家族参与与公司业绩：揭示关键机制的全球研究

IF 9.9 1区管理学 Q1 BUSINESS

Family Business Review Pub Date : 2024-10-25 DOI:10.1177/08944865241290856

Ivan Miroshnychenko, Rui Torres de Oliveira, Alfredo De Massis, Ruth Überbacher

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引用次数: 0

摘要

先前的文献确定了家族参与与公司财务业绩之间的联系。然而，在不同的制度环境下，家族参与企业对其财务表现的影响机制大多不为人知。通过对 32 个国家的 3322 家上市企业进行为期 9 年的非平衡面板研究，我们发现，家族参与所有权和管理权平均会对财务业绩产生负面影响。此外，在制度质量较好的国家，家族所有权的负面影响较小。我们进一步发现，研发强度部分地调节了家族参与与公司财务绩效之间的负面关系，但这种调节作用取决于一个国家的制度质量程度。这些发现推动了家族企业、创新和制度文献的发展，并为理论和实践提供了重要启示。

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 Involvement and Firm Performance: A Worldwide Study Unveiling Key Mechanisms

Prior literature establishes a link between family involvement and the firm financial performance. However, the mechanisms through which family involvement in a firm affects its financial performance in different institutional settings are largely unknown. Using an unbalanced panel of 3,322 listed firms from 32 countries over a 9-year period, we find that family involvement in ownership and management on average has negative effects on financial performance. Moreover, the negative effect of family ownership is less profound in countries with good institutional quality. We further find that R&D intensity partially mediates the negative relationship between family involvement and the firm financial performance, but the mediation effect is conditional on the degree of institutional quality in a country. These findings advance the family business, innovation, and institutional literature, and offer important implications for theory and practice.

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来源期刊

Family Business Review BUSINESS-

CiteScore

12.40

自引率

13.60%

发文量

期刊介绍： Family Business Review (FBR) has been a refereed journal since 1988, serving as the premier scholarly publication dedicated to the study of family-controlled enterprises. It delves into the dynamics of these businesses, encompassing a range of sizes from small to very large. FBR concentrates not only on the entrepreneurial founding generation but also on family enterprises in subsequent generations, including some of the world's oldest companies. The journal also publishes interdisciplinary research covering families of wealth, family foundations, and offices.