Governance and long-term operating performance of family and non-family firms in Australia
المؤلف | Halili, Enver |
المؤلف | Saleh, Ali Salman |
المؤلف | Zeitun, Rami |
تاريخ الإتاحة | 2024-02-29T14:39:35Z |
تاريخ النشر | 2015-10-05 |
اسم المنشور | Studies in Economics and Finance |
المعرّف | http://dx.doi.org/10.1108/SEF-02-2014-0034 |
الاقتباس | Halili, E., Saleh, A. S., & Zeitun, R. (2015). Governance and long-term operating performance of family and non-family firms in Australia. Studies in Economics and Finance, 32(4), 398-421. |
الرقم المعياري الدولي للكتاب | 10867376 |
الملخص | Purpose – The purpose of this study is to conduct a comparative analysis of the long-term operating performance of family and non-family firms from the agency theoretic perspective. The analysis is focused on investigating the impact of family ownership on principal–agent conflicts of interest. Design/methodology/approach – This paper examines the relationship between firm operating performance and family ownership for a large sample of 677 Australian-listed companies. The paper uses the Generalised Method of Moments (GMM) estimator model developed by Arellano and Bond (1991) and used by other studies in finance (Baltagi, 2012; Bond, 2002; Mohamed et al., 2008). Findings – The empirical results show that firms with ownership concentration has a better operating performance due to the alignment of owner-management interests. This study also finds that family-listed companies have higher survival rates and perform better than non-family companies. Findings support the hypothesis that agency costs arise as a result of privileged access of information and self-interest behaviour of managers (outsiders) in firms with dispersed ownership structures. Originality/value – Earlier studies have only focused on short-term perspectives, particularly investigating small and medium types of Australian family businesses from narrow aspects, such as productivity, business behaviour, capital structure and leverage. Therefore, this paper has conducted a comparative examination of family and non-family firms listed on the Australian Stock Exchange (ASX) to identify the impact of agency costs on their financial performance. |
اللغة | en |
الناشر | Emerald Group Holdings Ltd. |
الموضوع | Dynamic regression analysis Family equity-holding Operating performance The principal–agent conflict of interests |
النوع | Article |
الصفحات | 398-421 |
رقم العدد | 4 |
رقم المجلد | 32 |
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