家庭与机构参与重组：来自通信设备行业的证据

IF 9.9 1区管理学 Q1 BUSINESS

Family Business Review Pub Date : 2020-06-18 DOI:10.1177/0894486520934553

Erick P. C. Chang, S. D. James

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引用次数: 2

摘要

重组的前景可以被视为一场复杂的赌博，它会在上市公司的家族所有者和机构投资者之间制造紧张关系。两者在参考点上存在分歧，家族所有者追求非经济目标，而机构所有者追求经济目标。我们发展和检验论点，以预测来自家族所有者的阻力和来自机构所有者的支持如何影响公司重组。利用1990 - 2004年的面板数据，研究结果支持了我们的预测，并表明家族所有者在重组后可以实现经济和非经济目标。

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 Institutional Involvement in Restructuring: Evidence From the Communications Equipment Industry

The prospect of restructuring can be seen as a mixed gamble that creates tensions between family owners and institutional investors in publicly traded firms. Both sides diverge in their reference points as family owners will pursue noneconomic goals, while institutional owners will pursue economic goals. We develop and test arguments to predict how resistance from family owners and support from institutional owners affect a firm’s restructuring. Using panel data from 1990 to 2004, the findings support our predictions and show that family owners can achieve both economic and noneconomic goals post-restructuring.

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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.