Presencia de la familia en la propiedad y la gestión y su impacto en la rentabilidad de la empresa. Caso España
Family presence in ownership and management. Spain’s case on profitability of family businesses
Date
2012-11-13
2012-11-13
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Citar con el siguiente link: http://hdl.handle.net/11323/1364
https://revistascientificas.cuc.edu.co/economicascuc/article/view/189
Citar con el siguiente link: http://hdl.handle.net/11323/1364
https://revistascientificas.cuc.edu.co/economicascuc/article/view/189
Abstract
El presente artículo de investigación examina la influencia de la familia en la rentabilidad de las empresas familiares, a través de la presencia en la propiedad y la participación en la gestión de los miembros de la misma. Para ello, se utilizan los datos de 462 empresas familiares manufactureras españolas no cotizadas en el 2008. Los resultados sugieren que a partir de una mayor concentración de la propiedad y la participación activa de los miembros de la familia en la gestión se favorece la rentabilidad de la empresa.
Referencias:
Akerlof, G. (1972). The Market for “lemons”, Quality Uncertainty and the Market Me-chanism. Quarterly Journal of Economics, 84(3), 488-500.Allouche, J., Amann, B., Jaussaud, J. & Ku-rashina, T. (2008). The Impact of Family Control on the Performance and Financial Characteristics of Family Versus Nonfa-mily Businesses in Japan, A Matched-pair Investigation. Family Business Review, 21(4), 315-330.Anderson, R., Mansi, S. A. & Reeb, D. M. (2003). Founding-family Ownership and the Agency Cost of Debt. Journal of Fi-nancial Economics, 68(2), 263-285.Anderson, R. C. & Reeb, D. M. (2003). Foun-ding-family Ownership and Firm Perfor-mance, Evidence from the S&P 500. Jour-nal of Finance, 58(3), 1301-1328.Arosa, B., Iturraldea, T. & Masedaa, A. (2010).Ownership Structure and Firm Performan-ce in Non-listed Firms, Evidence from Spain. Journal of Family Business Strate-gy, 1(2), 88-96.Bain, J. S. (1968). Industrial Organization. New York, Estados Unidos: Wiley. Barontini, R. & Caprio, L. (2006). The Effect of Family Control on Firm Value and Perfor-mance, Evidence from Continental Europe. European Financial Management, 12(5), 689-723.Becker, G. S. (1981). A Treatise on the Family. Cambridge, Estados Unidos: Harvard Uni-versity Press. Chang, S. J. & Choi, U. (1988). Strategy, Struc-ture and Performance of Korean Business Group, A Transaction Cost Approach. Jo-urnal of Industrial Economics, 37(2), 141-158.Chrisman, J. J., Chua, J. H., Kellermanns, F. W. & Chang, E. P. (2007). Are Family Mana-gers Agents or Stewards? An Exploratory Study in Privately-held Family Firms. Jo-urnal of Business Research, 60(10), 1030-1038.Chu, W. (2009). The Influence of Family Ow-nership on SMEs Performance, Evidence from Public Firms in Taiwan. Small Busi-ness Economics, 33(3), 353-373.Chu, W. (2009). Family Ownership and Firm Performance, Influence of Family Manage-ment, Family Control, and Firm Size. Asia Pacific Journal of Management. En prensa (DOI, 10.1007/s10490-009-9180-1).Claessens, S., Djankov, S., Fan, J. P. H.& Lang, L. H. P. (2002). Disentangling the Incen-tive and Entrenchment Effects of Large Shareholdings. Journal of Finance, 57(6), 2741-2772.Daily, C. M. & Dollinger, M. J. (1992). An Empi-rical Examination of Ownership Structure in Family and Professionally Managed Firms. Family Business Review, 5(2), 117-136.Daily, C. M. & Dollinger, M. J. (1993). Alterna-tive Methodologies for Identifying Family- 63Presencia de la familia en la propiedad y la gestión y su impacto en la rentabilidad de la empresa. Caso España Versus Nonfamily Managed Business. Journal of Small Business Management, 31(2), 79-90.Davis, J. H., Schoorman, F. D. & Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1), 20-47.DeAngelo, H. & DeAngelo, L. (2000). Contro-lling Stock-holders and the Disciplinary Role of Corporate Payout Policy, A Study of the Times Mirror Company. Journal of Financial Economics, 56(2), 153-207.Demsetz, H. & Lehn, K. (1985). The Structure of Corporate Ownership, Causes and Con-sequences. Journal of Political Economy, 93(6), 1155-1177.Dyer, W. G.(2006). Examining the “Family Effect” on Firm Performance. Family Bu-siness Review, 19(4), 253-273.Eisenhardt, K. (1989). Agency Theory, An As-sessment and Review. The Academy of Ma-nagement Review. 14(1), 57-74.Faccio, M. & Lang, L. H. P. (2002). The Ul-timate Ownership of Western European Corporations. Journal of Financial Econo-mics, 65(3), 365-395.Fama, E. & Jensen, M. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301-325.Fraser, J. A. (1990). Executive Compensation Survey, Missed Opportunities. INC Maga-zine, 12(11), 58-60.Gersick, E., Davis, J. A., McCollom, M. & Lansberg, I. (1997). Empresas familiares. Generación a generación. México: Mc-Graw-Hill.Gómez-Mejía, L. R., Núñez-Nickel, M. & Gu-tiérrez, I. (2001). The Role of Family Ties in Agency Contracts. Academy of Manage-ment Journal, 44(1), 81-95.Greco, S.(1997). Employee Package Deal. INC Magazine, 19(15), 30.James, H. (1999). Owner as Manager, Extended Horizons and the Family Firm. Internatio-nal Journal of the Economics of Business, 6(1), 41-56.Jensen, M. & Meckling, W. (1976). The Theory of the Firm, Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(1), 305-360.Kowalewski, O., Talavera, O. & Stetsyuk, I. (2010). Influence of Family Involvement in Management and Ownership on Firm Per-formance, Evidence from Poland. Family Business Review, 23(1), 45-59.Lansberg, I. (1983). Managing Human Resour-ces in Family Firms, The Problem of Ins-titutional Overlap. Organizational Dyna-mics, 12(1), 39-48.La Porta, R., López De Silanes, F. & Shleifer, A. (1999). Corporate Ownership Around the World. Journal of Finance, 54(2), 471-517.Lunati, M. T. (1997). Ethical Issues in Eco-nomics, From Altruism to Cooperation to Equity. London: MacMillan.Martínez, J. I., Stöhr, B. S. & Quiroga, B. F. (2007). Family Ownership and Firm Per-formance, Evidence from Public Com-panies in Chile. Family Business Review, 20(2), 83-94.Maury, B. (2006). Family Ownership and Firm 64Jorge Isaac Moreno GómezPerformance, Empirical Evidence from Western European Corporations. Journal of Corporate Finance, 12 (2), 321-341.McConaughy, D., Matthews, C. & Fialko, A. (2001). Founding Family Controlled Firms, Performance, Risk, and Value. Journal of Small Business Management, 39(1), 31-49.Miller, D., Le Breton-Miller, I., Lester, R. H. & Cannella, A. A. (2007). Are Family Firms Really Superior? Journal of Corporate Fi-nance, 13(5), 829-858.Miller, D. & Le Breton-Miller, I. (2006). Fa-mily Governance and Firm Performance, Agency, Stewardship, and Capabilities. Family Business Review, 19(1), 73-87.Morck, R. K., Shleifer, A. & Vishny, R.(1988). Management Ownership and Market Va-luation, An Empirical Analysis. Journal of Financial Economics, 20(1), 293-315.Morck, R. K.& Yeung, B. (2003). Agency Pro-blems in Large Family Business Groups. Entrepreneurship Theory and Practice, 27(4), 367-382.Sciascia, S. & Mazzola, P. (2008). Family In-volvement in Ownership and Management, Exploring Non-linear Effects on Perfor-mance. Family Business Review, 21(4), 331-345.Shleifer, A. & Vishny, R. (1997). A Survey of Corporate Governance. Journal of Finan-ce, 52(2), 737-783.Schulze, W. S., Lubatkin, M. H. & Dino, R. N. (2003). Toward a Theory of Agency and Altruism in Family Firms. Journal of Bu-siness Venturing, 18(4), 473-490.Schulze, W. S., Lubatkin, M. H., Dino, R. N. & Buchholtz, A. K. (2001). Agency Relation-ships in Family Firms, Theory and Eviden-ce. Organization Science, 12(2), 99-116.Sharma, P., Chrisman, J. J. & Chua, J. H. (1997). Strategic Management of the Family Busi-ness, Past Research and Future Challenges. Family Business Review, 10(1), 1-35.Simon, H. A. (1993). Altruism and Economics. American Economic Review, 83(2), 156-161.Sraer, D. & Thesmar, D. (2007). Performance and Behavior of Family Firms, Evidence from the French Stock Market. Journal of the European Economic Association, 5(4), 709-751.Stein, J. (1989). Efficient Capital Markets, In-efficient Firms, A Model of Myopic Corpo-rate Behavior. Quarterly Journal of Econo-mics, 104(4), 655-669.Stein, J. (1988). Takeover Threats and Manage-rial Myopia. Journal of Political Economy, 96(1), 61-80.Villalonga, B. & Amit, R. (2006). How Do Fa-mily Ownership, Control and Management Affect Firm Value? Journal of Financial Economics, 80(2), 385-417.Ward, J. L. (1988). The Special Role of Strate-gic Planning for Family Business. Family Business Review, 1(2), 105-118.Ward, J. L. (1987). Keeping the Family Healthy. San Francisco, Estados Unidos: Jossey Bass.
Akerlof, G. (1972). The Market for “lemons”, Quality Uncertainty and the Market Me-chanism. Quarterly Journal of Economics, 84(3), 488-500.Allouche, J., Amann, B., Jaussaud, J. & Ku-rashina, T. (2008). The Impact of Family Control on the Performance and Financial Characteristics of Family Versus Nonfa-mily Businesses in Japan, A Matched-pair Investigation. Family Business Review, 21(4), 315-330.Anderson, R., Mansi, S. A. & Reeb, D. M. (2003). Founding-family Ownership and the Agency Cost of Debt. Journal of Fi-nancial Economics, 68(2), 263-285.Anderson, R. C. & Reeb, D. M. (2003). Foun-ding-family Ownership and Firm Perfor-mance, Evidence from the S&P 500. Jour-nal of Finance, 58(3), 1301-1328.Arosa, B., Iturraldea, T. & Masedaa, A. (2010).Ownership Structure and Firm Performan-ce in Non-listed Firms, Evidence from Spain. Journal of Family Business Strate-gy, 1(2), 88-96.Bain, J. S. (1968). Industrial Organization. New York, Estados Unidos: Wiley. Barontini, R. & Caprio, L. (2006). The Effect of Family Control on Firm Value and Perfor-mance, Evidence from Continental Europe. European Financial Management, 12(5), 689-723.Becker, G. S. (1981). A Treatise on the Family. Cambridge, Estados Unidos: Harvard Uni-versity Press. Chang, S. J. & Choi, U. (1988). Strategy, Struc-ture and Performance of Korean Business Group, A Transaction Cost Approach. Jo-urnal of Industrial Economics, 37(2), 141-158.Chrisman, J. J., Chua, J. H., Kellermanns, F. W. & Chang, E. P. (2007). Are Family Mana-gers Agents or Stewards? An Exploratory Study in Privately-held Family Firms. Jo-urnal of Business Research, 60(10), 1030-1038.Chu, W. (2009). The Influence of Family Ow-nership on SMEs Performance, Evidence from Public Firms in Taiwan. Small Busi-ness Economics, 33(3), 353-373.Chu, W. (2009). Family Ownership and Firm Performance, Influence of Family Manage-ment, Family Control, and Firm Size. Asia Pacific Journal of Management. En prensa (DOI, 10.1007/s10490-009-9180-1).Claessens, S., Djankov, S., Fan, J. P. H.& Lang, L. H. P. (2002). Disentangling the Incen-tive and Entrenchment Effects of Large Shareholdings. Journal of Finance, 57(6), 2741-2772.Daily, C. M. & Dollinger, M. J. (1992). An Empi-rical Examination of Ownership Structure in Family and Professionally Managed Firms. Family Business Review, 5(2), 117-136.Daily, C. M. & Dollinger, M. J. (1993). Alterna-tive Methodologies for Identifying Family- 63Presencia de la familia en la propiedad y la gestión y su impacto en la rentabilidad de la empresa. Caso España Versus Nonfamily Managed Business. Journal of Small Business Management, 31(2), 79-90.Davis, J. H., Schoorman, F. D. & Donaldson, L. (1997). Toward a Stewardship Theory of Management. Academy of Management Review, 22(1), 20-47.DeAngelo, H. & DeAngelo, L. (2000). Contro-lling Stock-holders and the Disciplinary Role of Corporate Payout Policy, A Study of the Times Mirror Company. Journal of Financial Economics, 56(2), 153-207.Demsetz, H. & Lehn, K. (1985). The Structure of Corporate Ownership, Causes and Con-sequences. Journal of Political Economy, 93(6), 1155-1177.Dyer, W. G.(2006). Examining the “Family Effect” on Firm Performance. Family Bu-siness Review, 19(4), 253-273.Eisenhardt, K. (1989). Agency Theory, An As-sessment and Review. The Academy of Ma-nagement Review. 14(1), 57-74.Faccio, M. & Lang, L. H. P. (2002). The Ul-timate Ownership of Western European Corporations. Journal of Financial Econo-mics, 65(3), 365-395.Fama, E. & Jensen, M. (1983). Separation of Ownership and Control. Journal of Law and Economics, 26(2), 301-325.Fraser, J. A. (1990). Executive Compensation Survey, Missed Opportunities. INC Maga-zine, 12(11), 58-60.Gersick, E., Davis, J. A., McCollom, M. & Lansberg, I. (1997). Empresas familiares. Generación a generación. México: Mc-Graw-Hill.Gómez-Mejía, L. R., Núñez-Nickel, M. & Gu-tiérrez, I. (2001). The Role of Family Ties in Agency Contracts. Academy of Manage-ment Journal, 44(1), 81-95.Greco, S.(1997). Employee Package Deal. INC Magazine, 19(15), 30.James, H. (1999). Owner as Manager, Extended Horizons and the Family Firm. Internatio-nal Journal of the Economics of Business, 6(1), 41-56.Jensen, M. & Meckling, W. (1976). The Theory of the Firm, Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(1), 305-360.Kowalewski, O., Talavera, O. & Stetsyuk, I. (2010). Influence of Family Involvement in Management and Ownership on Firm Per-formance, Evidence from Poland. Family Business Review, 23(1), 45-59.Lansberg, I. (1983). Managing Human Resour-ces in Family Firms, The Problem of Ins-titutional Overlap. Organizational Dyna-mics, 12(1), 39-48.La Porta, R., López De Silanes, F. & Shleifer, A. (1999). Corporate Ownership Around the World. Journal of Finance, 54(2), 471-517.Lunati, M. T. (1997). Ethical Issues in Eco-nomics, From Altruism to Cooperation to Equity. London: MacMillan.Martínez, J. I., Stöhr, B. S. & Quiroga, B. F. (2007). Family Ownership and Firm Per-formance, Evidence from Public Com-panies in Chile. Family Business Review, 20(2), 83-94.Maury, B. (2006). Family Ownership and Firm 64Jorge Isaac Moreno GómezPerformance, Empirical Evidence from Western European Corporations. Journal of Corporate Finance, 12 (2), 321-341.McConaughy, D., Matthews, C. & Fialko, A. (2001). Founding Family Controlled Firms, Performance, Risk, and Value. Journal of Small Business Management, 39(1), 31-49.Miller, D., Le Breton-Miller, I., Lester, R. H. & Cannella, A. A. (2007). Are Family Firms Really Superior? Journal of Corporate Fi-nance, 13(5), 829-858.Miller, D. & Le Breton-Miller, I. (2006). Fa-mily Governance and Firm Performance, Agency, Stewardship, and Capabilities. Family Business Review, 19(1), 73-87.Morck, R. K., Shleifer, A. & Vishny, R.(1988). Management Ownership and Market Va-luation, An Empirical Analysis. Journal of Financial Economics, 20(1), 293-315.Morck, R. K.& Yeung, B. (2003). Agency Pro-blems in Large Family Business Groups. Entrepreneurship Theory and Practice, 27(4), 367-382.Sciascia, S. & Mazzola, P. (2008). Family In-volvement in Ownership and Management, Exploring Non-linear Effects on Perfor-mance. Family Business Review, 21(4), 331-345.Shleifer, A. & Vishny, R. (1997). A Survey of Corporate Governance. Journal of Finan-ce, 52(2), 737-783.Schulze, W. S., Lubatkin, M. H. & Dino, R. N. (2003). Toward a Theory of Agency and Altruism in Family Firms. Journal of Bu-siness Venturing, 18(4), 473-490.Schulze, W. S., Lubatkin, M. H., Dino, R. N. & Buchholtz, A. K. (2001). Agency Relation-ships in Family Firms, Theory and Eviden-ce. Organization Science, 12(2), 99-116.Sharma, P., Chrisman, J. J. & Chua, J. H. (1997). Strategic Management of the Family Busi-ness, Past Research and Future Challenges. Family Business Review, 10(1), 1-35.Simon, H. A. (1993). Altruism and Economics. American Economic Review, 83(2), 156-161.Sraer, D. & Thesmar, D. (2007). Performance and Behavior of Family Firms, Evidence from the French Stock Market. Journal of the European Economic Association, 5(4), 709-751.Stein, J. (1989). Efficient Capital Markets, In-efficient Firms, A Model of Myopic Corpo-rate Behavior. Quarterly Journal of Econo-mics, 104(4), 655-669.Stein, J. (1988). Takeover Threats and Manage-rial Myopia. Journal of Political Economy, 96(1), 61-80.Villalonga, B. & Amit, R. (2006). How Do Fa-mily Ownership, Control and Management Affect Firm Value? Journal of Financial Economics, 80(2), 385-417.Ward, J. L. (1988). The Special Role of Strate-gic Planning for Family Business. Family Business Review, 1(2), 105-118.Ward, J. L. (1987). Keeping the Family Healthy. San Francisco, Estados Unidos: Jossey Bass.
URI: http://hdl.handle.net/11323/1364
https://revistascientificas.cuc.edu.co/economicascuc/article/view/189
https://revistascientificas.cuc.edu.co/economicascuc/article/view/189
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