The influence of the CEO in listed family businesses

IF 1 Q4 MANAGEMENT

Intangible Capital Pub Date : 2019-10-14 DOI:10.3926/ic.1353

J. L. Gallizo, L. Sánchez, Jordi Moreno

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引用次数: 2

Abstract

Objective: Our objective is to analyze the influence that the type of CEO has on the management of listed family businesses in Spain, distinguishing between whether the CEO is a family member or not. The study mainly focuses on his/her influence on levels of profitability. Design/methodology: During de period from, 2012 to 2016, with data coming from Iberian Balance Sheet Analysis System (SABI) database. To analyze the effects of the CEOs on family businesses, we carried out two kinds of analyses. First, a univariate analysis that allowed us to identify differences regarding profitability, financial structure, growth, and dividend payout policies, and secondly, a linear regression model to see the influence—as well as the effect and significance—that variables, including the type CEO, had on profitability. Findings: Our results show the existence of a double effect on the profitability of family businesses of having an outside CEO. First, there is a statistically significant negative effect that is derived from the non-family CEOs’ increased propensity to take on debt, and secondly, there is a positive causal effect on businesses’ profitability that has to do with the different management styles that outside CEOs bring to the table, as they are more focused on profits. The results support the importance of having non-family CEOs in listed family businesses in Spain. Research limitations/implications: Our study focused on family businesses listed on the Spanish stock market, which means that the number of companies that were analyzed was reduced and the results cannot be extended to other kinds of businesses. However, this fact did enable us to get more high-quality data and focus on a specific field that was appropriate for considering the problem we proposed. Originality/value: While many studies have compared the performance of family businesses with that of non-family businesses, few have considered that family businesses are not homogeneous and that they have different management styles. And, These styles are determined by the type of CEO that is leading the company; this fact is analyzed empirically in this article.

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上市家族企业CEO的影响力

目的:我们的目的是分析CEO类型对西班牙上市家族企业管理的影响，区分CEO是否为家族成员。研究主要集中在他/她对盈利水平的影响。设计/方法:2012年至2016年期间，数据来自伊比利亚资产负债表分析系统(SABI)数据库。为了分析ceo对家族企业的影响，我们进行了两种分析。首先，单变量分析使我们能够识别盈利能力，财务结构，增长和股息支付政策方面的差异，其次，线性回归模型可以看到包括CEO类型在内的变量对盈利能力的影响，以及效果和重要性。研究发现:我们的研究结果表明，外部CEO对家族企业的盈利能力存在双重影响。首先，非家族ceo更倾向于承担债务，这在统计上产生了显著的负面影响;其次，外部ceo带来的不同管理风格对企业的盈利能力有积极的因果影响，因为他们更关注利润。研究结果支持了在西班牙上市家族企业中聘请非家族ceo的重要性。研究局限/启示:我们的研究主要集中在西班牙股票市场上市的家族企业，这意味着我们分析的公司数量减少，结果不能推广到其他类型的企业。然而，这一事实确实使我们能够获得更多高质量的数据，并将重点放在适合考虑我们提出的问题的特定领域。原创性/价值:虽然许多研究比较了家族企业与非家族企业的绩效，但很少有人考虑到家族企业不是同质的，他们有不同的管理风格。这些风格是由领导公司的CEO的类型决定的;本文对这一事实进行了实证分析。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Intangible Capital MANAGEMENT-

CiteScore

1.50

自引率

16.70%

发文量

审稿时长

33 weeks

期刊介绍： The aim of Intangible Capital is to publish theoretical and empirical articles that contribute to contrast, extend and build theories that contribute to advance our understanding of phenomena related with management, and the management of intangibles, in organizations, from the perspectives of strategic management, human resource management, psychology, education, IT, supply chain management and accounting. The scientific research in management is grounded on theories developed from perspectives taken from a diversity of social sciences. Intangible Capital is open to publish articles that, from sociology, psychology, economics and industrial organization contribute to the scientific development of management and organizational science. Intangible Capital publishes scholar articles that contribute to contrast existing theories, or to build new theoretical approaches. The contributions can adopt confirmatory (quantitative) or explanatory (mainly qualitative) methodological approaches. Theoretical essays that enhance the building or extension of theoretical approaches are also welcome. Intangible Capital selects the articles to be published with a double bind, peer review system, following the practices of good scholarly journals. Intangible Capital publishes three regular issues per year following an open access policy. On-line publication allows to reduce publishing costs, and to make more agile the process of reviewing and edition. Intangible Capital defends that open access publishing fosters the advance of scientific knowledge, making it available to everyone. Intangible Capital publishes articles in English, Spanish and Catalan.