Governance and long-term operating performance of family and non-family firms in Australia
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. Desi...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Halili, Enver [verfasserIn] |
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| Format: |
Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2015 |
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| Rechteinformationen: |
Nutzungsrecht: © Emerald Group Publishing Limited |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: Studies in economics and finance - Bradford : Emerald, 2007, 32(2015), 4, Seite 398-421 |
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| Übergeordnetes Werk: |
volume:32 ; year:2015 ; number:4 ; pages:398-421 |
| Links: |
|---|
| DOI / URN: |
10.1108/SEF-02-2014-0034 |
|---|
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OLC1958243930 |
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| 520 | |a 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. | ||
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10.1108/SEF-02-2014-0034 doi PQ20160617 (DE-627)OLC1958243930 (DE-599)GBVOLC1958243930 (PRQ)c1796-1593ba436d21ed23d4319a240de756f34e08bcee6b2172f4b2dd14e2fb0771130 (KEY)0176169220150000032000400398governanceandlongtermoperatingperformanceoffamilya DE-627 ger DE-627 rakwb eng 330 ZDB 83.52 bkl Halili, Enver verfasserin aut Governance and long-term operating performance of family and non-family firms in Australia 2015 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier 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. Nutzungsrecht: © Emerald Group Publishing Limited Financial investment/markets Accounting & Finance Comparative analysis Management techniques Management Business enterprises Tourism Financial performance Investments College professors Economic models Studies Families & family life Islamic financing Decision making Family owned businesses Economics Researchers Journals Research Return on assets Saleh, Ali Salman oth Zeitun, Rami oth Enthalten in Studies in economics and finance Bradford : Emerald, 2007 32(2015), 4, Seite 398-421 (DE-627)534055869 (DE-600)2364532-5 (DE-576)9534055867 1086-7376 nnns volume:32 year:2015 number:4 pages:398-421 http://dx.doi.org/10.1108/SEF-02-2014-0034 Volltext http://search.proquest.com/docview/1710907910 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 32 2015 4 398-421 |
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10.1108/SEF-02-2014-0034 doi PQ20160617 (DE-627)OLC1958243930 (DE-599)GBVOLC1958243930 (PRQ)c1796-1593ba436d21ed23d4319a240de756f34e08bcee6b2172f4b2dd14e2fb0771130 (KEY)0176169220150000032000400398governanceandlongtermoperatingperformanceoffamilya DE-627 ger DE-627 rakwb eng 330 ZDB 83.52 bkl Halili, Enver verfasserin aut Governance and long-term operating performance of family and non-family firms in Australia 2015 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier 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. Nutzungsrecht: © Emerald Group Publishing Limited Financial investment/markets Accounting & Finance Comparative analysis Management techniques Management Business enterprises Tourism Financial performance Investments College professors Economic models Studies Families & family life Islamic financing Decision making Family owned businesses Economics Researchers Journals Research Return on assets Saleh, Ali Salman oth Zeitun, Rami oth Enthalten in Studies in economics and finance Bradford : Emerald, 2007 32(2015), 4, Seite 398-421 (DE-627)534055869 (DE-600)2364532-5 (DE-576)9534055867 1086-7376 nnns volume:32 year:2015 number:4 pages:398-421 http://dx.doi.org/10.1108/SEF-02-2014-0034 Volltext http://search.proquest.com/docview/1710907910 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 32 2015 4 398-421 |
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10.1108/SEF-02-2014-0034 doi PQ20160617 (DE-627)OLC1958243930 (DE-599)GBVOLC1958243930 (PRQ)c1796-1593ba436d21ed23d4319a240de756f34e08bcee6b2172f4b2dd14e2fb0771130 (KEY)0176169220150000032000400398governanceandlongtermoperatingperformanceoffamilya DE-627 ger DE-627 rakwb eng 330 ZDB 83.52 bkl Halili, Enver verfasserin aut Governance and long-term operating performance of family and non-family firms in Australia 2015 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier 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. Nutzungsrecht: © Emerald Group Publishing Limited Financial investment/markets Accounting & Finance Comparative analysis Management techniques Management Business enterprises Tourism Financial performance Investments College professors Economic models Studies Families & family life Islamic financing Decision making Family owned businesses Economics Researchers Journals Research Return on assets Saleh, Ali Salman oth Zeitun, Rami oth Enthalten in Studies in economics and finance Bradford : Emerald, 2007 32(2015), 4, Seite 398-421 (DE-627)534055869 (DE-600)2364532-5 (DE-576)9534055867 1086-7376 nnns volume:32 year:2015 number:4 pages:398-421 http://dx.doi.org/10.1108/SEF-02-2014-0034 Volltext http://search.proquest.com/docview/1710907910 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 32 2015 4 398-421 |
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10.1108/SEF-02-2014-0034 doi PQ20160617 (DE-627)OLC1958243930 (DE-599)GBVOLC1958243930 (PRQ)c1796-1593ba436d21ed23d4319a240de756f34e08bcee6b2172f4b2dd14e2fb0771130 (KEY)0176169220150000032000400398governanceandlongtermoperatingperformanceoffamilya DE-627 ger DE-627 rakwb eng 330 ZDB 83.52 bkl Halili, Enver verfasserin aut Governance and long-term operating performance of family and non-family firms in Australia 2015 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier 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. Nutzungsrecht: © Emerald Group Publishing Limited Financial investment/markets Accounting & Finance Comparative analysis Management techniques Management Business enterprises Tourism Financial performance Investments College professors Economic models Studies Families & family life Islamic financing Decision making Family owned businesses Economics Researchers Journals Research Return on assets Saleh, Ali Salman oth Zeitun, Rami oth Enthalten in Studies in economics and finance Bradford : Emerald, 2007 32(2015), 4, Seite 398-421 (DE-627)534055869 (DE-600)2364532-5 (DE-576)9534055867 1086-7376 nnns volume:32 year:2015 number:4 pages:398-421 http://dx.doi.org/10.1108/SEF-02-2014-0034 Volltext http://search.proquest.com/docview/1710907910 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 32 2015 4 398-421 |
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10.1108/SEF-02-2014-0034 doi PQ20160617 (DE-627)OLC1958243930 (DE-599)GBVOLC1958243930 (PRQ)c1796-1593ba436d21ed23d4319a240de756f34e08bcee6b2172f4b2dd14e2fb0771130 (KEY)0176169220150000032000400398governanceandlongtermoperatingperformanceoffamilya DE-627 ger DE-627 rakwb eng 330 ZDB 83.52 bkl Halili, Enver verfasserin aut Governance and long-term operating performance of family and non-family firms in Australia 2015 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier 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. Nutzungsrecht: © Emerald Group Publishing Limited Financial investment/markets Accounting & Finance Comparative analysis Management techniques Management Business enterprises Tourism Financial performance Investments College professors Economic models Studies Families & family life Islamic financing Decision making Family owned businesses Economics Researchers Journals Research Return on assets Saleh, Ali Salman oth Zeitun, Rami oth Enthalten in Studies in economics and finance Bradford : Emerald, 2007 32(2015), 4, Seite 398-421 (DE-627)534055869 (DE-600)2364532-5 (DE-576)9534055867 1086-7376 nnns volume:32 year:2015 number:4 pages:398-421 http://dx.doi.org/10.1108/SEF-02-2014-0034 Volltext http://search.proquest.com/docview/1710907910 GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 83.52 AVZ AR 32 2015 4 398-421 |
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Governance and long-term operating performance of family and non-family firms in Australia |
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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. |
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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. |
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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. |
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