Family Involvement, agency cost of debt financing, and small firm performance: research agenda

• Autores: Marquinha Teixeira de Carvalho Zinga, Mário António Gomes Augusto, Maria Elisabete Gomes Ramos
• Localización: European Journal of Family Business, ISSN-e 2444-8788, ISSN 2444-877X, Vol. 3, Nº. 1, 2013, págs. 21-30
• Idioma: inglés
• DOI: 10.24310/ejfbejfb.v3i1.4038
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    El objetivo de este estudio es examinar las pequeñas empresas familiares desde el punto de vista de los efectos de las relaciones familiares en la propiedad y en la gestión de costos de agencia causados por la financiación con deuda, y en su performance. Para lograr este objetivo hemos revisado la literatura sobre empresas familiares desde la perspectiva de la Teoría de Agencia, proponiendo un modelo de investigación que pone de relieve los vínculos entre las variables. Este trabajo añade a la literatura tres contribuciones: ayuda a explicar cómo los comportamientos disfuncionales pueden perpetuar las limitaciones de la pequeña empresa o incluso su fracaso, hace la propuesta de la comprensión de los mecanismos de gobierno cor porativo en pequeñas empresas familiares y se profundiza la discusión de la investigación previa a través de un conjunto de proposiciones. Creemos que una comparación sistemática de los diferentes contextos proporciona nuevos conocimientos sobre la goberna nza de las pequeñas empresas familiares. En la última sección presentamos las implicaciones de este estudio y líneas para futuras investigaciones.

  • English

    The aim of this study is to examine the effects of family involvement in ownership and family involvement in management on agency costs of debt financing, as well on the performance of small family business . To achieve this objective, we reviewed the literature on family business, and drawing from agency theory we proposed a research model that highlights the links between the variables. Our paper makes contributions to the literature in three ways. Firstly, it helps to explain how dysfunctional behaviours may perpetuate small business constraints or even failure. Secondly, it advances the understanding of corporate governance mechanisms in small f amily business. And finally, it deepens the discussion of prior research, by advancing a set of propositions. We believe that a systematic comparison of different contexts provides new insights into small family business governance. Implications and direct ions for future research appear in the last section.

• Referencias bibliográficas
  • Anderson , R. C. and Reeb, D. M. (2003). Founding family ownership and firm performance: E vidence from the S&P...
  • Anderson, R. C., Mansi, S. A. and Reeb, D. M. (2003). Founding family ownership and the agency cost of debt , Journal of...
  • Anderson, R. C. and Reeb, D. M. (2004): Board composition: Balancing fam ily influence in S&P 500 Firms, Administrative...
  • Berger, A . N. and Udell, G. F. (2002). S mall business credit availability and relationship lending : the importance o f...
  • Chrisman, J. J., Chua, J. H., Kellermanns , F. W., and Chang, E. (2007). Are family managers agents or stewards? An exploratory...
  • Chrisman, J. J., Chua, J. H., and Litz, R. A. (2004) . Comparing the agency costs of family and non - family firms: conceptual...
  • Chrisman, J. J., Chua, J. H., Pears on, A. W. and Barnett, T. (2012). Family involvement, family influence, and family - centered...
  • Chrisman, J. J., Chua, J. H. and Sharma, P. (2005) . Trends and directions in the development of a strategic manage ment theory...
  • Chrisman, J. J., Chua, J. H. and Steier, L. P. (2002). The influence of national culture and family involvement on entrepreneurial...
  • Chrisman, J. J., Chua, J. H., and Steier, L. P. (2003). An introduction to theories of family business . Journal of...
  • Chu, W. (2009). The influence of family ownership on SME performance: Evidence from firms in Ta iwan. Small Business...
  • Chua, J. H., Chrisman, J. J. and Bergiel, E. B. (2009). An agency theoretic analysis of th e professionalized ...
  • Chua, J. H., Chrisman, J. J., Kellerma nns, F. W. and Wu, Z. (2011). Family involvement and new venture debt financing....
  • Chua, J. H., Chrisman, J. J. and Sharma, P. (1999). Defining t he family Business by behavior. Entrepreneurship Theory ...
  • Corbett a, G. and Salvato, C. (2004). Self - serving or self - actualizing? Models of man and agency costs in different types of family...
  • Cucculell i, M. and Micucci, G. (2008). Family succession and firm performance: Evid ence from Italian family firms. Journal...
  • Davis, J., Schoo rman, R., and Dona ldson, L. (1997). Towards a st ewardship theory of management. Academy of Management...
  • DeAngelo, H. and DeAngelo, L. (2000) . Controlling stockholders and the disciplinary role of corporate payout policy:...
  • Dyer, W. G. (2006 ) . Examining the family effect on firm performance . Small Business Review , 19 (4), 253 – 273.
  • Faccio, M. (2010). Differences between politically connected and nonconnected firms: A cross - country Analysis. Financial ...
  • Fama, E. F. and Jensen, M. C. (1983). Agenc y problems and residual claims. Journal of Law and Economics , 26 (2), 327 – 349.
  • Fama, E. F. and Jensen, M. C. (1985). “Organizational forms and investment decisions,” Journal of Financial Economics ,...
  • Gersick, K. E., Davis, J. A., Hampton, M. M., and Lansberg, I. S. (1997). Generation to generation: Lifecycles...
  • Gomez - Mejia , L. R., Nunez - Nickel, M. and Gutierrez, I. (2001). The role of f amily ties in agency contracts. Academy...
  • Herrero, I. (2011). Agency costs, family ties, and firm efficiency. Journal of Management , 37 (3), 887 – 904.
  • James, H. S. (1999). What can the family contribute to business? Exam ining contractual relationship. Family Business...
  • Jensen, M. C. and Meckling, W. H. (1976). Theory of firm: Managerial behavior, agen cy costs and capital structure....
  • Kellermanns, F. W. and Eddleston, K. (2004) . Feuding families: when conflict does a family firm good . Entrepreneurship Theory...
  • Kidwell, R. E., Eddleston, K. A., Cater, J. J., and Kel lermanns, F. W. (2012) . How one bad family member can undermine a family...
  • Lansberg, I. S. (1983). Managing human resources in family firms: The pr oblem of institutional overlap. Organizational...
  • Maury, B. (2006). Family ownership and firm performance: empirical evidence fro m Western European corporations. Journal...
  • Mazzola, P., Sciascia, F. W ., and Kellermanns, S. (2012). Non - linear effects of family s ources of power on performance. Journal...
  • McConaughy, D., Walker, M., Henders on, G. and Mishra, C. (1998). Founding family con trolled firms. Review of Financial Economics ,...
  • Meye r, M., and Zucker, L. G. (1989). Permanently Failing Organizations . Sage: Newbury Park, CA.
  • Petersen, M.A. and Rajan, R., ( 1994 ) . The benefits of lending relationships: evidence from small business data....
  • Ra ndøy, T. and Goel, S. (2003) . Ownership structure, founder leadership, and performance in Norwegian SMEs: implications...
  • Romano, C. A., Tanewski, A. G . and Smyrnios, K. X. (2001). Capital struct ure decision makin g: A model for family ...
  • Ross, S. (1973). The economic theory of a gency: the principal’s problem. American Economic Review , 63 (2), 134 – 139.
  • Schulze, W. S., Lubatkin, M. H., Dino, R. N. and Buchholtz, A. K. (2001). Agency relationships in fam ily firms: Theory and evidence. Organization...
  • Schulze, W. S., Lubatkin, M. H. and Dino, R. N. (2002). Altruism, agency, and the c ompetitiveness of family firms. Managerial and...
  • Schulze, W. S., Lubatkin, M . H. and Dino, R. N. (2003a). Toward a theory of agency and altruism in family firms. Journal of...
  • Schulze, W. S., Lubatkin, M . H. and Dino, R. N. (2003b). E xploring the agency consequences of ownership dispersion among ...
  • Sciasci a, S. and Mazzola, P. (2008). Family involvement in ownership and management: Exploring no nlinear effects...
  • Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the...
  • Sharma, P., Chrisman, J. J. and Chua, J. H. (1997). Strategic management of the family business: Past research...
  • Smith, C. W. and Warney, J. B. (1979). On financial contracting : An analysis of bond covenant. Journal of Financial Econom ics ,...
  • Steijvers, T., and Voordeckers, W. (2009). Private family ownership and the agency cost s of debt. Family Business Review ,...
  • Steijvers, T., Voordecker s, W. and Vanhoof, K. (2010). Collateral, relatio nship lending and family firms. Small Business Economics , ...
  • Stein, J. (1989). Efficient capital markets, inefficient firms: A mode l of myopic corporate behavior. Quarterly...
  • Stigl itz, J. and Weiss, A. (1981). Credit rationing in mark ets with imperfect information. American Economic Review , 71 (3), 393 – 410.
  • Storey, D. J. (1994). Understanding the Small Business Sector , Routledge : London.
  • Tagiuri , R. and Davis, J. A. (1992). On the goals of successful family companies. Family Busines s Review , 5 (1), 43 – 62.
  • Tagiuri, R. and Davis , J. A. (1996). Bivalent attributes of the family firm. Family Business Review , 9 (2), 199 – 208.
  • Villal onga, B. and Amit, R. (2006). How do family ownership control, and management affect firm value? Journal of Financial...
  • Wymenga, P., Spanikova, V., Barker, A., Kon ings, J. and Canton, E. (2012). EU SMEs in 2012: At the crossroads:...
  • Zahra, S. A. (2003). International expansion of U.S. manufacturing family businesses: The effec t of ownership and involvement. Journal...