attention on the relation between family owners who are members of the board of directors and firm performance. Also, this study … directors and firm performance, and specifically, the authors propose an S-shaped effect that implies two breakpoints. Findings … board members' ownership and firm performance in family SMEs. Nevertheless, the results are different in comparing first …

This paper studies the effect of managerial ownership on performance and the determinants of managerial ownership for … for the years 1997-2000. Managerial ownership up to around 80 percent has a positive impact on firm performance (incentive … effect), for higher shares the effect becomes negative entrenchment effect). Moreover, risk-aversion of managers and …