CGN: Family Firms (Topic)最新文献

Sustainability Reporting and Family Firms 可持续发展报告与家族企业

CGN: Family Firms (Topic) Pub Date : 2019-08-26 DOI: 10.2139/ssrn.3442807

Mitchell Van der Zahn, L. Cong

{"title":"Sustainability Reporting and Family Firms","authors":"Mitchell Van der Zahn, L. Cong","doi":"10.2139/ssrn.3442807","DOIUrl":"https://doi.org/10.2139/ssrn.3442807","url":null,"abstract":"We investigate the magnitude of sustainability reporting during a transition period from a voluntary reporting regime to a mandated ‘comply or explain’ regime. Our study focuses on investigating the impact of a firm’s designation as family or non-family firm on sustainability disclosure during the transition period. We also concentrate on examining the moderating influence of firm size and family firm type. Empirical tests are based on a sample of 436 Singapore publicly listed firms from April 1, 2014 to March 31, 2019 that yields 1,744 firm-year observations. Across the transition period average sustainability disclosure increased across all firm types (i.e., family and non-family). Results show family firms reported less sustainability information than non-family firms (included when government linked firms are excluded from non-family firms) during the transitory period. Multivariate tests indicate family firm designation is not a significant explanatory variable for the entire sample. However, the family firm designation is negative (positive) and significant among large and medium (small and micro) firms. Further tests show that the type of family firm (based on the power dimensions of ownership, management and governance) influenced the magnitude of sustainability disclosure, particularly among large and medium sized family firms. Finally, extended analysis found family firm designation influence the delay in issuing of standalone sustainability reports and integrated sustainability/annual reports once mandated ‘comply or explain’ requirements became effective from December 31, 2017.","PeriodicalId":123554,"journal":{"name":"CGN: Family Firms (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115429454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Family Firms and the Stock Market Performance of Acquisitions and Divestitures 家族企业与收购和剥离的股票市场表现

CGN: Family Firms (Topic) Pub Date : 2018-12-08 DOI: 10.2139/ssrn.3303061

R. Amit, Emilie R. Feldman, Belén Villalonga

{"title":"Family Firms and the Stock Market Performance of Acquisitions and Divestitures","authors":"R. Amit, Emilie R. Feldman, Belén Villalonga","doi":"10.2139/ssrn.3303061","DOIUrl":"https://doi.org/10.2139/ssrn.3303061","url":null,"abstract":"Research Summary This paper explores the stock market performance of acquisitions and divestitures where both, one, or neither of the companies in the transaction are family firms. We find that acquirer shareholder returns are highest when family firms buy businesses from non‐family firm divesters, especially when family chief executive officer (CEO) acquirers buy businesses from non‐family CEO divesters. Additionally, divester shareholder returns are highest when family firms sell businesses to non‐family firm acquirers, especially when family CEO divesters sell businesses to non‐family CEO acquirers. These findings reveal that it is important to consider the characteristics of both the acquiring and divesting firms when analyzing acquisition and divestiture performance, and that the expected gains to family firm acquisitions and divestitures are driven by transactions in which the counterparties are non‐family firms. Managerial Summary This paper explores how investors react to acquisitions and divestitures where both, one, or neither of the companies in the deal are family firms. The stock market performance of acquiring firms is highest when family firms buy businesses from non‐family firms, relative to the other three possible combinations of family and non‐family firm acquirers and divesters. Likewise, the stock market performance of divesting firms is highest when family firms sell businesses to non‐family firms, again relative to the other three possible combinations of family and non‐family acquirers and divesters. These findings suggest that investors take into consideration the identities of both the acquiring and divesting firms when evaluating acquisitions and divestitures, and that this has significant implications for the expected performance gains of these transactions.","PeriodicalId":123554,"journal":{"name":"CGN: Family Firms (Topic)","volume":"154 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124890802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 36

Pay for Outsiders: Compensation Incentives for Nonfamily Executives in Family Firms 外部薪酬:家族企业中非家族高管的薪酬激励

CGN: Family Firms (Topic) Pub Date : 2017-08-03 DOI: 10.2139/ssrn.1929072

Zhi Li, Harley E. Ryan, Lingling Wang

引用次数: 1

Corporate Governance and Sustainability of Family Businesses in the UAE 阿联酋家族企业的公司治理与可持续性

CGN: Family Firms (Topic) Pub Date : 2017-05-19 DOI: 10.2139/ssrn.3084378

Waleed Saeed Al Awadi, H. Koster

引用次数: 1

Family Firms IPO Activity and Pricing: Evidence from Poland 家族企业IPO活动与定价:来自波兰的证据

CGN: Family Firms (Topic) Pub Date : 2016-11-24 DOI: 10.2139/ssrn.2884709

P. Perz

引用次数: 0

Rethinking Self-Dealing and the Fairness Standard: A Law and Economics Framework for Internal Transactions in Corporate Groups 自我交易与公平准则的反思:企业集团内部交易的法律与经济学框架

CGN: Family Firms (Topic) Pub Date : 2016-06-12 DOI: 10.2139/ssrn.2802471

S. Kang

{"title":"Rethinking Self-Dealing and the Fairness Standard: A Law and Economics Framework for Internal Transactions in Corporate Groups","authors":"S. Kang","doi":"10.2139/ssrn.2802471","DOIUrl":"https://doi.org/10.2139/ssrn.2802471","url":null,"abstract":"In the controlling shareholder ownership, tunneling (i.e., wealth transfer from a corporation to a controlling shareholder) is a prevailing business practice. In corporate groups — which are main business associations in many emerging markets — it is reported that tunneling primarily takes place in the form of internal transactions among affiliated companies. Regarding a controlling shareholder’s incentive to attain private benefits, this Article analyzes three components of a controller’s internal-transaction tunneling: ownership gap, price gap, and the quantity of goods or services. In addition, based on two leading U.S. cases on conflicted transactions, Sinclair Oil Corp. v. Levien and Weinberger v. UOP, Inc., this Article develops an analytical tool to reinterpret the fairness standard in the context of internal-transaction tunneling in corporate groups. Specifically, three conditions of the Sinclair standard — a controller’s domination on both sides of a transaction, exclusion of non-controlling shareholders from benefits available to a controller, and detriment of non-controlling shareholders — are rigorously reviewed. This Article also provides courts with law and economics logic for a fair range of price gap, and reinterprets Weinberger to examine a special issue of substantially large internal transactions without abnormal profits (i.e., with normal profits). In addition, this Article explains market-based mechanisms to mitigate tunneling such as non-controlling shareholders’ discounted purchase of stocks and diversified portfolios. In sum, this Article suggests a new, more sophisticated law and economics-based analysis of tunneling/self-dealing. In doing so, this Article will shed light on corporate governance scholarship on tunneling in corporate group settings.","PeriodicalId":123554,"journal":{"name":"CGN: Family Firms (Topic)","volume":"57 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121497128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Executive Compensation When a Firm is a Business Group Member 当公司是商业集团成员时，高管薪酬

CGN: Family Firms (Topic) Pub Date : 2015-02-27 DOI: 10.2139/ssrn.2571504

Hyungseok Kim, Woochan Kim

引用次数: 2

Influencia Del Protocolo Familiar En Los Resultados De Las Empresas Familiares (Family Protocol Influence on the Family Businesses Results) 家族协议对家族企业结果的影响(家族协议对家族企业结果的影响)

CGN: Family Firms (Topic) Pub Date : 2014-10-04 DOI: 10.2139/SSRN.2518938

Rocío Arteaga, Susana Menéndez-Requejo

{"title":"Influencia Del Protocolo Familiar En Los Resultados De Las Empresas Familiares (Family Protocol Influence on the Family Businesses Results)","authors":"Rocío Arteaga, Susana Menéndez-Requejo","doi":"10.2139/SSRN.2518938","DOIUrl":"https://doi.org/10.2139/SSRN.2518938","url":null,"abstract":"Spanish Abstract: El objetivo de esta investigacion es analizar la influencia de la implantacion del Protocolo Familiar en los resultados (performance) de las empresas familiares.Si bien los Protocolos Familiares se presentan como una herramienta clave para favorecer la continuidad de las empresas familiares, hay una laguna en las investigaciones empiricas sobre esta tematica, por la dificultad que implica identificar las empresas que lo implementan. Sin embargo, la casuistica de las ayudas publicas existentes en el Principado de Asturias (Espana) permite disponer de la base de datos de las empresas familiares que durante el periodo 2005-2011 han desarrollado un Protocolo Familiar, asi como un grupo de empresas familiares de control, examinandose asi en esta investigacion una base de datos de 264 empresas familiares.El analisis realizado muestra diferencias significativas en el performance a favor de las empresas que realizan el protocolo familiar. Las empresas familiares con Protocolo Familiar obtienen un ano despues de su implantacion una rentabilidad financiera significativamente mayor que las que no lo implantan. Dos anos despues, es significativamente mayor tanto la rentabilidad economica como la financiera de las empresas con Protocolo Familiar.English Abstract: In this paper we analyze the performance of 264 Asturian family companies (Spain) from 2005 until 2011, in order to determine the possible impact on the performance of Family Constitution. The results obtained in this work show the presence of a positive impact for firms with Family Constitution.","PeriodicalId":123554,"journal":{"name":"CGN: Family Firms (Topic)","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115017436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

The Relationship between Corporate Governance Configuration in Family Businesses and the Use of Management Accounting 家族企业公司治理结构与管理会计运用的关系

CGN: Family Firms (Topic) Pub Date : 2014-06-01 DOI: 10.18374/IJBR-14-2.5

Martin R. W. Hiebl, H. Neubauer, C. Duller, Birgit Feldbauer-Durstmüller

引用次数: 4

The Impact of Family Control of Firms on Leverage: Australian Evidence 家族控制对企业杠杆的影响:澳大利亚的证据

CGN: Family Firms (Topic) Pub Date : 2004-01-15 DOI: 10.2139/ssrn.487706

Harijono, Mohammed Ariff, G. Tanewski

引用次数: 11