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http://hdl.handle.net/1942/7858
Title: | The ownership-performance puzzle: agency issues in small and medium-sized family firms | Authors: | STEIJVERS, Tensie VOORDECKERS, Wim VANDEMAELE, Sigrid PEETERS, Ludo |
Issue Date: | 2008 | Abstract: | Using a cross sectional sample of 2,863 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine ownership dispersion proxies with moderating management and family variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in a later generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze et al., 2003). Our results also suggest that the zero agency-cost base case as described by Jensen and Meckling (1976) is in fact no zero agency cost case due to ignored agency costs in family firms. | Keywords: | ownership, performance, SME, family firm | Document URI: | http://hdl.handle.net/1942/7858 | Category: | O | Type: | Preprint |
Appears in Collections: | Research publications |
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File | Description | Size | Format | |
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Ownership-perfom.pdf | Non Peer-reviewed author version | 246.28 kB | Adobe PDF | View/Open |
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