Ownership, productivity and firms´ life-cycle

• Galego, Aurora ^[1] ; Mira, Natércia ^[1] ; Silva, Jacinto Vidigal ^[1]
  1. [1] Universidade de Évora

     Universidade de Évora

     Senhora da Saúde, Portugal

     
• Localización: European Journal of Family Business, ISSN-e 2444-8788, ISSN 2444-877X, Vol. 8, Nº. 2, 2018, págs. 139-150
• Idioma: inglés
• DOI: 10.24310/ejfbejfb.v8i2.5228
• Títulos paralelos:
  • Propiedad, productividad y ciclo de vida lasempresas
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    La evidencia empírica sobre las diferencias de productividad entre las empresas familiares y no familiares es aún escasa y revela resultados contradictorios. A diferencia de estudios anteriores, analizamos el efecto del ciclo de vida de la empresa en la productividad utilizando una gran muestra de empresas no cotizadas. Además, consideramos un modelo con heterogeneidad de aportes entre los dos tipos de empresas y abordando posibles problemas de endogeneidad. Concluimos que no hay diferencias significativas en la productividad entre las empresas familiares y no familiares, tanto para el inicio / crecimiento como para las etapas maduras del ciclo de vida. Además, la mano de obra parece ser el principal determinante de la productividad de las empresas familiares, lo cual es especialmente evidente para las empresas en la etapa de madurez

  • English

    Empirical evidence on productivity differences between family owned and non-family owned firms is still sparse and reveals conflicting results. Unlike previous studies, we analyse the effect firm´s life cycle on productivity using a large sample of non-listed firms. Furthermore, we consider a model with heterogeneity of inputs between the two types of firms and addressing possible endogeneity problems. We conclude that there are no significant differences in productivity between family and non-family firms, for both startup/growth and mature stages of life cycle.  Furthermore, labour seems to be the  main determinant of family firms’ productivity, which  is especially evident for firms in the mature stage.

• Referencias bibliográficas
  • Ackerberg D, Benkard L, Berry S and Pakes A (2007). Econometric tools for analyzing market outcomes. In: Heckman J and Leamer E (eds) Handbook...
  • Ackerberg D., Caves K. and Frazer G (2006). Structural identification of production functions. Munich Personal RePEc Achieve (MPRA Paper),...
  • Ampenberger M, Schmid T, Achleitner A and Kaserer C. (2013). Capital structure decisions in family firms – empirical evidence from a bank-based...
  • Anderson D., Duru A. and Reeb D. (2012). Investment Policy in Family Controlled Firms. Journal of Banking and Finance, 36(6), 1744–1758.
  • Anderson R. and Reeb D. (2003). Founding family ownership and performance. Evidence from the S&P 500, Journal of Finance 58(3), 1301–...
  • Ang J., Cole R. and Lin J. (2000). Agency Costs and Ownership Structure. The Journal of Finance 55(1), 81-106.
  • Arosa B., Iturralde T. and Maseda A. (2010). Ownership structure and firm performance in nonlisted firms: Evidence from Spain. Journal of...
  • Azoury A., Daou L. and Sleiaty F. (2013). Employee engagement in family and non-family firms. International Strategic Management Review, 1(1-2),...
  • Barbera F. and Moores K. (2013). Firm ownership and productivity: a study of family and non-family SMEs. Small Business Economics, 40(4),...
  • Barth E., Gulbrandsen T. and Schønea P. (2005). Family ownership and productivity: The role of owner-management. Journal of Corporate Finance,...
  • Bassassini A., Breda, T., Caroli E. and Rebérioux A. (2013). Working in Family Firms: Paid Less But More Secure? Evidence from French Matched...
  • Bennedsen M., Nielsen, K. , Pérez-González F., Wolfenzon D. (2007). Inside the family firm: the role of families in succession decisions and...
  • Blanco-Mazagatos V., Quevedo-Puente E. and Castrillo L, (2007). The Trade-Off Between Financial Resources and Agency Costs in the Family Business:...
  • Block J. H., Millán J. M., Román C. and Zhou H. (2013). Job satisfaction and wages of family employees. Entrepreneurship Theory and Practice,...
  • Block J. (2012). R&D investments in family and founder firms: an agency perspective. Journal of Business Venturing, 27(2), 248–265.
  • Bosworth D. and Loundes J. (2002). The dynamic performance of Australian enterprises. Melbourne Institute of Applied Economic and Social Research....
  • Brenes E. R., Madrigal K. and Requena B. (2011). Corporate governance and family performance, Journal of Business Research, 64(3), 280-285.
  • Chrisman J., Chua J. and Litz R. (2004). Comparing the agency cost of family and non-family firms. Entrepreneurship Theory and Practice, 28,...
  • Chrisman J., Steier L. and Chua J. (2008). Toward a theoretical basis for understanding the dynamics of strategic performance in family firms....
  • Coutts (2005). Family Business Survey: Are family businesses better prepared than other businesses to compete in the future?
  • Croci E., Doukas J., Gonenc, H. (2011). Family control and financing decisions. European Financial Management, 17(5), 860–897.
  • Cucculelli M. and Micucci G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance...
  • Demsetz H. and Lehn K. (1985). The structure of corporate ownership: causes and consequences. Journal of Political Economy, 93(6), 1155–1177.
  • De Kok J. Uhlaner, L. and Thurik A. (2006). Professional HRM practices in family ownedmanaged enterprises. Journal of Small Business Management,...
  • Dirección General de Política de la Pyme (DGPYME) (2003). Guía para la Pequeña y Mediana Empresa Familiar (Guide for the Small and Medium...
  • Donckels R. and Lambrecht J. (1999). The ReEmergence of Family-Based Enterprises in East Central Europe: What Can Be Learned From Family Business...
  • Eddleston, K. and Kellermanns F. (2007). Destructive and productive family relationships, A stewardship theory perspective, Journal of Business...
  • Filbeck G. and Lee S. (2000). Financial Management Techniques in Family Businesses, Family Business Review, 13(3), 201-216.
  • Franks J., Mayer C., Volpin P and Wagner H. F. (2012). The Life Cycle of Family Ownership: International Evidence, The Review of Financial...
  • Gersick K. E., Davis J. A., McCollom M. and Lansberg I. (1997). Generation to Generation: Life cycles of the Family Business. Boston, MA:...
  • Gómez-Mejía L., Cruz C., Berrone P. and Castro J. (2011). The Bind That Ties: Socioemotional Wealth Preservation in Family Firms, The Academy...
  • Gómez-Mejía L., Takács H., Haynes K., Núnez-Nickel M., Jacobson K. and Moyano-Fuentes J. (2007). Socioemotional wealth and business risks...
  • Gómez-Mejía L, Nunez-Nickel M and Gutierrez I (2001). The Role of Family Ties in Agency Contracts. Academy of Management Journal, 44(1), 81-95
  • Górriz C. and Fumás V. (1996). Ownership structure and firm performance: some empirical evidence from Spain, Managerial and Decision Economics,...
  • Habbershon T. and Williams M. (1999). A ResourceBased Framework for Assessing the Strategic Advantages of Family Firms, Family Business Review,...
  • Habbershon T., Williams M. and MacMillan I. (2003). A unified systems perspective of family firm performance, Journal of Business Venturing,...
  • Hand J. (2005). The value relevance of financial statements in the venture capital market, The Accounting Review, 80(2), 613-648.
  • Harris R. and Reid R. (2008). Barriers to Growth in Family-Owned Smaller Businesses. In R. Barrett and Mayson (Eds., International Handbook...
  • Hiebl M. (2013). Risk aversion in family firms: what do we really know? The Journal of Risk Finance, 14(1), 49 – 70
  • Huang M., Li P., Meschke F. and Guthrie J. (2015). Family firms, employee satisfaction, and corporate performance, Journal of Corporate Finance,...
  • King M. and Santor E. (2008). Family values: ownership structure, performance and capital structure of Canadian firms. Journal of Banking...
  • Kotey, B. and Folker, C. (2007). Employee training in SMEs: Effect of size and firm type— family and nonfamily, Journal of Small Business...
  • Le Breton-Miller I. and Miller D. (2009). Stewardship vs. Agency in public family firms: A social embeddedness reconciliation, A social embeddedness...
  • James, H. S. (1999). Owner as manager, extended horizons and the family firm. International Journal of the Economics of Business, 6(1), 41-55.
  • Levinsohn J. and Petrin A. (2003). Estimating production functions using inputs to control for unobservables, Review of Economic Studies,...
  • López – Gracia J and Sánchez – Andújar S (2007). Financial Structure of the Family Business: Evidence From a Group of Small Spanish Firms....
  • Lumpkin G. and Dess G. (2001). Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment...
  • Mandl. I (2008). Overview of family Business Relevant Issues, Final Report Contract Nº 30-CE-0164021/00- 51. Austrian Institute for SME Research,...
  • Mannarino L., Pupo V. and Ricotta F. (2011). Family Involvement in Management and Firm Performance: Evidence from Italy. University of Calabria,...
  • Martikainen M., Nikkinen J. and Vahamaa S. (2009). Production functions and productivity of family firms: Evidence from the S&P 500, The...
  • Martin, W. and Lumpkin, G. (2004). From entrepreneurial orientation to family orientation: Generational differences in the management of family...
  • McConaughy D. and Phillips G. (1999). Founders versus Descendants: The Profitability, Efficiency, Growth Characteristics and Financing in...
  • McConaughy D.L. (2000). Family CEO vs. nonfamily controlled firm: an examination of the level and sensitivity of pay to performance. Family...
  • Miller D., Le Breton-Miller I. and Lester R. (2013). Family firm governance, strategic conformity and performance, Organization Science, 24(1),...
  • Miller D., Le Breton-Miller I. and Scholnick B. (2008). Stewardship vs. Stagnation: An empirical comparison of small family and non-family...
  • Miller, D. and Le Breton-Miller I. (2006). Family governance and firm performance: agency, stewardship and capabilities, Family Business Review...
  • Miller, D., Steier L. and Le Breton-Miller I. (2003). Lost in time: Intergenerational succession change, and failure in family business, Journal...
  • Molly V., Laveren E. and Jorissen A. (2012). Intergenerational differences in family firms: Impact on capital structure and growth behaviour,...
  • Molly V., Laveren E. and Deloof M. (2010). Family business succession and its impact on financial structure and performance, Family Business...
  • Morikawa M. (2013). Productivity and survival of family firms in Japan, Journal of Economics and Business 70, 111-125.
  • Morck R. and Yeung B. (2003). Agency problems in large family business groups. Entrepreneurship: Theory and Practice, 27(4), 367-382.
  • Munari F., Oriani M. and Sobrero R. (2010). The effects of owner identity and external governance systems on R&D investments: a study...
  • Olley G. S. and Pakes A. (1996). The dynamics of productivity in the telecommunications equipment industry, Econometrica, 64(6), 1263-1297.
  • Palia D. and Lichtenberg F. (1999). Managerial ownership and firm performance: A re-examination using productivity measurement, Journal of...
  • Patel P. and Chrisman J. (2014). Risk abatement as a strategy for R&D investments in family firms, Strategic Management Journal, 35(4),...
  • Pérez-Gonzalez F. (2007). Inherited Control and Firm Performance, American Economic Review, 96(5), 1559-1588.
  • Rocca M., Roca, T. and Cariola A. (2011). Capital Structure Decisions During a Firm’s Life Cycle, Small Business Economics, 37(1), 107–130.
  • Romano C., Tanewski G. and Smyrnios K. (2001). Capital structure decision making: A model for family business, Journal of Business Venturing,...
  • Santarelli E. and Lotti D. (2005). The Survival of Family Firms: The Importance of Control and Family Ties, International Journal of the Economics...
  • Schmid T. (2013). Control considerations, creditor monitoring, and the capital structure of family firms. Journal of Banking and Finance,...
  • Schulze W., Lubatkin M., Dino R. and Buchholtz A. (2001). Agency relationships in family firms: Theory and evidence. Organization Science,...
  • Schulze W., Lubatkin M. and Dino R. (2003). Towards a theory of agency and altruism in family firms. Journal of Business Venturing, 18(4),...
  • Sirmon D. and Hitt M. (2003). Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms. Entrepreneurship...
  • Sridharan R. S. and Joshi M. (2016). Is Firm Performance and Corporate Governance Influenced by Ownership Patterns? – A Study with Reference...
  • Upton N. and Petty W. (2000). Venture capital investment and US family business, Venture Capital, 2(1), 27-39.
  • Van Beveren I. (2012). Total Factor Productivity Estimation: a Practical Review. Journal of Economic Surveys, 26(1), 98-128.
  • Villalonga B. and Amit R. (2006). How do family ownership, management and control affect firm value? Journal of Financial Economics, 80(2),...
  • Wooldridge, J.M. (2009). On estimating firm-level production functions using proxy variables to control for unobservables. Economics Letters,...
  • Zellweger T. and Sieger P. (2012). Entrepreneurial orientation in long-lived family firms. Small Business Economics, 38(1), 67-84.