This research examines the effectiveness of Family Constitution or Family Protocol agreements in mitigating each type … of agency conflict in family firms. We performed a qualitative analysis, through a case study, and found that the … succession process is the main driver for implementing this family governance mechanism. Our findings also show that a family …

We study the effects of family control on CEO pay from the perspective of behavioral agency model (BAM), with … particular focus on family firm's generational stage and CEO family ties. Using a panel of Australian listed firms, we find that … family firms present lower total and variable CEO pay, showing also less pay disparity between the CEO and other top …

We examine how ownership by couples affects risk taking in family firms. We find that firms co-owned by couples exhibit … couples' efforts to preserve a family legacy in the presence of children, rather than the role of gender. The risk reduction … is stronger in industries with a higher female concentration and when the family is under majority shareholder pressure …

We study 288 family firms included in the NSE CNX 500 index of the National Stock Exchange of India. We find an … entrenchment-alignment-entrenchment relationship between family ownership and firm value. We show that family CEO has a negative … moderating effect on the relationship between family ownership and firm value. When the interaction effect of Family CEO on …

Family-owned companies occupy a large proportion of enterprises all over the world. It is meaningful for people to … understand how family ownership may affect firms’ financing strategies. This paper tends to summarize the results of previous … studies. However, different scholars reach different results of the correlation between family ownership and debt levels. Some …

In January 2010 the Deutsche Börse Group introduced two family firm stock indices. Both indices are calculated as price … and performance indices and extend the number of investment strategy indices of Deutsche Börse Group. The DAXplus Family … is an all-share index whereas the DAXplus Family 30 represents a selection index of the 30 largest and most liquid Prime …

This paper studies the relationship between ownership concentration, family ownership, management, and market and …-shaped relationship between ownership concentration and market performance, present in family and non-family firms, pointing out an … entrenchment effect or excessive risk aversion of the controlling group. The effect is worsened for family firms. The presence of …

The aim of this paper is to examine how family businesses and non-family businesses pay their CEOs differently and the … relationships among family firms, executive pay and corporate governance mechanisms. The empirical results show that compare with … non-family businesses, family businesses tend to grant more fixed compensation and less performance-based pay to their …

Building on the theory of Burkart et al. (2003) that family ownership and control of firms mitigate the twin conflicts … and informal governance within controlling families helps mitigate conflicts among family members, a third type of agency … problem unique to family firms. We analyze the internal governance of firms' controlling families and its effects on corporate …

This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle … the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the … founding family. Thereby, we use a unique panel dataset of 660 publicly listed companies (5,135 firm years) in the broadest …