1,720,966 research outputs found
Family involvement in the Board of Directors: Implications for Board Effectiveness
No full textBoard effectiveness hinges on both functional attributes—such as size, independence, activity and
CEO duality—and interpersonal dynamics like cohesion and trust. In family business, the structural
and dynamic perspectives of the board become intricately linked to family heterogeneity, shaped by
the different levels of family involvement in boardrooms. This study examines the effect of family
involvement on board effectiveness within 385 Italian listed family firms (2014–2018), employing a
fixed-effect panel regression. Findings reveal a U-shaped relationship, where moderate family
involvement disrupts cohesion, but higher family or non-family directors’ prevalence enhances
effectiveness. By integrating socio-emotional wealth and upper echelon theories, this research
advances family business and governance literature, offering practical insights for corporate boards
Early adoption of non-financial disclosure in family firms
No full textThis study investigates when the reputation enhancing signals of family firms include early adoption of non-financial disclosure. Drawing on signalling theory, we examine the effect of family ownership on the early adoption of non-financial disclosure and the moderating role of contingency signals: founder chief executive officer (CEO) leadership and employee degrowth rate. We test our hypotheses with panel regressions on a dataset of Italian listed family firms over the period 2013-2017, years before the introduction of mandatory non-financial reporting. The results reveal an inverted U-shaped relationship between family ownership and early adoption of non-financial disclosure, negatively moderated by the presence of a founder CEO and positively moderated by employee degrowth. We discuss the implications of our findings for theory and practice.</p
What use of proceeds do family IPOs signal? The influence of family generational stage and family CEO
No full textPurpose: This study investigates the relationship between the family generational stage and the intended use of the Initial Public Offering (IPO) proceeds disclosed in the prospectus. With the aim to explore family business heterogeneity, it also explores the moderating role of the family CEO. Design/methodology/approach: We draw on signaling theory and hand-collected data on Italian family IPOs that occurred in the period 2000-2020, disentangling the intended use of IPO proceeds as distinguished into three categories. We employ logit regression to test our hypotheses. Findings: According to our theoretical predictions, we find that the family generational stage positively affects the disclosure of the investment reason as the intended use of IPO proceeds, while it negatively influences the use for recapitalization and general corporate purposes. The first relationship is moderated by the presence of a family CEO. Our results remain robust with different family business definitions and a different empirical method.
Originality: The paper is the first to address the topic of the intended use of IPO proceeds in family
businesses. In doing so, it opens avenues for future research by enriching an underdeveloped, albeit growing, area of research, that of preparing for the market scrutiny in family IPOs
Non-Family Board Compensation: Exploring Drivers and Effects of Family-Business Nexus
No full textThe unique characteristics differentiating board compensation structures for family
directors and their non-family counterparts pose a distinctive governance challenge in family
firms. However, the factors influencing non-family board compensation and its consequences
remain largely overlooked. Thus, this paper scrutinizes the potential non-linear relationship
between family board involvement and the compensation of non-family directors,
incorporating the mixed gamble logic perspective. Additionally, the study seeks to unveil the
effects of non-family board compensation on firm performance. Relying on a sample of Italian
listed family firms during the period 2014-2018 and employing a dynamic panel generalized
method of moment (GMM), the findings reveal a U-shaped relationship between family board
involvement and non-family directors' compensation levels. Furthermore, the results prove that
non-family directors’ compensation positively influences firm performance. Delving into this
evidence, the research contributes to both theory and practice by shedding light on the complex
dynamics of family boards, non-family board compensation strategies and their effect on
performance
Looking at IPO signals in family firms: the role of Intellectual Capital Disclosure
No full textFamily businesses face challenges in balancing their unique values with external pressures, especially during
Initial Public Offerings (IPOs). Drawing on signalling theory, we explore how family involvement in governance
affects intellectual capital disclosure (ICD) and its subsequent impact on post-IPO survival. To this aim, we
analyse 179 Italian family IPOs between 2000 and 2022. Our results uncover a U-shaped relationship between
family governance involvement—at both ownership and board levels—and ICD. Moreover, the latter not only
balances the perception of family influence but also positively affects post-IPO survival by demonstrating the
firm’s commitment to leveraging knowledge assets. We contribute to the ongoing debate on the signals and
disclosure strategies in family firms’ IPOs by considering the going public process in its entirety. Our findings
also bear important managerial implications for both senders and receivers of the IPO prospectus signals
Navigating Tax Avoidance in Family Firms: a Literature Review.
No full textWhile tax avoidance has attracted scholarly and policy interest over the years, its implications in family businesses are far from being completely understood. Motivated by the growing attention to family firms’ tax-saving strategies, this work-in-progress paper aims to critically and systematically review 25 articles on tax avoidance in family businesses, published between 2010 and 2023, representing the entire literature on the subject. Building upon the review of the current state of the art in the field, the study offers future research avenues and questions to be addressed to move forward our knowledge on the topic
Financial accounting in family business: a systematic literature review and future research agenda
Full text linkAcademic researchers have recently recognised the impact of family firms’
idiosyncrasies and characteristics on financial accounting practices, and identified
distinctions between family and non-family businesses. However, this issue still
needs appropriate systematisation and discussion. It is important to understand
how family businesses’ features shape financial accounting phenomena, but the
most authoritative review on the topic dates back more than 10 years. We therefore
conducted a systematic review of 133 articles on financial accounting in family firms
published in peer-reviewed journals up to 2023. We aimed to assess what scholars
have explored so far on this topic, interpreting findings using three levels of analysis:
family, business, and individual. The novelty of our paper comes from using this
framework to create a thematic map that provides a comprehensive overview of the
current research on this topic and developing an extensive research agenda for future
studies. The article also provides practical implications for family firm managers,
practitioners, and regulators by clarifying the influence of characteristics of family
businesses on accounting practices
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
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