Essays on the Costs and Benefits of Large Shareholders in Corporate Governance (summary section only)

“Corporate governance deals with the ways in which suppliers of finance to firms assure themselves of getting a return on their investment” (Shleifer and Vishny (1997, p. 737). According to La Porta et al. (1999), research in corporate finance relevant for most countries should focus on the incentives and capabilities of controlling shareholders to treat themselves preferentially at the expense of minority shareholders. Accordingly, this thesis sets out to answer a number of research questions regarding the role of large shareholders in public firms that have received little attention in the literature so far. A common theme in the essays stems from the costs and benefits of individual large-block owners and the role of control contestability from the perspective of outside minority shareholders. The first essay empirically examines whether there are systematic performance differences between family controlled and nonfamily controlled firms in Western Europe. In contrast to the widely held view that family control penalizes firm value, the essay shows that publicly traded family firms have higher performance than comparable firms. In the second essay, we present both theoretical and empirical analysis on the effects of control contestability on firm valuation. Consistent with the theoretical model, the empirical results show that minority shareholders benefit from a more contestable control structure. The third essay explores the effects of individual large-block owners on top management turnover and board appointments in Finnish listed firms. The results indicate that firm performance is an important determinant for management and board restructurings. For certain types of turnover decisions the corporate governance structure influences the performance / turnover sensitivity. In the fourth essay, we investigate the relation between the governance structure and dividend policy in Finnish listed firms. We find evidence in support of the outcome agency model of dividends stating that lower agency conflicts should be associated with higher dividend payouts.

Los Recursos Humanos en las Pymes: Análisis empírico de la formación, rotación y estructura de propiedad

[ES] Este trabajo tiene como objetivo presentar los principales resultados de un estudio que pretende acercarse a la realidad de las pequeñas y medianas empresas riojanas, tanto familiares como no familiares, ya que son mayoría abrumadora en la Comunidad. Se ha realizado un análisis descriptivo de algunos aspectos relevantes de la gestión de los recursos humanos como la formación y el desarrollo de sus trabajadores y directivos, la estabilidad laboral y la estructura de propiedad. En el presente trabajo ofrecemos los principales resultados con respecto a estas cuestiones, esbozando una descripción y valoración de estas empresas, así como un perfil de sus percepciones principales en relación a las cuestiones analizadas.

La gestión del marketing estratégico en la pequeña empresa familiar

[ES] Este trabajo, que se circunscribe en el ámbito de la pequeña empresa familiar, tiene como principal objetivo analizar la importancia que dichas empresas conceden a las diferentes dimensiones de la gestión estratégica del marketing en función de una serie de características demográficas y de evolución generacional. Con este fin, se ha realizado un estudio de naturaleza cuantitativa a través de encuestas personales dirigidas tanto a predecesores como a sucesores de una muestra de empresas familiares.

Capacidad informativa de los resultados contables en la empresa familiar

[ES] El presente trabajo analiza la relación entre el control familiar y la credibilidad de los resultados contables. Utilizando un panel de datos de empresas españolas cotizadas no financieras para el período 1997-2003, los resultados alcanzados muestran que la credibilidad de la información contable de la empresa familiar es inferior a la de la no familiar. Asimismo, el incremento de los derechos de voto en manos del último propietario familiar incide negativamente en la credibilidad de sus resultados divulgados. Las únicas empresas en las que la naturaleza familiar incide positivamente en la credibilidad de la información contable son aquellas en las que el presidente del consejo de administración no pertenece a la familia controladora.

Kapital sozialaren garrantzia familia enpresetan

[EU]Kapital sozialaren ikuspegian oinarriturik eta kotizatu gabeko 172 familiaenpresa espainiarren lagin bat erabiliz, barne hartuz enpresan kudeaketa-funtzioak betetzen dituzten pertsona elkarrizketatu bi eta guztira 344 galdetegi izanik, uste dugu kapital sozial familiarrak bitartekari gisa balio duela kapital sozial ez-familiarraren eta enpresaren jardueraren artean. Gainera, gure emaitzek kapital sozialaren ulermena familia-enpresatik haratago hedatzen dute, erakundeek talde sozial nagusi baten presentzia ezaugarritzat duten testuinguru batean.

Risorse intangibili e imprese familiari: principali contributi sul tema e nuove prospettive di ricerca

Intangible resources are the distinctive factors for the success of businesses (Barney, 1991) and for this reason the literature has paid particular attention to this issue (Barney, 1991; Hall, 1992,1993; Carmeli, 2004; Galbreath, 2005; Hayton, 2005; Norman, Butler, Ranft, 2013). With this thesis I will analyze existing studies on the subject with particular reference to family businesses - ideal forum for the spread of specific intangibles (Ward, 1988; Habbershon, Williams, 1999; Sirmon & Hitt, 2003; Huybrechts et al., 2011; Rose, Howorth & Discua Cruz, 2014), in order to identify the main areas of research and new research perspectives. Through a narrative review on the general theme of intangible resources, bibliometric analysis of the contributions that jointly address the intangibles and family businesses and co-citation analysis for the definition of the intellectual structure of the studies on the intangible resources in family firms is reached an in-depth study of the issue with relevant academic and practical implications.

Empresas de controle familiar e informed trading: evidências de short selling no mercado brasileiro?

O objetivo desse trabalho é testar se no mercado brasileiro, empresas familiares são mais suscetíveis a insider trading.Testes feitos no mercado americano evidenciaram efeito do controle familiar no conteúdo informacional embutido em montagem de posições vendidas de companhias abertas. Lá, foram encontrados níveis acima do normal de posições short em companhias de controle familiar principalmente em momentos que antecipavam resultados negativos que iriam ser publicados. Não encontramos evidências claras de que o fato da companhia ter controle familiar poderia levá-la a apresentar ou não insider trading, já que por limitação do modelo não é possível comparar o nível de anormal short para empresas de controle familiar e outras pois essa variável é excluída do modelo. Entretanto, observamos nos modelos em painel fixo com interações que existe diferença do efeito de algumas variáveis de controle para empresas de controle familiar ou não sobre outras variáveis de controle o que poderia mostrar que alguma influência o controle familiar poderia ter sobre o insider trading. Testamos também se empresas de controle estatal apresentavam maior volume médio diário anormal de posições vendidas em momentos que antecediam surpresas de resultado, e também não encontramos evidências claras e diretas que isso acontecia.

Controle acionário, remuneração de executivos e desempenho empresarial : evidências para o mercado brasileiro

Esse artigo buscou examinar como o tipo de controlador afeta a relação remuneração e desempenho da diretoria nas empresas brasileiras no período de 2010 a 2013. Primeiramente, o controle no Brasil ainda é majoritariamente exercido por firmas familiares, e que o capital também é concentrado, sendo em média 65% do capital detido pelos 5 maiores acionistas. Quanto a análise econometrica os resultados indicaram que: As empresas de controle familiar e governamental remuneram seus gestores com um valor menor em relação os outros tipos de controle; Não foi possível fazer inferência acerca da influência do controlador nas empresas institucionais; As empresas sem controlador remuneram o seu gestor com um valor maior de remuneração. Por fim, quanto ao desempenho, em nenhuma das equações o ROA foi significativo, demonstrando fracos mecanismos de remuneração ou capacidade do gestor em determinar sua compensação

Cultura organizacional: uma análise da microempresa familiar informal

Analyze possible relationships between the bankruptcy and the family structure of informal micro-enterprises in Fortaleza city, Brazil. The analysis began with a research among micro-entrepreneurs who were beneficiaries of PROFITEC loans in bankruptcy and non-bankruptcy situation in 1997-1999 period. Evaluate whether the overlap of family and professional relationship inside the organizational structure of those micro-enterprises is a factor leading to bankruptcy. The comparative analysis divides the micro-enterprises into two groups: one that which had complied with the loan obligations (abiding firms) and another which had not (non-abiding firms). The analysis pointed out the familiar structure as having positive and negative influences over organizational work in both groups. The research also realized that those groups of family informal micro-enterprises do not recognize the professional problems related to the family, giving room for managerial conflicts related to the compliance, work time and use of profit. We cannot say that family structure of the informal microenterprises is the decisive cause for non-abidance, since there are also family firms which have the same disadvantages of both groups, but are complying with their obligations. The personal relationships in the informal family firms, however, define good practices and behaviors that definitely affect their operations.

How does ownership structure affect capital structure and firm value?:Recent evidence from East Asia

The present paper examines the effects of ownership structures on capital structure and firm valuation. It argues that the effects of separation of control from cash flow rights on capital structure and firm value also depend on the separation of control from management as well as on legal rules and enforcement defining investors' protection. We obtain firm-level panel data (three stage least squares, 3SLS) estimates from four of the East Asian countries worst affected by the last crisis. There is evidence that the general wisdom that higher control than cash flow rights may lower firm value may be reversed among owner-managed family firms in the sample countries. © 2007 The Authors Journal compilation © 2007 The European Bank for Reconstruction and Development.

Direction of outward FDI of EMNEs:evidence from the Indian pharmaceutical sector

This article seeks to add to the small but growing literature of emerging-market multinational enterprises (EMNEs). Using two linked large firm-level databases, it seeks to explore the determinants of outward investment of Indian pharmaceutical companies, distinguishing between developed- versus developing-country destinations. It specifically examines the impact of two firm-level characteristics that embody “non-OLI” [ownership, location, and internalization] firm-specific capabilities of EMNEs. The finding of this study is that family firms are keen on investing in other developing countries but much less so in developed countries. However, international linkages in the form of foreign investors offset this.

Gestão de empresas familiares

Dissertação de Mestrado, Gestão de Empresas/MBA, 8 de Julho de 2016, Universidade dos Açores.

Is Spain Different? Innovation systems in the long-term development of the tourism sector. The IBEROSTAR case study.

Tourism is a highly competitive sector which is characterized by permanent transformation. Therefore, tourism firms depend largely on innovation to adapt themselves and compete, ensuring their survival and competitiveness. Despite research on innovation concludes that tourism firms are in most cases only moderately innovative, there are outstanding exceptions in specific fields and destinies. Spain, which is an unquestionable leader in tourism, constitutes one of them. In fact, Spanish tourism firms have shown a strong innovation capacity. They have improved and diversified their products thus meeting the requirements of a changing demand. This raises the need to properly understand how and why innovation takes place and who is involved in such a process. This paper aims to address these questions through the case study of one of the largest Spanish hospitality firms. The long history of Iberostar Group confirms that family firms and the networks they provide, along with environments that foster competition as was the case of the Spanish tourism industry, are important determinants of innovation particularly in a late-developed country.

An international study on the impact of cultural factors on the prevalence of family-owned firms. ACES Working Papers, August 2010

A key question in international corporate governance is why certain in ownership types are prevalent in different countries around the world (La Prota et al., 1999). In this study, we provide an answer for the prevalence of the family-owned firms in 42 countries by examining key characteristics of culture. We show that family-ownership is positively correlated with power distance (PD), in-group collectivism (CI) and, insignificantly, with uncertainty avoidance (UA). Our study makes a contribution to the field since previous research used religion and language as umbrella constructs for culture, while we pinpoint specific cultural dimensions.