{"title":"Family governance practices and the minimum required rate of return in privately held family firms","authors":"","doi":"10.1007/s11365-024-00952-y","DOIUrl":null,"url":null,"abstract":"<h3>Abstract</h3> <p>This paper examines the relationship between the family governance evolutionary stages and the rate of return required by family businesses’ shareholders (<em>k</em><sub><em>e</em></sub>), building on an institutional and relational governance lens. We make the distinction between the informal stage, the family council stage and the family constitution stage. Findings from a sample of Spanish private family firms reveal that family firms in the family constitution stage have a lower <em>k</em><sub><em>e</em></sub> than family firms in the family council stage and the informal stage. Surprisingly, family firms in the family council stage seem to have a higher <em>k</em><sub><em>e</em></sub> than family firms that are in the informal stage, which points to ceremonial adoption effects and a mismatch between governance needs and practices in the family council stage. We also find that the effect of different family governance stages on <em>k</em><sub><em>e</em></sub> is conditional on the number of family shareholders.</p>","PeriodicalId":48058,"journal":{"name":"International Entrepreneurship and Management Journal","volume":null,"pages":null},"PeriodicalIF":6.2000,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Entrepreneurship and Management Journal","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1007/s11365-024-00952-y","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper examines the relationship between the family governance evolutionary stages and the rate of return required by family businesses’ shareholders (ke), building on an institutional and relational governance lens. We make the distinction between the informal stage, the family council stage and the family constitution stage. Findings from a sample of Spanish private family firms reveal that family firms in the family constitution stage have a lower ke than family firms in the family council stage and the informal stage. Surprisingly, family firms in the family council stage seem to have a higher ke than family firms that are in the informal stage, which points to ceremonial adoption effects and a mismatch between governance needs and practices in the family council stage. We also find that the effect of different family governance stages on ke is conditional on the number of family shareholders.
摘要 本文从制度和关系治理的视角出发，研究了家族治理演变阶段与家族企业股东（ke）所需回报率之间的关系。我们区分了非正式阶段、家族理事会阶段和家族宪法阶段。西班牙私营家族企业样本的研究结果表明，处于家族宪法阶段的家族企业的 ke 比处于家族委员会阶段和非正式阶段的家族企业低。令人惊讶的是，处于家族委员会阶段的家族企业似乎比处于非正式阶段的家族企业拥有更高的 ke，这表明了仪式采用效应以及家族委员会阶段的治理需求与实践之间的不匹配。我们还发现，不同家族治理阶段对 ke 的影响取决于家族股东的数量。
期刊介绍：
The International Entrepreneurship and Management Journal (IEMJ) publishes high quality manuscripts dealing with entrepreneurship, broadly defined, and the management of entrepreneurial organizations. The journal will expand the study of entrepreneurship and management by publishing innovative articles based on different perspectives using a variety of methodological approaches and showing the practical implications of the research for its readership. IEMJ is unique; providing a multi-disciplinary forum for researchers, scholars, consultants, entrepreneurs, businessmen, managers and practitioners in the field of entrepreneurship. The journal covers the relationship between management and entrepreneurship including both conceptual and empirical papers, leading to an improvement in the understanding of international entrepreneurial perspectives of the organisations concerned. Entrepreneurial studies are important in creating new economic activity that in turn increases innovation, employment, economic wealth and growth. The journal focuses on the diverse and complex characteristics of entrepreneurship in SMEs and large companies in local, regional, national or international markets that lead to competitiveness in the face of the effects of globalization. Though preference will be given to manuscripts that are international in scope, papers focused on domestic contexts and issues are welcome also, in order to facilitate the sharing of knowledge and potential generalizability of findings worldwide. IEMJ will publish original papers which contribute to the advancement of the field of entrepreneurship and the interface between management and entrepreneurship, as well as articles on business corporate strategy and government economic policy. On occasions, the journal will also feature case studies of successful firms or other cases having important practical implications. The journal places great emphasis on the quality of the papers it publishes. Submission of a paper will imply that it contains original unpublished work and is not being submitted for publication elsewhere. Officially cited as: Int Entrep Manag J
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