Download or read book Firm Performance Entrenchment and Managerial Succession in Family Firms written by Patrick McColgan and published by . This book was released on 2005 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the role of the family status of a company's top officer in managerial replacement decisions for a sample of 683 UK companies over the period 1992 to 1998. We report evidence that family firms are characterised by higher levels of board control, and weak internal governance in the form of independent company board structures. Consistent with a managerial entrenchment hypothesis, we find evidence that family CEOs are less likely to be removed from their position following poor performance than non-family CEOs. This relationship occurs even after controlling for the ownership of the company's top executive, suggesting that family status conveys additional power to the company's top officer in excess of that implied by their shareholding alone. Stock prices react favourably when companies announce that departure of a family CEO, but only when these directors are replaced by a non-family successor. We also report evidence of increases in operating performance following the departure of a family CEO, which are not witnessed following non-family CEO departures amongst our sample companies. Finally, we also find growth in company sales and employment following family CEO departures in excess of that witnessed following non-family CEO departures, indicating an untapped potential that family CEOs were unable to exploit prior to their departure. Overall, our results appear consistent with a managerial entrenchment hypothesis of the family status of a company's CEO, whereby the cash flows that shareholders expect to receive following their replacement are in excess of those anticipated under the family CEO.

Download or read book Performance and Behavior of Family Firms written by Esra Memili and published by MDPI. This book was released on 2018-03-23 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS

Download or read book The SAGE Handbook of Family Business written by Leif Melin and published by SAGE. This book was released on 2013-11-15 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The SAGE Handbook of Family Business written by Leif Melin and published by SAGE. This book was released on 2013-11-15 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book A Discussion of Firm Performance and Managerial Succession in Family Firms written by Paul André and published by . This book was released on 2009 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hillier and McColgan (2009), HM hereafter, investigate the antecedents and consequences of CEO turnover in firms listed on the London Stock Exchange during the years 1993-1998. They contrast between voluntary and forced departure and the succession of an insider versus an outsider. In particular, they contrast turnover in family and non-family firms. As pointed out by Kesner and Sebora (1994), CEO turnover is somewhat of a unique event given the nature and power associated with the job, the significant visibility of the position and the change that follows, yet it is a relatively rare event and the decision is made at the board level which often is made up of a majority of outsiders. Sacking a CEO and the succession decision are some of the most important decisions a board can make. Let's examine what we know about the antecedents and consequences of CEO turnover from a long tradition of research that dates back to the early 1960s and what we learn from HM.

Download or read book Family Business Studies written by Alfredo De Massis and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis book provides a thorough review and compendium of important family business research. It should be in the personal library of every family business scholar and graduate student involved in this vital field of study.Õ Ð Michael A. Hitt, Texas A&M University, US ÔA systematic review of the field and an incredibly useful reference book for anyone involved in studying or teaching family business.Õ Ð Sara Carter OBE FRSE, Strathclyde Business School, UK ÔThis book offers a succinct but thorough overview of how our understanding of significant issues in family business has evolved through rigorous research. This annotated bibliography of the 215 top-cited family business studies provides the empirical evidence and the basis for insightful comments from the authors on topics which will benefit from further scholarly debate and research. The authors are to be congratulated for making accessible those research contributions which have the potential to make a meaningful difference to the practice of family business.Õ Ð Jill Thomas, The University of Adelaide Business School, Australia ÔI highly recommend the annoted bibliography by De Massis, Sharma, Chua, and Chrisman to experienced scholars as well as to incoming researchers. The authors selected carefully (and in a transparent manner) relevant papers and summarized them in a way that provides a helpful basis for future research. Well done!Õ Ð Sabine B. Rau, WHUÐOtto Beisheim School of Management, Germany ÔA welcome addition to the field of family business studies! Offers an update and thorough compendium of relevant research conducted within the last 15 years. A most useful reference for doctoral students, established scholars and thoughtful practitioners. Importantly, the first three chapters offer critical commentary and synthesis that go well beyond what one typically finds in an annotated bibliography. Overall, this book offers a solid foundation for moving the study of family business forward.Õ Ð Lloyd Steier, University of Alberta, Canada ÔIf I had been asked to suggest the currently most-needed editorial endeavor for advancing family business studies, I would have answered with no hesitation: an up-to-date annotated bibliography. The fieldÕs growth over the past 15 years has been so intense, that even experts who devote most of their research efforts to family business Ð not to mention younger scholars approaching the field Ð will significantly benefit from De Massis, Sharma, Chua, and ChrismanÕs indispensable work.Õ Ð Carlo Salvato, Bocconi University, Italy and Associate Editor, Family Business Review This book catalogues the 215 most-cited empirical, theoretical, and practical articles on family business published in 33 journals since 1996. Researchers, students, and practicing managers will find it indispensable as a quick reference and guide to what we have learned about family firms. Annotations for the articles consist of: summary of key findings, research questions, contributions, and research implications. They also include a detailed description of the methodologies, empirical data, definitions, and conceptual models used. In addition, the book features chapters that review the literature, discuss how family businesses have been defined, present recent trends in family business empirical research, and provide an agenda for future research. Scholars, researchers and PhD students in the fields of family business, entrepreneurship, organization theory, management, economics, finance, anthropology, sociology and business history will find this compendium insightful. The topics covered in the book will also prove to be essential to practitioners Ð both advisors and operators of family enterprises Ð as it will provide evidence-based knowledge on the issues and dilemmas faced by them in everyday life.

Download or read book Research Anthology on Strategies for Maintaining Successful Family Firms written by Management Association, Information Resources and published by IGI Global. This book was released on 2021-08-27 with total page 1146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family-owned businesses account for many of the small and medium-sized enterprises that exist around the world in various industries. Due to their unique make up, these firms are often heavily influenced by family dynamics that must be reconciled by family and non-family workers alike in order to ensure the sustainability of the business. As smaller businesses competing against an increasingly globalized economy and more directly impacted by economic instability, especially in the wake of the COVID-19 pandemic, these businesses must continue to improve their practices and processes in order to not only survive but thrive. The Research Anthology on Strategies for Maintaining Successful Family Firms discusses the strategies, sustainability, and human aspects of family firms in order to understand what sets them apart from other businesses and how they can survive and compete in a globalized economy. This book discusses the unique dynamic brought by family firms that offers both opportunities and challenges for a growing business. Covering topics such as corporate venturing, the family unit, and business ethics, this text is an essential resource for family firms, entrepreneurs, managers, business students, business professors, researchers, and academicians.

Download or read book Corporate Governance and Its Implications on Accounting and Finance written by Alqatan, Ahmad and published by IGI Global. This book was released on 2020-09-25 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the global financial crisis, the topic of corporate governance has been gaining momentum in accounting and finance literature since it may influence firm and bank management in many countries. Corporate Governance and Its Implications on Accounting and Finance provides emerging research exploring the implications of a good corporate governance system after global financial crises. Corporate governance mechanisms may include board and audit committee characteristics, ownership structure, and internal and external auditing. This book is devoted to all topics dealing with corporate governance including corporate governance characteristics, board diversity, CSR, big data governance, bitcoin governance, IT governance, and governance disclosure, and is ideally designed for executives, BODs, financial analysts, government officials, researchers, policymakers, academicians, and students.

Download or read book Family Firms in Transition written by Alan L. Carsrud and published by Springer Science & Business Media. This book was released on 2011-09-15 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many of the challenges faced by family-owned businesses develop after the firm has reached a stage of maturity, when the first generation is faced with issues concerning the role of their children in the business and the long-term future of the enterprise. This collection of case studies from around the world demonstrates how governance of both the business and the family (or lack thereof) impacts succession of leadership in the firm and the inheritance of ownership and wealth. It is the role of governance and how it impacts both family and firm that link these family business cases together with succession and inheritance. These topics have been clustered together because the social systems of the family and the management system of the firm have significant impacts on the success, or failure, of succession plans. All the planning in the world for succession and inheritance will not succeed if the firm does not have a well established and functional governance system. Likewise, if the family does not understand its role in the governance of the firm and the mechanisms for making sound decisions, succession choices may not be accepted by family members. Most family firms fail because of succession issues, not economic ones. This volume features nine in-depth cases of family-owned business from a variety of industries to illuminate the dynamics of governance, succession, and inheritance. Each case illustrates the complexity of issues and, through interactive exercises and questions, offers readers approaches to solutions, which may include less-than-optimal compromises or even selling the business as the only viable option. The examples and insights will prove valuable for students and members of entrepreneurial and family-owned firms, as well as consultants, investors, and other professional advisors.

Download or read book Family Firms and Institutional Contexts written by Giorgia Maria D'Allura and published by Edward Elgar Publishing. This book was released on with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Family firms represent over 90 per cent of businesses globally, and play a significant role in the economies of many nations. This innovative book takes an interdisciplinary, cross-national approach to the study of family firms as institutions as well as the relationship between family firms and external institutions. In doing so, it demonstrates the impact of these interactions both on the firms and institutions themselves and on the wider economic context. Featuring in-depth analysis of original research, chapters take both theoretical and empirical approaches to explore the family firm as an organization, and include several key case studies. At a micro level, the social and cultural unit of the family and its behaviour is investigated, and at a macro level, external institutional contexts are examined to explain and theorise firms' behaviours and strategies, covering areas such as innovation, competitiveness and reputation. The book provides important conceptual insights and critical empirical research, as well as ideas for future research agendas. Family Firms and Institutional Contexts will be a critical read for scholars and doctoral students in business and management, particularly those with an interest in family firms. Policymakers and practitioners in these areas will also find its insights of practical relevance"--

Download or read book Managing for the Long Run written by Danny Miller and published by Harvard Business Press. This book was released on 2005 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fidelity, Hallmark, Michelin, and Wal-Mart are renowned industry powerhouses with long leadership track records. Yet these celebrated companies are united by another factor not generally equated with competitive success: They are all family-controlled businesses. While many view the hallmarks of family businesses—stable strategies, clan cultures, and unencumbered family ownership—as weaknesses, Danny Miller and Isabelle Le Breton-Miller argue that it is these very characteristics that create formidable competitive advantages for many such firms. Managing for the Long Run draws from a worldwide study of enduring, family-run organizations—including Cargill, Timken, L.L. Bean, The New York Times, and IKEA—to reveal their unconventional success strategies and how these strategies can be adopted and applied in any organization. Miller and Le Breton-Miller show how four driving passions of family-run firms—command, continuity, community, and connection—give rise to a set of practices that defy modern management thinking yet ensure a company’s long term competitive advantage. Outlining how these practices can enhance strategic efforts from operations to brand leadership to innovation, this book shows what every company must do to manage for the long run.

Download or read book Family Business Succession written by C. Aronoff and published by Springer. This book was released on 2017-06-30 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: Helps to prepare for passing the family business on to the next generation. Leaders will learn how to create a succession plan; how to develop opportunities for succession candidates; how to build consensus with the family and leaders on succession plans and finally leaders will learn when and how to let go of their own role in the business.

Download or read book Critical success factors and best practices for business succession written by Daniel Scheffold and published by GRIN Verlag. This book was released on 2014-03-03 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 1,3, University of Applied Sciences Stuttgart (Fakultät für Wirtschaft), course: General Management/ International Business Management, language: English, abstract: Purpose: Knowledge of the factors that influence success in the succession of family businesses is limited. Despite recent studies, theory cannot explain why only 10 % of all family businesses make it to the third generation. The aim of this dissertation is to identify critical success factors for succession in family businesses. Methodology: A qualitative multiple-case study design with third-generation family businesses, two from Germany and one from the UK was employed. A cross-case analysis was carried out to identify critical success factors and then complemented by a single-case analysis. Findings: Nine of the ten tested hypotheses were confirmed. These were successor development, professionalization, knowledge transfer, capital structure, corporate governance, family harmony, stepping aside, succession planning and long-term orientation. The hypothesis about dividend policy was not confirmed. No significant differences were found to be based on national influence. Practical Implications: From the results, a new model for family business succession is developed which leads to four best practice recommendations. These are the implementation of shared leadership, linking ownership to management; ensure communication in the family to create family harmony and the use of outside consultants. Limitations: Due to the case study design, this research does not provide statistical generalizable findings. Originality/ Value: This study increases the knowledge about critical success factors of succession in family businesses. The use of cases from two countries and three different industries increases the significance. The newly developed model for family business succession proposes a new view on the succession process that should be tested by future studies.

Download or read book Family Business Succession written by K. LeCouvie and published by Springer. This book was released on 2017-07-03 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first ever comprehensive guide to family business succession planning. This book covers everything from what family business ownership is and how to structure ownership bylaws to business structure, leadership transition, and how a founder exits the business. Drawing on original research, case studies, and white papers, Family Business Succession is a thorough, complete, and "required reading" for every family member working in a family business.

Download or read book Impact of Family Involvement on Financial Performance of Lebanese Family Businesses written by Clara el Batal and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis investigates the existing relationship between family involvement in ownership, direction, business management and the enterprise's financial performance. Whether family managers and directors or non-family managers and outside directors approaches have better influence on the company's financial performance, is also investigated. The relation between conservative, entrenchment management and financial performance is reviewed as well. Lastly, whether family involvements by heirs for longevity goals and business succession have a positive influence on financial performance is also reviewed. The analysis of the family involvement implications on the firm's profitability is based on a quantitative study with a sample of 69 Lebanese companies. Based on the gathered data, the comparison of financial performance and the involvement of family and non-family managers, we concluded that family involvement is negatively correlated to the company's profitability. The more the family is involved in management and in direction, the less the financial performance is realized. Furthermore, the results show a negative association between conservative management, entrenchment and financial performance. Lastly, according to longevity goals and business succession with family involvement by heirs, the result didn't show a significant relationship with financial performance. These results were authenticating through the culture and the qualification of Lebanese family owners and managers. This research study indicates that, non-family managers and family owners act as stewards by caring about maximizing the family business value for all shareholders and by considering the success of the company as their own, instead of acting as agents by prioritizing the family members' utility and personal goals.

Download or read book Securing the Future Volume 1 written by William Reeb and published by John Wiley & Sons. This book was released on 2016-11-21 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is your firm poised for long-term success and viability? Do you even know what that looks like for your firm? The reality is that most CPA firms have their work cut out for them if they want exiting partners to retire comfortably and future leaders to flourish. In the new edition of this popular book and its companion workbook, Reeb and Cingoranelli impart the same no-nonsense advice on succession planning and management that they share with their clients, providing you with the benefits of their years of experience, research, and methodologies. Volume 1 covers fundamental succession and management concepts to ensure that every partner and manager is on the same page and working toward a shared vision. After reading this book you will be able to: Take steps to maximize your firm’s value Shore up your business strategy and operations Remove personal preferences and entitlements from partner discussions Build a strong partner group Ensure your firm survives the departure of key people by creating or improving your succession plan, and more!

Download or read book Competitiveness Organizational Management and Governance in Family Firms written by Camisón, Cesar and published by IGI Global. This book was released on 2019-11-22 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: The "family effect" remains a challenge for researchers interested in both the family firm’s organizational form and in the effects of familial ownership on a firm's strategy, structure, and performance. Governance mechanisms, management quality, ownership concentration, and family involvement all have relevant effects in terms of influencing monitoring costs, investment decisions, the development of the portfolio of resources and capabilities, and family firm competitiveness. Nevertheless, few studies to date have opened the black box of the "family effect." Competitiveness, Organizational Management, and Governance in Family Firms is an essential reference source that makes a clear distinction between the separation of ownership and management, on the one hand, and the institutional development of family governance instruments, on the other, to help uncover the asymmetric effects of these two choices. It also allows the examination as to which of the two strategies employed in family firms reinforce managerial capital that has a greater positive impact on the "family effect," thus helping to achieve better managerial capabilities. Featuring research on topics such as corporate governance, private business, and successional leadership, this book is ideally designed for managers, executives, CEOs, company owners, consultants, business professionals, entrepreneurs, academicians, and researchers interested in an in-depth understanding of the keys to success and survival of family-operated organizations.