms are not explicitly addressed and explained in the literature. Family firms are growing rapidly across the world. A scholarly understanding of such growth ..."
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Current literature mainly focuses on the competitive advantage of family firm resources. The sustainability competitive advantages of family firms are not explicitly addressed and explained in the literature. Family firms are growing rapidly across the world. A scholarly understanding of such growth would provide a new perspective in the family farm’s literature, especially about the sustainability of family firms. The paper is based on knowledge acquiring from existing scholarly management literature and conceptual understanding. The main aim of the paper is to explain sustainable competitive advantages of family firms emanating from family firms ’ structures through causal ambiguity. The paper mainly argues that a high level of interfirm causal ambiguity and a low level of intrafirm causal ambiguity mainly associated with sustainable competitive advantage of family firm resources. However, further empirical research is highly recommended for exploring more critical insights that could be useful for management scholars and practitioners.
1 Family Ownership and Firm Performance: A Closer Look at the Evidence from Public Companies in Chile
"... We revisit the evidence presented in Martinez et al. (2007) using new data and estimation techniques that take into account unobserved firm heterogeneity. The results of the earlier study are found to be robust to the new procedures since performance of family firms continues to be superior to non-f ..."
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We revisit the evidence presented in Martinez et al. (2007) using new data and estimation techniques that take into account unobserved firm heterogeneity. The results of the earlier study are found to be robust to the new procedures since performance of family firms continues to be superior to non-family firms. We then add the risk dimension to the earlier analysis using a risk-adjusted ROA variable, and family firms again performed better. A test of the standard deviations of ROA for both firm categories revealed that family firms not only perform better but also show less volatility in their returns.
1 Conditions to the performance of privately held family firms under a descendant CEO
"... A recent stream of research investigates family firm characteristics that could have an influence on performance measures. One such specific characteristic is the CEO position in a family firm. Although there are some results that suggest that descendants perform better than their founder CEO counte ..."
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A recent stream of research investigates family firm characteristics that could have an influence on performance measures. One such specific characteristic is the CEO position in a family firm. Although there are some results that suggest that descendants perform better than their founder CEO counterparts, the majority of studies suggest that descendant CEOs do not have the same degree of positive influence on family firm performance as founder CEOs have. The findings are, however, slightly different on the degree of negative impact on family firm performance. Therefore, there might be situations in which a descendant is detrimental for the performance of a family firm but also other occasions when there might be advantages connected to a descendant CEO in charge of a family business. This study investigates whether the board of directors has a moderating effect on the descendant CEO’s influence on private family firm performance. As performance has several dimensions, we choose to measure performance variability as a proxy for entrepreneurial behavior. Our findings suggest that when a private family firm is lead by a descendant CEO, a vigilant and empowered board of directors will lead to more innovation and entrepreneurial behavior. 2
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"... Social capital of family firms and organisational efficiency: theoretical proposals for a transmission model through bureaucratic costs ..."
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Social capital of family firms and organisational efficiency: theoretical proposals for a transmission model through bureaucratic costs
