3 edition of Does family control affect trade performance? found in the catalog.
Does family control affect trade performance?
Giorgio Barba Navaretti
by Centre for Economic Performance, London School of Economics and Political Science in London
Written in English
This paper examines whether the export decision of firms is affected by their ownership structure, specifically it looks at whether family control is an obstacle to entering foreign markets. The underlying assumption is that family firms are risk averse. Risk aversion may be an obstacle to entering foreign markets, as far as these are perceived as more volatile and risky than the domestic one, particularly when such choice entices bearing relatively high sunk costs. We develop an illustrative theoretical model that shows how the combination between high risk aversion and low initial productivity may hinder family firms" decision to enter foreign markets, particularly distant ones. The empirical analysis, based on a detailed panel data set of Italian firms covering the years from 1995 to 2003, confirms such predictions by showing that family controlled firms do indeed export less than other type of companies even after controlling for firm heterogeneity in productivity, size, technology and access to credit.
|Statement||Giorgio Barba Navaretti, Riccardo Faini and Alessandra Tucci.|
|Series||CEP discussion paper -- no. 896|
|Contributions||Faini, Riccardo., Tucci, Alessandra., London School of Economics and Political Science. Centre for Economic Performance.|
|The Physical Object|
|LC Control Number||2009376001|
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Navaretti, Giorgio Barba & Faini, Riccardo & Tucci, Alessandra, "Does family control affect trade performance?: evidence for Italian firms," LSE Research Online Documents on EconomicsLondon School of Economics and Political Science, LSE Library.
Founders, families, and family firms. We initially define family firms, following Anderson and Reeb (), as those in which the founder or a member of his or her family by either blood or marriage is an officer, director, or blockholder, either individually or as a main analyses are based on this definition, which does not require a minimum threshold for family ownership or Cited by: family ﬁrms, namely, ownership, control, and management.
The theory and evidence thus far raise questions about all three of these elements. First, does family ownership per se create or destroy value. Berle and Means () suggest that ownership concentration should have a positive effect on valueCited by: Leveraging hand-collected data from a sample of 85 Italian listed family companies during the period – ( firm-year observations), we investigate whether three main family-related.
Valuation and operating performance are significantly higher in founder-controlled corporations, and are at least not worse than average in descendants-controlled corporations. Thus, our results lead Does family control affect trade performance? book the conclusion that family control is positive for firm value and operating performance in Continental European by: The following facts emerge from Table 1, panel A: the Portuguese family firms present, on average, better operational performance (measured by the ratio ROA) than non-family firms, worse performance perceived by the market (proxy Q) and a similar Spain, family firms perform (both financial and stock market performance) better than non-family by: American taxpayers invest heavily in education.
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The results show evidence of a positive effect on Return on assets for founding. PDF | This study investigates the effect of family firm on corporate performance and financial policy (capital structure, cash holding, and cash | Find, read and cite all the research you need.
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Management literature is currently giving growing conceptual and empirical attention to the peculiarity and relevance of entrepreneurial attitudes in family firms, with divergent outcomes. Aiming at concretizing the effects of these attitudes, denoted by the entrepreneurial orientation construct, on family business performance and considering that family dynamics come into play in this Cited by: Family planning via the use of modern birth control is one of the most cost-effective health interventions.
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Key-Words: performance, risk, risk management, profitability, assessment, micro risks, control. 1 Introduction. As liberalization, globalization and the rapid development of computer technology creates new business opportunities, economic and financial bodies are exposed to risks more complex and diverse than in the Size: KB.
Children's experiences at home can have a direct impact on their performance at school, research at Cardiff University, UK has found. Recent findings .Introduction Students learning are different from time to time. One of the important elements in our education these days is technology. To learn and teach better, both students and teachers must be a ware of new things.
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