1,720,977 research outputs found
The role of culture in family business governance
No full textThis study investigates whether the governance arrangements of listed family firms vary across countries
depending on differences in cultural values. Extant research maintains that the governance arrangements of
listed family firms are strongly influenced
the institution of the family (Miller et al., 2017). Family business scholars have remarked that such logic of the
family often leads listed family firms to adopt family-intensive governance arrangements (e.g., large family
ownership, employment of family members in key corporate po
the eye of market actors and observers (Miller et al., 2018; Miller et al. 2013) who are more accustomed to a
reward for performance (Thornton et al., 2015). In turn, such family-intensive governance tends to trigger
financial markets ́ and public shareholders ́ skepticism about listed family firms ́ competency and
trustworthiness.
In this paper we challenge this conventional assumption by proposing that family-intensive governance
arrangements may not be ubiquitously seen as unorthodox by market observers but, depending on the cultural
context, they may even be considered as valuable and value-adding. Our argument builds on the notion that
logics are socially- and culturally-determined constructs that vary around the world (Greenwood et al. 2011;
Thornton et al., 2015). As a result, we contend that what market participants and observers consider as orthodox
governance arrangements will tend to vary across countries. Importantly, this also implies that the extent of the
skepticism triggered by a strong invovement of the family in corporate decisions also varies from country to
country. More specifically, we theorize that in long-term oriented societies stakeholders of the financial market
may evaluate more positively the long-range temporal perspective of family governance because in such cultural
contexts people embrace and more positively evaluate virtues oriented to future rewards (Hofstede, 2001;
Hofstede et al., 2010). We thus hypothesize that it will be more likely for listed family firms to adopt familyintensive
governance arrangements in long-term oriented societies than in short-term oriented ones. To test our
theory, we analyzed a global sample of 826 listed family firms. Our findings show that the long-term orientation
of a society is positively associated to the likelihood that the family owns the largest portion of the firm ́s equity
and at the same time the CEO is a member of the family while it is negatively associated to the likelihood that
the family owns a minority equity stake.
This study contributes to research on family firm internationalization (Debellis et al., 2021; Rondi et
al., 2022) and on the governance arrangements of listed family firms (e.g. Miller et al., 2013; 2018) by arguing
and showing that cultural values in our case the long-term orientation of a society affect the extent to which
market stakeholders perceive a misalignment between family and business logics because their own culture
inevitably shapes their judgement and their understanding of the elements that characterize proper business
practices. Therefore, in so far as the values associated to family ownership and control are considered as
important in a culture, an intense involvement of the family in the governance of listed firms should not trigger
such strong negative stakeholders ́ reactions as past research had assumed and theorized
Long-term orientation, family-intensive governance arrangements, and firm performance: an institutional economics perspective
Full text linkIn this study, we examine the effect of cultural long-term orientation on the likelihood of adopting more family-intensive governance arrangements (FGAs) and the impact on firm performance. FGAs may impose various costs on the firm, including the extraction of private benefits, conflicts with professional managers, paternalistic human resource management practices, and lower legitimacy. Drawing on institutional economics, we theorize that cultural long-term orientation reduces some of these costs, thereby increasing the relative efficiency of FGAs as a governance option. Thus, we expect FGAs to be adopted more frequently in countries with a more long-term orientation. We also expect FGAs to have a less negative impact on performance in these countries as a result of these lower costs. The results of mixed-effects regressions on a cross-sectional sample of 3221 listed family and nonfamily firms in 19 countries confirm that FGAs are more likely to be adopted in more long-term oriented countries. We also find that FGAs have a negative effect on firm performance, but not that cultural long-term orientation weakens this relationship. However, an interesting mediating effect emerges whereby cultural long-term orientation increases the likelihood of adopting FGAs but negatively affects firm performance.Family firms are embedded in institutional frameworks that inevitably shape their governance structures and performance. In this study, we examine the impact of cultural long-term orientation on the likelihood of adopting more family-intensive governance structures and their effect on performance. Specifically, drawing on institutional theory, we hypothesize that (a) a country's long-term orientation increases the likelihood of adopting more family-intensive governance structures; (b) family-intensive governance negatively affects performance; (c) a country's long-term orientation plays a moderating role in the relationship between family-intensive governance and performance. Our statistical analysis using mixed-effects regressions on a cross-sectional dataset of 3221 publicly listed family and nonfamily firms in 19 countries validates the first two hypotheses. Although we do not find that cultural long-term orientation weakens the negative effect of family-intensive governance and performance, our results reveal an intriguing mediating effect suggesting that cultural long-term orientation negatively affects firm performance by increasing the intensity of family involvement in firm governance
“If you like it Green, put a ring on it”: Married women directors and environmental performance in family and non-family businesses
No full textBoard openness and family firm internationalization: a social capital perspective
No full textOrganizational social capital is embodied in the composition of the board of directors, suggesting that different board compositions are related to different levels of bonding (internal) and bridging (external) social capital, which affects key strategic outcomes, such as internationalization. Despite its importance, the role of social capital in explaining family firm (FF) internationalization has been overlooked by previous literature. We fill this gap by drawing on social capital theory and studying how board openness to non-family directors affects a firm’s FDI geographic scope. We argue that the coexistence of both family and non-family directors can be a double-edged sword. Indeed, it can be related to low levels of interaction and integration within the boardroom (low bonding social capital), thus leading to a low level of FDI geographic scope. Moreover, we hypothesize that firm age has an important moderating role in the U-shaped relationship between the family board ratio and firm FDI geographic scope. Our analysis of a panel dataset of 7,707 Italian FFs suggests that the development of bonding social capital is more likely in young firms, whereas a balanced juxtaposition of family and non-family directors is detrimental in more mature firms. Therefore, except for young FFs, the board leads to a higher level of internationalization when it is dominated by one group (either family or non-family); however, boards dominated by non-family directors always lead to a higher FDI geographic scope. We provide important practical insights as well as theoretical implications for FFs’ internationalization, social capital, and corporate governance researc
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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