The impact of family control on firm's return

Family firm is a field of growing interest. The aim of this article is to understand whether CEOs identity impacts family firm’s stock returns. From a sample of Portuguese and Spanish family firms findings show that who manages the firms result in significantly different risk exposure. Moreover, we find that the abnormal return found by Fahlenbrach (2009) to founder-controlled firms disappear when we use valueweighted portfolios and include two new factors: market aggregate illiquidity and debt intensity to the four-factor Carhart model. Finally, our results explain why the majority of family firm is controlled by its founder.

Impact of family control/influence on stakeholders' perceptions of benevolence

This article proposes a model explaining how family control/influence in an organization affects individual stakeholders’ perceptions of benevolence. The model suggests two effects. First, based on socioemotional wealth research, we propose that family control/influence positively affects stakeholders’ perceptions of benevolence through the benevolent behavior that the organization shows toward its stakeholders. However, this effect can be negatively influenced if the family’s socioemotional wealth goals in terms of “Family control and influence” and/or “Renewal of family bonds to the firm through dynastic succession” are at risk. Second, we argue that family control/influence, to the extent that it is perceivable to the stakeholder, influences stakeholders’ perceptions of benevolence through categorization processes. However, the impact of perceivable family control/influence on stakeholders’ perceptions of benevolence is not straightforward but instead hinges on a set of individual-level contingency factors of the stakeholder, such as stakeholders’ family business in-group membership, stakeholders’ secondhand category information, and stakeholders’ firsthand category information.

STRATEGIC DECISIONS OF FAMILY FIRMS ON CASH ACCUMULATION

ABSTRACTGiven the particular strengths, weaknesses, and peculiarities of family firms as well as the importance of liquidity in today’s marketplace, we analyze the distinct characteristics and strategies of family businesses related to the amount of cash a firm holds. We look beyond the traditional factors that influence decisions related to cash management to examine factors that are particularly important for family firms. Specifically, we outline the relevance of strategic decisions guided by family firms’ conservatism, flexibility, long-term view, and the active control that they have over family members. To our knowledge, no prior studies exist regarding family firms and their strategic adjustment of cash holding. Therefore, we investigate whether the ownership structure of the firm (through the presence of a controlling family) moderates decisions on cash holding. We found that family firms tend to accumulate cash for strategic reasons and as a result of their own idiosyncrasies. Thus, family firms can achieve optimal cash accumulation more efficiently than non-family firms.

Family firms and the great crisis: evidence from the italian case

Few studies have analyzed how family firms have acted during the global great crisis in comparison to their nonfamily counterparts. This paper tries to fill this gap on the basis of the Italian experience using a sample of almost 4,500 for 2007 and 2010. We study whether family control affects labour productivity, labour costs and competitiveness and if the adoption of performance related pay (PRP) reveals an efficacious strategy to mitigate the effects of the crisis and reduce the gap in competitiveness with respect to nonfamily firms. We use quantile regression techniques to test the heterogeneous role of PRP and pay attention for its possible endogeneity. We have observed that after the outburst of the crisis, the distance in terms of competitiveness of family firms with respect to their nonfamily counterparts has been amplified. We also find that family firms may take advantage from the adoption of incentive schemes, such as PRP, to encourage commitment and motivation from their employees more than nonfamily firms. The positive role of PRP on labour productivity, coupled with a moderate influence of these schemes on wage premiums, enable them to regain competitiveness also under hostile pressures, as those featuring the strong global crisis.

External health locus of control and general self-efficacy: Moderators of emotional distress among university students

A belief that doctors or family control one's health outcomes (external health locus of control), and a belief in one's own ability to achieve desired outcomes (general self-efficacy), may influence distress experienced in relation to a physical illness. This study examined the interaction between illness severity, external health locus of control and general self-efficacy in relation to distress. Illness severity was defined as acute or chronic illness, with the latter expected to be more stressful. Participants described a serious illness they experienced, and completed self-report scales in relation to it. Results confirmed that chronic illnesses were associated with more distress than acute illnesses across the sample. Hierarchical multiple regression analyses supported the predicted effects on distress of a three-way interaction involving external health locus of control, general self-efficacy and illness severity (acute vs. chronic). Analysis of these results may assist in explaining inconsistencies in previous research, and offer a model for understanding the role of person variables in emotional distress.

'Family' ownership, tunnelling and earnings management:a review of the literature

In this review paper, we bring together a number of aspects of family firms that are ubiquitous in a number of institutional contexts, often as part of larger business groups. We pay particular attention to the mechanisms by which families retain control over firms, and the incentives of the families in control to expropriate other stakeholders by way of tunnelling. We examine the role of earnings management in facilitating tunnelling, and evidence about the incidence of earnings management in family firms. Our review suggests that while the literature on these aspects of family control is rich, the contexts in which the empirical exercises are undertaken are relatively few, and hence there is considerable opportunity to expand it to other contexts, in particular in the form of cross-country comparisons of the relative impact of agency conflicts and institutions on these issues.

Export Behavior and Board Independence in Colombian Family Firms: The Reverse Causality Relationship

In the context of greater market liberalization in Latin America, one issue that merits greater attention for empirical investigation is the international expansion of family-owned business. Specifically, the relationship between export behavior, family control and board composition in the Latin American context is absent in the literature. Using a large and unique database from Colombian firms (33,249 firms in the period of 2008 to 2013), we provide insightful information on the determinants of export behavior of family firms in emerging markets. Our empirical test confirms an endogenous relation between boards’ composition (specifically the presence of independent members) and export behavior in family firms. Firms with a higher participation of independent board members are more likely to exhibit higher levels of exports. A "virtuous cycle" was also detected whereby the introduction of independent members on the board can be expected to boost export behavior, which in turn will encourage the increase of independent members on the board of private firms.

Association between dopamine transporter (DATI) genotype, left-sided inattention, and an enhanced response to methylphenidate in attention-deficit hyperactivity disorder

A polymorphism of the dopamine transporter gene (DAT1, 10-repeat) is associated with attention-deficit hyperactivity disorder (ADHD) and has been linked to an enhanced response to methylphenidate (MPH). One aspect of the attention deficit in ADHD includes a subtle inattention to left space, resembling that seen after right cerebral hemisphere damage. Since left-sided inattention in ADHD may resolve when treated with MPH, we asked whether left-sided inattention in ADHD was related to DAT1 genotype and the therapeutic efficacy of MPH. A total of 43 ADHD children and their parents were genotyped for the DAT1 30 variable number of tandem repeats polymorphism. The children performed the Landmark Test, a well-validated measure yielding a spatial attentional asymmetry index ( leftward to rightward attentional bias). Parents rated their child's response to MPH retrospectively using a three-point scale ( no, mediocre or very good response). Additionally, parents used a symptom checklist to rate behavior while on and off medication. A within-family control design determined whether asymmetry indices predicted biased transmission of 10-repeat parental DAT1 alleles and/or response to MPH. It was found that left-sided inattention predicted transmission of the 10-repeat allele from parents to probands and was associated with the severity of ADHD symptomatology. Children rated as achieving a very good response to MPH displayed left-sided inattention, while those rated as achieving a poorer response did not. Our results suggest a subgroup of children with ADHD for whom the 10-repeat DAT1 allele is associated with left-sided inattention. MPH may be most efficacious in this group because it ameliorates a DAT1-mediated hypodopaminergic state.

Portuguese business groups at the beginning of the 21st century: Trends, characteristics and configurations

This study considers the literature on the persistence of business groups in developed economies and analyzes the Portuguese case. The reconstruction of the largest business groups assembles information relevant to define characteristics that enable them to thrive. Increasing internationalization, more specialization in core activities and family control define these types of big businesses. New sectors also emerge as a characteristic of these business groups when compared to the ones existing 40 years ago.

Du capitalisme familial au capitalisme financier? : le cas de l'industrie suisse des machines, de l'électrotechnique et de la métallurgie au 20e siècle

L'objectif principal de cette thèse consiste à mettre en évidence la persistance du capitalisme familial en Suisse au cours du 20e siècle, et sa résistance aux capitalismes managérial et financier qui sont censés lui avoir succédé. Pour ce faire, nous avons retenu vingt-deux grandes entreprises du secteur des machines, de l'électrotechnique et de la métallurgie - principale branche de l'industrie suisse pour la période considérée -, pour lesquelles ont été recensés les membres des conseils d'administration et les principaux dirigeants exécutifs pour cinq dates- repère couvrant le siècle (1910, 1937, 1957, 1980 et 2000). Cette thèse s'inscrit dans une démarche pluridisciplinaire qui relève à la fois de l'histoire d'entreprise et de la sociologie des dirigeants, et fait appel à différentes méthodes telles que l'analyse de réseau et l'analyse prosopographique. Elle s'articule autour de trois axes de recherche principaux : le premier vise à mettre en évidence l'évolution des modes de gouvernance dans notre groupe d'entreprises, le second investit la question de la coordination patronale et le troisième a pour but de dresser un portrait collectif des élites à la tête de nos vingt-deux firmes. Nos résultats montrent que durant la majeure partie du siècle, la plupart de nos entreprises sont contrôlées par des familles et fonctionnent sur un mode de coordination hors marché qui repose notamment sur un réseau dense de liens interfirmes, le profil des dirigeants restant dans l'ensemble stable. Si la fin du siècle est marquée par plusieurs changements qui confirment l'avènement d'un capitalisme dit financier ou actionnarial et la mise en place de pratiques plus concurrentielles parmi les firmes et les élites industrielles, le maintien du contrôle familial dans plusieurs entreprises et la persistance de certains anciens mécanismes de coopération nous incitent cependant à nuancer ce constat. - The main objective of this research is to highlight the persistence of family capitalism in Switzerland during the 20th century and its resistance to managerial and financial capitalisms that succeeded. For this purpose, we focus on twenty- two big companies of the machine, electrotechnical and metallurgy sector - the main branch of the Swiss industry for the considered period - whose boards of directors and executive managers have been identified for five benchmarks across the century (1910, 1937, 1957, 1980 and 2000). This thesis relates to business history and elites sociology, and uses different methods such as network analysis and prosopography. It is articulated around three main parts. The aim of the first one is to identify the evolution of corporate governance in our twenty-two enterprises, the second part concentrates on interfirms coordination and the objective of the last one is to highlight the profile of the corporate elite leading our firms. Our results show that during the main part of the century, most of the companies were controlled by families and were characterized by non-market mechanisms of coordination such as interlocking directorates ; moreover, the profile of the corporate elite remained very stable. Although some major changes that took place by the end of the century confirmed a transition towards financial capitalism and more competitive interaction among firms and the corporate elite, the persistence of family control in several companies and the maintaining of some former mechanisms of coordination allow us to put this evolution into perspective.

The regulation of apoptotic cell death

Apoptosis is a fundamental biological phenomenon in which the death of a cell is genetically and biochemically regulated. Different molecules are involved in the regulation of the apoptotic process. Death receptors, coupled to distinct members of the caspases as well as other adapter molecules, are involved in the initiation of the stress signals (The Indictment). Members of the Bcl-2 family control at the mitochondrial level the decision between life and death (The Judgement). The effector caspases are responsible for all morphological and biochemical changes related to apoptosis including the "eat-me" signals perceived by phagocytes and neighboring cells (The Execution). Finally, apoptosis would have little biological significance without the recognition and removal of the dying cells (The Burial).

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.

Evolução da perceção parental da imagem corporal da criança : análise retrospetiva de dois estudos

Introdução: A obesidade é reconhecida pela OMS como um importante problema de saúde pública, que afeta adultos, crianças e adolescentes e que tem tomado proporções epidémicas em todo o mundo. Os estudos revelam que os pais, mas sobretudo as mães se mostram preocupadas e concordam com a adoção de hábitos alimentares saudáveis, no entanto a perceção que estas têm do estado nutricional dos filhos nem sempre é adequada e frequentemente a imagem corporal é distorcida, percebendo-se contudo que esta distorção tem vindo a diminuir. Foi neste âmbito que emergiu como objetivo geral deste estudo, explorar a evolução da perceção parental da imagem corporal da criança em dois estudos, estudo A (Graça Aparício) e estudo B (Graça Aparício, Madalena Cunha, João Duarte; Anabela Pereira, Jorge Bonito, Carlos Albuquerque), publicados respetivamente, em 2012 e 2013 e relacioná-la com o comportamento alimentar da criança do estudo B. Material e métodos: Este estudo de carácter retrospetivo e transversal, foi realizado com as crianças que participaram no estudo A e no estudo B, num total de 2216 crianças em idade pré-escolar, média idade= 4.51 anos (±0.97Dp), residentes as crianças do estudo A na região de Viseu e Dão e as do estudo B, nas regiões Viseu, Lamego, Vila Real, Évora e Leiria, tendo sido efetuada pelos autores originais, uma avaliação antropométrica e classificação nutricional das crianças com base no referencial NCHS (CDC, 2000). Para a recolha de dados os autores originais, utilizaram um Questionário de Caracterização Sociodemográfica das Crianças e dos Progenitores; o Questionário de Avaliação da Perceção Parental da Imagem Corporal da criança (Collins, 1991) e o Questionário de Caracterização do Comportamento Alimentar Infantil (CEBQ), traduzido e validado para a população portuguesa por Viana & Sinde (2008). Resultados: Comparativamente ao estudo A, no estudo B os pais revelaram-se significativamente mais preocupados com o estado nutricional dos seus filhos (p= 0,000). Ainda no estudo B uma maior percentagem de pais assinala as imagens representativas de pré-obesidade (27,5%) e obesidade (0,6%), comparativamente ao estudo A, onde se verifica o oposto; uma maior sinalização das crianças no grupo da normalidade e baixo-peso (56,3% e 20,4% respetivamente). Apurou-se uma diferença de médias significativa da perceção parental da imagem corporal da criança entre o estudo A e o estudo B, evidenciando a perceção dos pais, a uma maior aproximação com os valores mais elevados de IMC dos filhos, ou seja, os pais têm uma perceção menos distorcida da imagem corporal dos filhos, quando estes apresentam valores de IMC mais elevados. Relativamente ao comportamento alimentar, apesar dos comportamentos de “atração pela comida” se associarem a uma perceção parental de imagem corporal maior, e de alguns dos comportamentos de “evitamento da comida” se associarem a uma perceção parental de imagem corporal menor, a relação entre o comportamento alimentar e a perceção parental da imagem corporal criança não se revelou significativa. Conclusões: Os resultados indicam uma maior acurácia da perceção da imagem corporal dos pais ao real estado nutricional dos filhos, podendo este facto ser o primeiro passo para o seu reconhecimento do excesso de peso dos seus filhos e facilitar a adequação a um estilo de vida mais saudável entre as crianças em idade pré-escolar, e maior sensibilização da família para o controlo do excesso de peso na infância. Palavras-chave: Perceção parental, imagem corporal, Obesidade infantil.