家族企业与外资企业的所有权和公司业绩：印度的经验证据

Q3 Business, Management and Accounting

Indian Journal of Corporate Governance Pub Date : 2024-06-01 DOI:10.1177/09746862241244927

Himani Chahal

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引用次数: 0

摘要

本文以印度 NSE 500 指数的上市公司为样本，研究了家族所有权与公司业绩（FP）之间的非线性关系。样本公司的调查时间为 2011-2021 年，共 11 年。文章还试图研究各类外部大宗交易持有者对印度家族企业业绩的影响，因为他们有能力向管理层施压并监督其行动。研究结果表明，家族所有权与印度家族企业绩效之间呈 U 型关系，具体表现为 ROA 和 TQ。研究结果进一步表明，政府和外国机构股东是与家族企业更高绩效相关的两类重要的外部大股东。因此，可以认为这些外部大股东更强的监督能力与代理成本的降低和FP的增加有关。本研究在发现印度家族企业样本中的所有权和治理机制对其绩效的影响方面独树一帜。

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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Family Versus External Block Holders’ Ownership and Firm Performance: Empirical Evidence from India

This article studies the non-linear relation between family ownership and firm performance (FP) in the Indian context by taking firms listed on NSE 500. The sample firms are investigated for 11 years, 2011–2021. The article also tries to study the impact of various categories of external block holders on the performance of Indian family firms due to their capacity to pressure management and monitor their actions. The study results show a U-shaped relation between family ownership and Indian family firms’ performance, as depicted by ROA and TQ. The findings further suggest that two prominent kinds of outside block holders that have been observed to be related to greater performance in family firms are government and foreign institutional shareholders. Thus, it can be assumed that these external block holders’ greater monitoring ability is linked with reduced agency costs and increased FP. The study is unique in finding out the influence of the ownership and governance mechanisms in the sample of Indian family firms on their performance.

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来源期刊

Indian Journal of Corporate Governance Business, Management and Accounting-Business and International Management

CiteScore

2.00

自引率

0.00%

发文量

期刊介绍： Indian Journal of Corporate Governance is a bi-annual refereed journal that provides a forum for discussions and exchanging views on a wide range of corporate governance issues ranging from board practices, independent directors, whistle blower policies and shareholder activism on one hand to media’s role in corporate governance, corporate social responsibility and sustainability reporting on the other. It comprises of research articles, concept papers, case studies and reports providing a blend of theory and practices of corporate governance globally to cater to the interests of practitioners, academics, researchers and policy makers.