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Author: Giovanni Fiori Publisher: ISBN: Category : Languages : en Pages : 27
Book Description
Agency costs, deriving from the separation between ownership and control, affect whatever company model. In case of firms with dispersed ownership (the public companies), the classic agency conflict regards the relation between shareholders and managers. In case of family firms the classic agency conflicts are mitigated thanks to reduced separation between ownership and control, but there are other types of agency conflicts, moreover between family shareholders and minority ones.This paper focuses on the relation between agency costs and ownership structure, in the specific perspective of minority shareholders, providing a first empirical evidence of the proposition that family ownership reduces the agency costs of equity and has a negative effect on the equity risk perceived by the market.The analysis statistically compares family and non-family firms, sorted from Italian listed companies, in any sector with a significant presence of family business, to get evidence of family's ownership impact on equity cost of capital.
Author: Giovanni Fiori Publisher: ISBN: Category : Languages : en Pages : 27
Book Description
Agency costs, deriving from the separation between ownership and control, affect whatever company model. In case of firms with dispersed ownership (the public companies), the classic agency conflict regards the relation between shareholders and managers. In case of family firms the classic agency conflicts are mitigated thanks to reduced separation between ownership and control, but there are other types of agency conflicts, moreover between family shareholders and minority ones.This paper focuses on the relation between agency costs and ownership structure, in the specific perspective of minority shareholders, providing a first empirical evidence of the proposition that family ownership reduces the agency costs of equity and has a negative effect on the equity risk perceived by the market.The analysis statistically compares family and non-family firms, sorted from Italian listed companies, in any sector with a significant presence of family business, to get evidence of family's ownership impact on equity cost of capital.
Author: Riccardo Tiscini Publisher: ISBN: Category : Languages : en Pages : 13
Book Description
The study investigates the relation between family governance and firms transparency in the Italian context where family firms are very spread. The literature about the impact of family ownership on earnings quality (EQ) highlights a twofold effect. On the one hand, there is the view that family firms are less efficient because controlling shareholders have incentives to exploit private benefits at the expenses of minority shareholders (Fama and Jensen 1983; Morck et al. 1998, Shleifer and Vishny 1997, Bebchuk, 1999), so that they have incentives to bad quality reporting (Francis et al., 2005, Fan and Wong, 2002). This can be considered an 'entrenchment effect'. On the other hand, ownership concentration generates more effective monitoring by controlling owners (Demsetz and Lehn 1985, Shleifer and Vishny 1986) and families have incentives to high EQ to preserve family's name. This is called 'alignment effect' (Wang, 2005). Our explanation is that the effects of family ownership on EQ depend on the attitude of the family towards corporate governance practices, because these show the family's incentives to good reputation. The purpose of this paper is providing an evidence about the impact of family ownership and governance practices on the earnings quality of Italian companies. The period of the analysis is 2001-2006. A regression analysis statistically examines this correlation. Our dependent variable is an earnings quality metric based on the Dechow-Dichev's model (Dechow-Dichev, 2002). Governance practices are considered in terms of board composition, board independence, CEO characteristics and powers. Control variables are mainly size, profitability, indebtness.
Author: Randall K. Morck Publisher: University of Chicago Press ISBN: 0226536831 Category : Business & Economics Languages : en Pages : 700
Book Description
For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Author: Pietro Gottardo Publisher: Springer ISBN: 3030003442 Category : Business & Economics Languages : en Pages : 103
Book Description
This book analyzes the impacts that family control of firms has on capital structure choices, leverage and the risk of financial distress, earnings management practices, and the relation between accounting choices and firm market value. For these purposes, longitudinal data on Italian family and non-family non-financial firms are closely analyzed. The Italian setting is of special interest in this context because family businesses account for 94% of GDP, families are particularly committed to maintaining control of firms, and the economy is bank based rather than market based. The analyses draw on the socioemotional wealth approach, which emphasizes the importance of the stock of emotional value in family firms, in combination with financial theories such as Pecking Order Theory, Trade-off Theory, and Agency Theory. The findings cast significant new light on differences between family and non-family firms and the effects of different forms of family influence. The book will have broad appeal for academics, managers, practitioners, and policymakers.
Author: Leif Melin Publisher: SAGE ISBN: 1446265935 Category : Business & Economics Languages : en Pages : 697
Book Description
The SAGE Handbook of Family Business captures the conceptual map and state-of-the-art thinking on family business - an area experiencing rapid global growth in research and education since the last three decades. Edited by the leading figures in family business studies, with contributions and editorial board support from the most prominent scholars in the field, this Handbook reflects on the development and current status of family enterprise research in terms of applied theories, methods, topics investigated, and perspectives on the field′s future. The SAGE Handbook of Family Business is divided into following six sections, allowing for ease of navigation while gaining a multi-dimensional perspective and understanding of the field. Part I: Theoretical perspectives in family business studies Part II: Major issues in family business studies Part III: Entrepreneurial and managerial aspects in family business studies Part IV: Behavioral and organizational aspects in family business studies Part V: Methods in use in family business studies Part VI: The future of the field of family business studies By including critical reflections and presenting possible alternative perspectives and theories, this Handbook contributes to the framing of future research on family enterprises around the world. It is an invaluable resource for current and future scholars interested in understanding the unique dynamics of family enterprises under the rubric of entrepreneurship, strategic management, organization theory, accounting, marketing or other related areas.
Author: Randall K. Morck Publisher: University of Chicago Press ISBN: 0226536823 Category : Business & Economics Languages : en Pages : 404
Book Description
Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.
Author: Paolo Tenuta Publisher: Springer Nature ISBN: 3031114914 Category : Business & Economics Languages : en Pages : 92
Book Description
This book introduces readers to the main types of corporate sustainability practices. The first section examines both the ratings provided by international agencies and the various ESG (Environmental, Social and Government) indexes existing at 2021. In turn, the second part empirically investigates the relationship between the level of corporate sustainability and corporate financial performance among the large companies listed on the Milan Exchange FTSE-MIB 40 index for 2015-2019. The book offers a comprehensive overview of current sustainability concepts and practices and illustrates how various companies are seeking to integrate them in their competitive strategy. Further, it fills a gap in the extant literature by analysing the origins, historical evolution and structure of the main rating agencies and ESG indexes. In addition, the empirical analysis of corporate sustainability’s impact on companies’ financial performance reveals the importance of collegial leadership – a commonly found feature of Italian family businesses that has not been considered in previous studies – as a moderating factor for reconciling sustainability initiatives and performance at family-run firms.
Author: Giovanni Fiori
Author: Giovanni Fiori
Author: Riccardo Tiscini
Author: James Lau
Author: Randall K. Morck
Author: Pietro Gottardo
Author: Leif Melin
Author: Randall K. Morck
Author: Paolo Volpin
Author: 
Author: Paolo Tenuta