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http://hdl.handle.net/1942/7862
Title: | Ownership, governance and financial performance in small and medium-sized family firms. | Authors: | STEIJVERS, Tensie VOORDECKERS, Wim VANDEMAELE, Sigrid |
Issue Date: | 2006 | Source: | Research in Entrepreneurship and Small Business Conference, XX, Brussels. | Abstract: | Using a cross sectional sample of 2,865 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 several moderating governance and management variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in the “cousin consortium” 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, governance, SME, family firm, performance | Document URI: | http://hdl.handle.net/1942/7862 | Category: | C2 | Type: | Conference Material |
Appears in Collections: | Research publications |
Files in This Item:
File | Description | Size | Format | |
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Ownership.pdf | Conference material | 152.08 kB | Adobe PDF | View/Open |
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