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

IF 9.5 1区 管理学 Q1 BUSINESS
Irma Martínez-García , Rodrigo Basco , Silvia Gómez-Ansón
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引用次数: 10

摘要

虽然本金-本金问题在新兴经济体中普遍存在,但这些问题的严重程度可能因股东身份和制度背景而异。本研究从理论和实证两方面分析了海湾合作委员会国家和家族股东对金融公司绩效的影响及其可能的相互作用。利用389家非金融公司的数据集和2607项观察(2009-2015),我们发现,国家作为第一大股东持有的所有权对公司绩效有负面影响,而当国家拥有15%至50%的股份并与当地家庭作为其他大股东共存时,这种负面影响就会消失。通过研究委托-委托代理问题以及所有者组合对海合会地区新兴经济体企业绩效的影响,我们的研究结果有助于揭示家族企业与公司治理文献之间的联系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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.

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来源期刊
CiteScore
11.40
自引率
19.40%
发文量
53
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.
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