Irma Martínez-García , Rodrigo Basco , Silvia Gómez-Ansón
{"title":"与巨人共舞:国家和家族所有权对海湾合作委员会企业绩效的影响","authors":"Irma Martínez-García , Rodrigo Basco , Silvia Gómez-Ansón","doi":"10.1016/j.jfbs.2020.100373","DOIUrl":null,"url":null,"abstract":"<div><p>While principal–principal problems are prevalent in emerging economies, the severity of these problems could vary based on the identity of shareholders and the institutional context. This study theoretically and empirically analyzes the effect of state and family blockholders as well as their possible interaction on financial firm performance in the Gulf Cooperation Council (GCC) countries. Using a dataset of 389 non-financial firms and 2607 observations (2009–2015), we found that ownership held by the state as the largest shareholder has a negative effect on firm performance, whereas this negative effect disappears when the state owns between 15 % and 50 % of shares and coexists with local families as other large shareholders. Our findings contribute to the nexus between the family business and corporate governance literature by studying principal–principal agency problems and the impact of owner combinations on firm performance in emerging economies in the GCC region.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":9.5000,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.jfbs.2020.100373","citationCount":"10","resultStr":"{\"title\":\"Dancing with giants: Contextualizing state and family ownership effects on firm performance in the Gulf Cooperation Council\",\"authors\":\"Irma Martínez-García , Rodrigo Basco , Silvia Gómez-Ansón\",\"doi\":\"10.1016/j.jfbs.2020.100373\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>While principal–principal problems are prevalent in emerging economies, the severity of these problems could vary based on the identity of shareholders and the institutional context. This study theoretically and empirically analyzes the effect of state and family blockholders as well as their possible interaction on financial firm performance in the Gulf Cooperation Council (GCC) countries. Using a dataset of 389 non-financial firms and 2607 observations (2009–2015), we found that ownership held by the state as the largest shareholder has a negative effect on firm performance, whereas this negative effect disappears when the state owns between 15 % and 50 % of shares and coexists with local families as other large shareholders. Our findings contribute to the nexus between the family business and corporate governance literature by studying principal–principal agency problems and the impact of owner combinations on firm performance in emerging economies in the GCC region.</p></div>\",\"PeriodicalId\":47661,\"journal\":{\"name\":\"Journal of Family Business Strategy\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":9.5000,\"publicationDate\":\"2021-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1016/j.jfbs.2020.100373\",\"citationCount\":\"10\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Family Business Strategy\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1877858520301005\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Family Business Strategy","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1877858520301005","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Dancing with giants: Contextualizing state and family ownership effects on firm performance in the Gulf Cooperation Council
While principal–principal problems are prevalent in emerging economies, the severity of these problems could vary based on the identity of shareholders and the institutional context. This study theoretically and empirically analyzes the effect of state and family blockholders as well as their possible interaction on financial firm performance in the Gulf Cooperation Council (GCC) countries. Using a dataset of 389 non-financial firms and 2607 observations (2009–2015), we found that ownership held by the state as the largest shareholder has a negative effect on firm performance, whereas this negative effect disappears when the state owns between 15 % and 50 % of shares and coexists with local families as other large shareholders. Our findings contribute to the nexus between the family business and corporate governance literature by studying principal–principal agency problems and the impact of owner combinations on firm performance in emerging economies in the GCC region.
期刊介绍:
The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.