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Article
Publication date: 11 November 2019

María Sacristán-Navarro and Laura Cabeza-García

The purpose of this paper is to describe internal corporate governance mechanisms in family firms as well as conflicts that may arise among shareholders and family members in the…

609

Abstract

Purpose

The purpose of this paper is to describe internal corporate governance mechanisms in family firms as well as conflicts that may arise among shareholders and family members in the absence of specific corporate governance mechanisms.

Design/methodology/approach

After presenting theoretical concepts, the authors study the case of Spanish family firm El Corte Inglés to understand some of the corporate governance difficulties the company has experienced over the past few years.

Findings

This case illustrates how corporate governance problems can arise because the right mechanisms have not been used, leading to conflicts among family members, valuation problems and power struggles.

Practical implications

There is a need for family firms to employ suitable corporate governance mechanisms as governance complexity increases.

Originality/value

This study aims to contribute to the understanding of corporate governance problems among family members and their possible solutions.

Details

Journal of Family Business Management, vol. 10 no. 2
Type: Research Article
ISSN: 2043-6238

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Article
Publication date: 9 October 2023

Faustino Calzón-Menéndez, María Sacristán-Navarro and Laura Cabeza-García

To empirically study the determinant factors of adopting work–life balance measures at the firm level.

616

Abstract

Purpose

To empirically study the determinant factors of adopting work–life balance measures at the firm level.

Design/methodology/approach

After reviewing the main theories that explain work–life balance practices, IBEX-35 Spanish companies during 2015–2019 are studied to see whether the firm sector, the presence of female employees, qualified personnel, a company agreement and an equality plan determine these types of practices.

Findings

The results indicate a negative relationship between the firm activity sector and adopting work–life balance practices. Industrial companies offer fewer work–life balance measures than service companies. A company agreement implies more extensive adoption of work-life practices. Older companies are characterized by greater adoption of work-life practices, in contrast to their level of profitability that is associated negatively with these practices.

Practical implications

Since it is difficult for industrial companies to change their idiosyncrasies, it is necessary to incorporate other measures that promote work–life balance, such as timetable flexibility. Companies and policymakers should promote the advantages of a company agreement to contribute to the implementation of work–life balance practices.

Originality/value

The empirical evidence is scarce, especially in Spain and at the company level, given that most previous studies have focused on workers and the Anglo-Saxon sphere. Given the growing interest in this topic in the business world, the authors intend to contribute to this scarce literature by incorporating variables considered in previous studies, as well as other more innovative ones (agreement, equality plan) in a single model through a longitudinal study.

Objetivo

Estudiar empíricamente los factores determinantes de la adopción de medidas de conciliación a nivel de empresa.

Diseño/metodología/enfoque

Tras revisar las teorías que explican la adopción de prácticas de conciliación, se estudia para las empresas españolas del IBEX-35 durante el periodo 2015–2019, si el sector de actividad, la presencia de mujeres y de personal cualificado, así como la existencia de un convenio de empresa y de un plan de igualdad, determinan este tipo de prácticas.

Resultados

Los resultados sugieren una relación negativa entre el tipo de sector al que pertenece la empresa y el índice de conciliación. Las compañías industriales poseen un menor índice de conciliación que las de servicios. La existencia de un convenio de empresa permite un mayor índice de conciliación. El índice de conciliación tiene mayor nivel de implantación en las empresas con mayor antigüedad si bien un mayor nivel de rentabilidad está asociado de modo negativo con las prácticas de conciliación.

Recomendaciones

En las empresas industriales es necesaria la incorporación de otras medidas que fomenten la conciliación, como, por ejemplo, la flexibilidad de entrada y salida. Animar a las empresas y policymarkers a incidir en las ventajas de un convenio de empresa puede contribuir al fomento de la implantación de medidas de conciliación.

Originalidad

La evidencia empírica es escasa para el caso español, y a nivel de empresa, dado que la mayoría de estudios previos han analizado al trabajador como objeto de estudio y pertenecen al ámbito anglosajón. Considerando el creciente interés de este tema en el mundo empresarial, se pretende contribuir a esta escasa literatura en España, incorporando tanto variables consideradas en estudios previos como otras más novedosas (convenio, plan de igualdad) a través de un estudio longitudinal.

Details

Academia Revista Latinoamericana de Administración, vol. 36 no. 3
Type: Research Article
ISSN: 1012-8255

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Article
Publication date: 5 April 2024

Sanjay Goel, Diógenes Lagos and María Piedad López

We investigate the effect of the adoption of formal board structure and board processes on firm performance in Colombian family firms, in a context where firms can choose specific…

112

Abstract

Purpose

We investigate the effect of the adoption of formal board structure and board processes on firm performance in Colombian family firms, in a context where firms can choose specific aspects of board structure and processes. We deploy insights from the behavioral governance perspective to develop arguments about how family businesses may choose board elements based on their degree of control over the firm (absolute control or less), and its effect on firm performance.

Design/methodology/approach

We use an unbalanced data panel of 404 firm-year observations. The data was obtained from the annual financial and corporate governance reports of 62 Colombian stock-issuing firms for the period 2008–2014 – due to change in regulation, data could not be added beyond 2014. Panel data technique with random effects was used.

Findings

The results show that board structure is positively associated with financial performance, however, this relationship is negative in businesses where family has absolute control. We also found that there is a negative association between board processes and performance, but positive association in family-controlled businesses.

Originality/value

Our research contributes to research streams on effects of family control in firm choices and on the interactive effect of governance choices and institutional context and more generally how actors interact (rather than react) with their institutional context.

Details

Journal of Family Business Management, vol. 14 no. 6
Type: Research Article
ISSN: 2043-6238

Keywords

Available. Open Access. Open Access
Article
Publication date: 16 September 2022

Alfonso Andrés Rojo Ramírez, MCarmen Martínez-Victoria and María J. Martínez-Romero

The relationship between risk and return has been widely analysed in the scope of listed companies. However the present literature leaves uncovered an important study area with…

1617

Abstract

Purpose

The relationship between risk and return has been widely analysed in the scope of listed companies. However the present literature leaves uncovered an important study area with regards to privately held firms. In order to cover this gap, this study analyses the risk-return trade-off in the context of private enterprises. Furthermore, the authors incorporate the contingent effect of being a family firm on the abovementioned relationship.

Design/methodology/approach

Using information from the SABI (Sistema de Análisis de Balances Ibéricos) database, a sample of 2,297 private manufacturing firms were analysed for the period of 2009–2016. So as to ascertain the proposed hypotheses, dynamic panel data methodology was applied. Specifically, the authors estimated the two-step general method of moments (GMM).

Findings

The obtained findings reveal that, according to prospect theory arguments, privately held firms adopt a conservative attitude toward risk when results are higher than a target level, while becoming risk seeking when results are lower than a target level. Moreover, the fact of being a family firm softens the risk-return relationship both when performance is above the target level and also when firms find themselves in the lowest performing case.

Originality/value

This article is, to the best of the authors' knowledge, one of the first studies dealing with the risk-return relationship in a privately held firm context. Moreover, the inclusion of being a family firm as a contingent factor in the abovementioned link is a complete novelty.

Objetivo

La relación riesgo-rentabilidad ha sido ampliamente analizada en el ámbito de las empresas cotizadas. Sin embargo, la literatura existente deja al descubierto una importante área de estudio en relación con las empresas no cotizadas. Para cubrir esta brecha, el presente estudio analiza el binomio riesgo-rentabilidad en el contexto de empresas privadas. Adicionalmente, incorporamos el efecto contingente de ser una empresa familiar sobre esta relación.

Diseño/metodología/enfoque

Utilizando información de la base de datos SABI (Sistema de Análisis de Balances Ibéricos) se analizó una muestra de 2.297 empresas manufactureras privadas para el período 2009–2016. Para comprobar las hipótesis propuestas se aplicó la metodología de datos de panel, específicamente, utilizamos el Método de los Momentos Generalizado (GMM).

Resultados

Los resultados muestran que, de acuerdo con la Teoría Prospectiva, las empresas no cotizadas presentan una mayor aversión al riesgo cuando su nivel de rentabilidad es superior al valor de referencia establecido, mientras que presentan una mayor propensión al riesgo cuando su rentabilidad es inferior al valor de referencia. Además, el hecho de ser una empresa familiar suaviza la relación riesgo-rentabilidad en ambos escenarios.

Originalidad/valor

Este es uno de los primeros estudios en abordar la relación riesgo-rentabilidad en el contexto de empresas no cotizadas. Además, la inclusión de ser una empresa familiar como factor contingente es completamente novedosa.

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Article
Publication date: 4 March 2014

Pietro Gottardo and Anna Maria Moisello

– This paper aims to examine the determinants of capital structure of unlisted firms and how family governance-related factors impact on them.

2528

Abstract

Purpose

This paper aims to examine the determinants of capital structure of unlisted firms and how family governance-related factors impact on them.

Design/methodology/approach

The authors analyze the relation between a set of capital structure determinants and leverage in a unique dataset of 3,006 family and non-family Italian medium-large firms (26,210 obs.), and a control sample of 2,730 small firms (14,780 obs.), using cross-section and panel procedures during 2001-2010.

Findings

Capital structure choices of medium-large family firms are linked to balance-sheet variables not used in previous studies, i.e. net working capital and capital turnover, and are significantly affected by the need to maintain control and influence, a relevant dimension of family socioemotional wealth. Family firms are more levered than non-family firms, but the difference is economically and statistically significant only for medium-large companies. The presence of the family in active management increases leverage, as the family endowment in the firm is higher.

Research limitations/implications

This research could be developed through an international comparison to check the influence of country-related regulatory issues and of national cultural aspects on family control and influence.

Practical implications

The results can give public authorities important insights in order to facilitate firms funding specially in the current critical economic scenario and provide managers useful suggestions to support financial decisions.

Originality/value

To the best of the authors' knowledge, this is the first paper to explore the financial choices of a large dataset of medium-large private firms in a bank-based economy.

Details

Managerial Finance, vol. 40 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 15 May 2017

Tommaso Pucci, Costanza Nosi and Lorenzo Zanni

The purpose of this paper is to investigate the relationships between firm capabilities, business model (BM) design, and firm performance.

2228

Abstract

Purpose

The purpose of this paper is to investigate the relationships between firm capabilities, business model (BM) design, and firm performance.

Design/methodology/approach

The study provides a quantitative assessment of the proposed model using a sample of 411 small- and medium-sized enterprises. Heckman’s sample selection model is employed as an econometric framework.

Findings

The outcomes demonstrate that the adoption of a given BM is endogenous with respect to firm capabilities, different capabilities spur the adoption of different BM, and that different BM designs have variable impacts on firm performance.

Research limitations/implications

Some investigated variables were operationalized using proxies, and firm performance was measured based on a self-assessed scale.

Practical implications

Since different types of capabilities are at the bases of different BM designs that eventually reverberate on firm performance, SMEs should carefully balance their financial resources invested in the development of capabilities.

Originality/value

This study represents one of the first attempts to investigate the relationships between firm capabilities, BM design, and firm performance.

Details

Journal of Small Business and Enterprise Development, vol. 24 no. 2
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 4 December 2024

Beatriz Forés, José María Fernández-Yáñez, César Camisón-Zornoza, Andreas Kallmuenzer and Marco Valeri

This study investigates the influence of family involvement in firm ownership on the deployment of dynamic capabilities, differentiating between the more structural aspects of…

43

Abstract

Purpose

This study investigates the influence of family involvement in firm ownership on the deployment of dynamic capabilities, differentiating between the more structural aspects of family ownership (i.e. ownership dispersion) and the more emotional aspects (i.e. wealth concentration).

Design/methodology/approach

We test our hypotheses on a large base of Spanish family-owned tourism firms. The idiosyncratic characteristics of this economic sector, mainly composed of family-owned firms, make it an excellent context for the purposes of this research.

Findings

Building on this contextual approach, our study finds that both sides of family ownership have ambivalent effects on the development of dynamic capabilities considering the size of family business.

Originality/value

Competitive pressures force companies to capitalize on dynamic capabilities, as they empower firms to increase their distinctiveness through new products, processes and business management models. However, research remains particularly ambiguous regarding the commitment to innovation and learning capabilities for family businesses, where different aspects of family ownership might alter innovation processes.

Details

Business Process Management Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-7154

Keywords

Available. Open Access. Open Access
Article
Publication date: 1 May 2023

Luis de Enrique Arnau and María José Pinillos-Costa

This paper aims to analyze the thematic content of research addressing the relation between board of directors (BoD) and business transformation (BT) to obtain better…

1667

Abstract

Purpose

This paper aims to analyze the thematic content of research addressing the relation between board of directors (BoD) and business transformation (BT) to obtain better understanding of status and to derive future areas of study.

Design/methodology/approach

This paper reviews literature through a bibliometric analysis based on co-occurrence of articles published in Web of Science Core Collection ™ (WoS) between 1990 and 2022, identifying key concepts, setting network of relations and identifying the strategic importance of clusters of concepts. Findings and implications are discussed, future lines of research are presented and limitations are noted.

Findings

Thematic research on boards addressing transformation shifted from the analysis of individuals' traits to an organizational approach with majority of research centered on the role of boards under different theories and the consequences of strategic changes on firm's performance. Further research is around gender diversity, sustainability and the moderating role of ownership structure and business culture.

Research limitations/implications

Some limitations are also noted. This analysis considered articles indexed by WoS for Q1+Q2 publications as source of literature, while including others such as Scopus would increase knowledge base. Also, to identify main streams of research, the authors considered keywords with cumulative occurrence spanning from 30% to 40% while increasing this percentage would add terms that might improve precision to the connections among keywords. Other techniques could have been used such as co-citation or bibliographic coupling, although the authors find these as better suited to investigate the basic structure behind the foundational knowledge of the topic while the authors’ intention was to understand the positioning of study fields regarding the degree of research progress.

Practical implications

This paper presents some practical implications for future researchers. Those who wish to leverage previous evidence to address new research questions might look into principal themes covering BoD dynamics and composition to exert CG, and the relation between strategic decisions and performance measured by different variables. Those who wish to position their research as new findings to shed light on dilemmas, might find opportunities in the fields of climate change-sustainability, R&D for growth and innovation under the perspective of intangible assets.

Originality/value

This paper, is the first to the best of the authors’ knowledge, to identify research clusters for the intersection of boards and transformation and to determine their stage of development.

研究目的

本文旨在分析探討董事會與業務轉型之間的關係的學術研究的專題內容,以能對有關課題的研究狀況有更深入的了解,並擬從分析中取得未來可供研究的範疇。

研究設計/方法/理念

本文透過科學計量分析法來進行文獻探討。方法乃基於在1990年至2022年期間在Web of Science Core Collection 刊載的學術論文的共現分析而進行; 透過這個研究方法,研究人員建立了聯繫的網絡,並確認了各個概念群組的策略重要性。在本文中,研究結果和研究結果帶來的啟示會被討論,未來的研究領域和方針也會得到說明,研究的局限也會被認定和記錄下來。

研究結果

探討董事會而又涉及業務轉型的專題研究,由當初集中探討董事個人的特質、轉移到現在研究整體的組織理念和處事取向,而就後者來說,大部份的研究都集中於在不同的理論框架裡董事會所扮演的角色,以及因策略上的改變而為公司的業績帶來的影響。進一步的學術研究都是圍繞著性別多元化、可持續性、所有權結構所扮演的緩和角色和商業文化的研究。

研究的原創性/價值

盡我們所知,本文乃為首篇學術論文,去鑑定關於董事會與業務轉型之間的關聯的研究集群,也是首篇學術論文,去確定這些研究集群的發展階段。

Details

European Journal of Management and Business Economics, vol. 33 no. 2
Type: Research Article
ISSN: 2444-8451

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Article
Publication date: 10 October 2018

José Luis Esparza Aguilar

The purpose of this paper is to identify the CSR practices developed by Mexican family and non-family MSMEs. The study also aims to compare the CSR practices carried out by family…

545

Abstract

Purpose

The purpose of this paper is to identify the CSR practices developed by Mexican family and non-family MSMEs. The study also aims to compare the CSR practices carried out by family and non-family businesses in a country with an emergent economy.

Design/methodology/approach

The paper opted for an exploratory study using a sample of 384 businesses was selected in the southern state of Quintana Roo, Mexico, distributed in 245 family and 139 non-family businesses and a questionnaire was applied directly to the managers/owners.

Findings

The results show that family MSMEs develop CSR practices to a higher extent than non-family ones, mainly on environment and societal dimensions. In addition, CSR practices in family-owned enterprises develop to a higher extent when the manager/owner has more years of experience in the business, has a higher university education and the size of the business is larger.

Research limitations/implications

The study was developed exclusively with a MSMEs sample with a scope only on the southern part of Quintana Roo, Mexico; the shortage of business databases and the stratification of businesses based exclusively on the number of employees. This work presents information that contributes to the state of the art, broadening the existing literature related to CSR in businesses of a country with an emergent economy and an environment where the tourism and commercial sectors predominate.

Practical implications

This paper provides information to government institutions for the establishment of public policies targeted for an increase of CSR activities by businesses in the area. Manager and/or owners can understand the importance of implementing CSR activities within the business as a competitive strategy. It is also important for universities, professors/researchers and for all interested parties.

Originality/value

This paper provides theoretical and empirical evidence about CSR practices carried out among family and non-family MSMEs in an emergent economy.

Details

Journal of Family Business Management, vol. 9 no. 1
Type: Research Article
ISSN: 2043-6238

Keywords

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