IDEAS home Printed from https://ideas.repec.org/a/eee/reveco/v51y2017icp82-98.html
   My bibliography  Save this article

Family ownership and financial performance relations in emerging markets

Author

Listed:
  • Wang, Kun Tracy
  • Shailer, Greg

Abstract

We use meta-analysis techniques to review the literature on the relation between family ownership concentration and performance for listed corporations in emerging markets. We find underlying positive relations between family ownership and performance that vary over time and across countries. Our tests highlight the importance of institutions in explaining differences across countries. We also find that a significant amount of the differences in relations across studies is influenced by researchers’ choices of regression methods for accounting for endogeneity. Generally, our results are consistent with the view that family ownership concentration can enhance monitoring of managers or better align majority and minority shareholder interests to improve corporate performance in emerging markets.

Suggested Citation

  • Wang, Kun Tracy & Shailer, Greg, 2017. "Family ownership and financial performance relations in emerging markets," International Review of Economics & Finance, Elsevier, vol. 51(C), pages 82-98.
    • Handle: RePEc:eee:reveco:v:51:y:2017:i:c:p:82-98
    DOI: 10.1016/j.iref.2017.05.014
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1059056017304045
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.iref.2017.05.014?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Simon Johnson, 2000. "Tunneling," American Economic Review, American Economic Association, vol. 90(2), pages 22-27, May.
    2. Barclay, Michael J. & Holderness, Clifford G., 1989. "Private benefits from control of public corporations," Journal of Financial Economics, Elsevier, vol. 25(2), pages 371-395, December.
    3. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-1158, December.
    4. Attiya Y. Javid & Robina Iqbal, 2010. "Corporate Governance in Pakistan : Corporate Valuation, Ownership and Financing," Governance Working Papers 22830, East Asian Bureau of Economic Research.
    5. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2201, October.
    6. Juan Manuel San Martin-Reyna & Jorge A. Duran-Encalada, 2015. "Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance," IJFS, MDPI, vol. 3(1), pages 1-19, March.
    7. Bong‐Chan Kho & René M. Stulz & Francis E. Warnock, 2009. "Financial Globalization, Governance, and the Evolution of the Home Bias," Journal of Accounting Research, Wiley Blackwell, vol. 47(2), pages 597-635, May.
    8. Imen Khanchel El Mehdi, 2007. "Empirical Evidence on Corporate Governance and Corporate Performance in Tunisia," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1429-1441, November.
    9. Weiping Liu & Haibin Yang & Guangxi Zhang, 2012. "Does family business excel in firm performance? An institution-based view," Asia Pacific Journal of Management, Springer, vol. 29(4), pages 965-987, December.
    10. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
    11. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    12. Silva, Francisca & Majluf, Nicolás, 2008. "Does family ownership shape performance outcomes?," Journal of Business Research, Elsevier, vol. 61(6), pages 609-614, June.
    13. Anderson, Ronald C. & Mansi, Sattar A. & Reeb, David M., 2003. "Founding family ownership and the agency cost of debt," Journal of Financial Economics, Elsevier, vol. 68(2), pages 263-285, May.
    14. Alexander Dyck & Luigi Zingales, 2004. "Private Benefits of Control: An International Comparison," Journal of Finance, American Finance Association, vol. 59(2), pages 537-600, April.
    15. Bai, Chong-En & Liu, Qiao & Lu, Joe & Song, Frank M. & Zhang, Junxi, 2004. "Corporate governance and market valuation in China," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 599-616, December.
    16. Wang, Kun & Xiao, Xing, 2011. "Controlling shareholders' tunneling and executive compensation: Evidence from China," Journal of Accounting and Public Policy, Elsevier, vol. 30(1), pages 89-100, January.
    17. Ivalina Kalcheva & Karl V. Lins, 2007. "International Evidence on Cash Holdings and Expected Managerial Agency Problems," The Review of Financial Studies, Society for Financial Studies, vol. 20(4), pages 1087-1112.
    18. Lins, Karl V., 2003. "Equity Ownership and Firm Value in Emerging Markets," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(1), pages 159-184, March.
    19. Stiglitz, Joseph E. & Muet, Pierre-Alain (ed.), 2001. "Governance, Equity, and Global Markets: The Annual Bank Conference on Development Economics - Europe," OUP Catalogue, Oxford University Press, number 9780199241552.
    20. Konstantopoulos, Spyros, 2006. "Fixed and Mixed Effects Models in Meta-Analysis," IZA Discussion Papers 2198, Institute of Labor Economics (IZA).
    21. Chi, Ching Wen & Hung, Ken & Cheng, Hui Wen & Tien Lieu, Pang, 2015. "Family firms and earnings management in Taiwan: Influence of corporate governance," International Review of Economics & Finance, Elsevier, vol. 36(C), pages 88-98.
    22. World Bank, 2008. "World Development Indicators 2008," World Bank Publications - Books, The World Bank Group, number 11855, December.
    23. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-1177, December.
    24. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
    25. Omran, Mohammed, 2009. "Post-privatization corporate governance and firm performance: The role of private ownership concentration, identity and board composition," Journal of Comparative Economics, Elsevier, vol. 37(4), pages 658-673, December.
    26. Johnson, Simon & Boone, Peter & Breach, Alasdair & Friedman, Eric, 2000. "Corporate governance in the Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 141-186.
    27. Yu-Chih Lin & Shaio Yan Huang & Shu-Chao Young, 2008. "An empirical study on the relationship between ownership and firm performance: Taiwan evidence," Afro-Asian Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 1(1), pages 67-80.
    28. Chen, Jian, 2001. "Ownership Structure as Corporate Governance Mechanism: Evidence from Chinese Listed Companies," Economic Change and Restructuring, Springer, vol. 34(1-2), pages 53-72.
    29. Bae, Kee-Hong & Baek, Jae-Seung & Kang, Jun-Koo & Liu, Wei-Lin, 2012. "Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence," Journal of Financial Economics, Elsevier, vol. 105(2), pages 412-435.
    30. Roszaini Haniffa & Mohammad Hudaib, 2006. "Corporate Governance Structure and Performance of Malaysian Listed Companies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(7-8), pages 1034-1062.
    31. Jensen, Michael C. & Ruback, Richard S., 1983. "The market for corporate control : The scientific evidence," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 5-50, April.
    32. Stijn Claessens & Simeon Djankov & Joseph P. H. Fan & Larry H. P. Lang, 2002. "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings," Journal of Finance, American Finance Association, vol. 57(6), pages 2741-2771, December.
    33. Harvey James, 1999. "Owner as Manager, Extended Horizons and the Family Firm," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 6(1), pages 41-55.
    34. Anuchitworawong, Chaiyasit, 2004. "Ownership-based Incentives, Internal Corporate Risk and Firm Performance," CEI Working Paper Series 2004-17, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    35. Roger D. Huang & Cheng‐Yi Shiu, 2009. "Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan," Financial Management, Financial Management Association International, vol. 38(3), pages 567-602, September.
    36. Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
    37. Chakrabarty, Subrata, 2009. "The influence of national culture and institutional voids on family ownership of large firms: A country level empirical study," Journal of International Management, Elsevier, vol. 15(1), pages 32-45, March.
    38. Roszaini Haniffa & Mohammad Hudaib, 2006. "Corporate Governance Structure and Performance of Malaysian Listed Companies," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(7‐8), pages 1034-1062, September.
    39. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, April.
    40. Dong‐Sung Cho & Jootae Kim, 2007. "Outside Directors, Ownership Structure and Firm Profitability in Korea," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(2), pages 239-250, March.
    41. Michael Carney & Daniel Shapiro & Yao Tang, 2009. "Business Group Performance in China: Ownership and Temporal Considerations," Management and Organization Review, The International Association for Chinese Management Research, vol. 5(2), pages 167-193, July.
    42. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
    43. Easterbrook, Frank H, 1984. "Two Agency-Cost Explanations of Dividends," American Economic Review, American Economic Association, vol. 74(4), pages 650-659, September.
    44. Denis, David J. & Denis, Diane K., 1994. "Majority owner-managers and organizational efficiency," Journal of Corporate Finance, Elsevier, vol. 1(1), pages 91-118, March.
    45. Grossman, Sanford J & Hart, Oliver D, 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Journal of Political Economy, University of Chicago Press, vol. 94(4), pages 691-719, August.
    46. Ronald C. Anderson & David M. Reeb, 2003. "Founding-Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1327, June.
    47. Shahab-u- Din & Attiya Y Javid, 2012. "Impact of Family Ownership Concentration on the Firm’s Performance (Evidence from Pakistani Capital Market)," Journal of Asian Business Strategy, Asian Economic and Social Society, vol. 2(3), pages 63-70.
    48. Wenyi Chu, 2009. "The influence of family ownership on SME performance: evidence from public firms in Taiwan," Small Business Economics, Springer, vol. 33(3), pages 353-373, October.
    49. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    50. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
    51. Mr. Oleh Havrylyshyn & Mr. Donal McGettigan, 1999. "Privatization in Transition Countries: A Sampling of the Literature," IMF Working Papers 1999/006, International Monetary Fund.
    52. Fan, Joseph P.H. & Wei, K.C. John & Xu, Xinzhong, 2011. "Corporate finance and governance in emerging markets: A selective review and an agenda for future research," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 207-214, April.
    53. Connelly, J. Thomas & Limpaphayom, Piman & Nagarajan, Nandu J., 2012. "Form versus substance: The effect of ownership structure and corporate governance on firm value in Thailand," Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1722-1743.
    54. Gang Wei, 2007. "Ownership Structure, Corporate Governance and Company Performance in China," Asia Pacific Business Review, Taylor & Francis Journals, vol. 13(4), pages 519-545, October.
    55. Wenyi Chu, 2011. "Family ownership and firm performance: Influence of family management, family control, and firm size," Asia Pacific Journal of Management, Springer, vol. 28(4), pages 833-851, December.
    56. Tarun Khanna & Krishna Palepu, 1999. "Emerging Market Business Groups, Foreign Investors, and Corporate Governance," NBER Working Papers 6955, National Bureau of Economic Research, Inc.
    57. Villalonga, Belen & Amit, Raphael, 2006. "How do family ownership, control and management affect firm value?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 385-417, May.
    58. Marianne Bertrand & Paras Mehta & Sendhil Mullainathan, 2002. "Ferreting out Tunneling: An Application to Indian Business Groups," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(1), pages 121-148.
    59. Shivdasani, Anil, 1993. "Board composition, ownership structure, and hostile takeovers," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 167-198, April.
    60. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    61. Jae‐Seung Baek & Jun‐Koo Kang & Inmoo Lee, 2006. "Business Groups and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols," Journal of Finance, American Finance Association, vol. 61(5), pages 2415-2449, October.
    62. Lien, Yung-Chih & Li, Shaomin, 2013. "Does diversification add firm value in emerging economies? Effect of corporate governance," Journal of Business Research, Elsevier, vol. 66(12), pages 2425-2430.
    63. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    64. Igor Filatotchev & Yung-Chih Lien & Jenifer Piesse, 2005. "Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan," Asia Pacific Journal of Management, Springer, vol. 22(3), pages 257-283, September.
    65. Yi Jiang & Mike Peng, 2011. "Are family ownership and control in large firms good, bad, or irrelevant?," Asia Pacific Journal of Management, Springer, vol. 28(1), pages 15-39, March.
    66. Fama, Eugene F. & Jensen, Michael C., 1985. "Organizational forms and investment decisions," Journal of Financial Economics, Elsevier, vol. 14(1), pages 101-119, March.
    67. Miron Stano, 1976. "Monopoly Power, Ownership Control, and Corporate Performance," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 672-679, Autumn.
    68. Yuan, Rongli & Xiao, Jason Zezhong & Zou, Hong, 2008. "Mutual funds' ownership and firm performance: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 32(8), pages 1552-1565, August.
    69. Tian, Lihui & Estrin, Saul, 2008. "Retained state shareholding in Chinese PLCs: Does government ownership always reduce corporate value?," Journal of Comparative Economics, Elsevier, vol. 36(1), pages 74-89, March.
    70. Shahab-u-Din & Attiya Y. Javid, 2012. "Impact of Family Ownership Concentration on the Firm?s Performance (Evidence from Pakistani Capital Market)," Journal of Asian Business Strategy, Asian Economic and Social Society, vol. 2(3), pages 63-70, March.
    71. Muhammad Prabowo & John Simpson, 2011. "Independent directors and firm performance in family controlled firms: evidence from Indonesia," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 25(1), pages 121-132, May.
    72. Kimberly A. Eddleston & Franz W. Kellermanns & Steven W. Floyd & Victoria L. Crittenden & William F. Crittenden, 2013. "Planning for Growth: Life Stage Differences in Family Firms," Entrepreneurship Theory and Practice, , vol. 37(5), pages 1177-1202, September.
    73. Kun Wang & Greg Shailer, 2015. "Ownership Concentration And Firm Performance In Emerging Markets: A Meta-Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 29(2), pages 199-229, April.
    74. Wei, K.C. John & Zhang, Yi, 2008. "Ownership structure, cash flow, and capital investment: Evidence from East Asian economies before the financial crisis," Journal of Corporate Finance, Elsevier, vol. 14(2), pages 118-132, April.
    75. Lin-Ching Hsu & Hae-Ching Chang, 2011. "The Role of Behavioral Strategic Controls in Family Firm Innovation," Industry and Innovation, Taylor & Francis Journals, vol. 18(7), pages 709-727, October.
    76. Luca Enriques & Paolo Volpin, 2007. "Corporate Governance Reforms in Continental Europe," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 117-140, Winter.
    77. Michael S. Rozeff, 1982. "Growth, Beta And Agency Costs As Determinants Of Dividend Payout Ratios," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 5(3), pages 249-259, September.
    78. Chen, Chao-Jung & Hsu, Chung-Yuan & Chen, Yu-Lin, 2014. "The impact of family control on the top management compensation mix and incentive orientation," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 29-46.
    79. Robin Mackie, 2001. "Family Ownership and Business Survival: Kirkcaldy, 1870-1970," Business History, Taylor & Francis Journals, vol. 43(3), pages 1-32.
    80. Randall Morck & Bernard Yeung, 2003. "Agency Problems in Large Family Business Groups," Entrepreneurship Theory and Practice, , vol. 27(4), pages 367-382, October.
    81. Suwina Cheng & Michael Firth, 2006. "Family ownership, corporate governance, and top executive compensation," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 27(7), pages 549-561.
    82. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
    83. Marc-Michael H. Bergfeld & Felix-Michael Weber, 2011. "Dynasties of innovation: highly performing German family firms and the owners' role for innovation," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 13(1), pages 80-94.
    84. Marianne Bertrand & Antoinette Schoar, 2006. "The Role of Family in Family Firms," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 73-96, Spring.
    85. Rick L. Williams, 2000. "A Note on Robust Variance Estimation for Cluster-Correlated Data," Biometrics, The International Biometric Society, vol. 56(2), pages 645-646, June.
    86. William S. Schulze & Michael H. Lubatkin & Richard N. Dino & Ann K. Buchholtz, 2001. "Agency Relationships in Family Firms: Theory and Evidence," Organization Science, INFORMS, vol. 12(2), pages 99-116, April.
    87. World Bank, 2008. "World Development Indicators 2008," World Bank Publications - Books, The World Bank Group, number 28241, December.
    88. Kee‐Hong Bae & Jun‐Koo Kang & Jin‐Mo Kim, 2002. "Tunneling or Value Added? Evidence from Mergers by Korean Business Groups," Journal of Finance, American Finance Association, vol. 57(6), pages 2695-2740, December.
    89. Maria Abreu & Henri L.F. de Groot & Raymond J.G.M. Florax, 2005. "A Meta-Analysis of Beta-Convergence: The Legendary Two-Percent," Tinbergen Institute Discussion Papers 05-001/3, Tinbergen Institute.
    90. Baek, Jae-Seung & Kang, Jun-Koo & Suh Park, Kyung, 2004. "Corporate governance and firm value: evidence from the Korean financial crisis," Journal of Financial Economics, Elsevier, vol. 71(2), pages 265-313, February.
    91. Ronald C. Anderson & David M. Reeb, 2003. "Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1328, June.
    92. Jira Yammeesri & Sudhir C. Lodh & Siriyama Kanthi Herath, 2006. "Influence of ownership structure and corporate performance precrisis: evidence from Thailand," International Journal of Electronic Finance, Inderscience Enterprises Ltd, vol. 1(2), pages 181-199.
    93. B. Yurtoglu, 2000. "Ownership, Control and Performance of Turkish Listed Firms," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 27(2), pages 193-222, June.
    94. Joseph Stiglitz, 1999. "Quis Custodiet Ipsos Custodes?," Challenge, Taylor & Francis Journals, vol. 42(6), pages 26-67, November.
    95. Roberto Rigobon & Dani Rodrik, 2005. "Rule of law, democracy, openness, and income," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 13(3), pages 533-564, July.
    96. Wang, Changyun, 2005. "Ownership and operating performance of Chinese IPOs," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1835-1856, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Todor S. Lohwasser & Felix Hoch & Franz W. Kellermanns, 2022. "Strength in Stability: A Meta-Analysis of Family Firm Performance Moderated by Institutional Stability and Regime Type," Entrepreneurship Theory and Practice, , vol. 46(1), pages 117-158, January.
    2. Lai, Shaojie & Liang, Hongyan & Liu, Zilong & Pu, Xiaoling & Zhang, Jianing, 2022. "Ownership concentration among entrepreneurial firms: The growth-control trade-off," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 122-140.
    3. Sihai Li & Yi Quan & Gary Gang Tian & Kun Tracy Wang & Stella Huiying Wu, 2022. "Academy fellow independent directors and innovation," Asia Pacific Journal of Management, Springer, vol. 39(1), pages 103-148, March.
    4. Christopher Hansen & Joern Block & Matthias Neuenkirch, 2020. "Family Firm Performance Over The Business Cycle: A Meta‐Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 34(3), pages 476-511, July.
    5. Jiaqi Chen & Xi Zhao & Xiaotong Niu & Ying Han Fan & Grantley Taylor, 2020. "Does M&A Financing Affect Firm Performance under Different Ownership Types?," Sustainability, MDPI, vol. 12(8), pages 1-15, April.
    6. Norazlin Ahmad & Irene Wei Kiong Ting & Imen Tebourbi & Qian Long Kweh, 2022. "Non-linearity between family control and firm financial sustainability: moderating effects of CEO tenure and education," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(4), pages 719-741, December.
    7. Aziz Jaafar & Lynn Hodgkinson & Mao-Feng Kao, 2019. "Ownership Structure, Board of Directors and Firm Performance: Evidence from Taiwan," Working Papers 19011, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    8. Wang, Kun Tracy & Shailer, Greg, 2022. "Multiple performance criteria for government-controlled firms," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 75-96.
    9. Hansen, Christopher & Block, Joern, 2020. "Exploring the relation between family involvement and firms’ financial performance: A replication and extension meta-analysis," Journal of Business Venturing Insights, Elsevier, vol. 13(C).
    10. Wang, Kun Tracy & Kartika, Fiki & Wang, Wanbin Walter & Luo, Guqiang, 2021. "Corporate social responsibility, investor protection, and the cost of equity: Evidence from East Asia," Emerging Markets Review, Elsevier, vol. 47(C).
    11. Lozano, M. Belén & Yaman, Serhat, 2020. "The determinants of cash flow sensitivity of cash: The family ownership effect," Research in International Business and Finance, Elsevier, vol. 53(C).
    12. Kim, Incheol & Lee, Suin & Sharma, Bina, 2023. "Competition law reform and firm performance: Evidence from developing countries," Emerging Markets Review, Elsevier, vol. 56(C).
    13. Edy Suprianto & Doddy Setiawan, 2018. "Impact of family control on the relationship between earning management and future performance in Indonesia," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(2), pages 342-354, April.
    14. Pérez-López, M. Carmen & Gómez-Miranda, M. Elena & Argente-Linares, Eva & López-Sánchez, Lina, 2018. "The internationalisation of Spanish family firms through business groups: Factors affecting the profitability, and the moderating effect of the family nature of the Spanish business," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 21(1), pages 82-90.
    15. Yaseen Al-Janadi, 2021. "Ownership Structure and Firm Performance in the Middle East: A Meta-Analysis," JRFM, MDPI, vol. 14(12), pages 1-23, December.
    16. Wu, Ming & Ohk, Kiyool & Ko, Kwangsoo, 2019. "Are cash-flow betas really bad? Evidence from the Greater Chinese stock markets," International Review of Financial Analysis, Elsevier, vol. 63(C), pages 58-68.
    17. Ruqia Shaikh & Zhiqiang Li & Xiaoli Wang & Muhammad Rizwan Nazir, 2022. "Firm innovation and ultimate control mechanism: Case of emerging market," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(2), pages 440-456, March.
    18. Qingqing Lin & Julie Jie Wen, 2021. "Family Business, Resilience, and Ethnic Tourism in Yunnan, China," Sustainability, MDPI, vol. 13(21), pages 1-9, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kun Tracy Wang & Greg Shailer, 2018. "Does Ownership Identity Matter? A Meta‐analysis of Research on Firm Financial Performance in Relation to Government versus Private Ownership," Abacus, Accounting Foundation, University of Sydney, vol. 54(1), pages 1-35, March.
    2. Kun Wang & Greg Shailer, 2015. "Ownership Concentration And Firm Performance In Emerging Markets: A Meta-Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 29(2), pages 199-229, April.
    3. Khosa,Amrinder & Ahmed,Kamran & Henry,Darren, 2019. "Ownership Structure, Related Party Transactions, and Firm Valuation," Cambridge Books, Cambridge University Press, number 9781108492195.
    4. Naeem Tabassum & Satwinder Singh, 2020. "Corporate Governance and Organisational Performance," Springer Books, Springer, number 978-3-030-48527-6, September.
    5. Christopher Hansen & Joern Block & Matthias Neuenkirch, 2020. "Family Firm Performance Over The Business Cycle: A Meta‐Analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 34(3), pages 476-511, July.
    6. Bowo Setiyono & Amine Tarazi, 2014. "Does the presence of institutional investors in family banks affect profitability and risk? Evidence from an emerging market," Working Papers hal-01077118, HAL.
    7. González, Maximiliano & Guzmán, Alexander & Pombo, Carlos & Trujillo, María-Andrea, 2012. "Family firms and financial performance: The cost of growing," Emerging Markets Review, Elsevier, vol. 13(4), pages 626-649.
    8. Morck, Randall & Deniz Yavuz, M. & Yeung, Bernard, 2011. "Banking system control, capital allocation, and economy performance," Journal of Financial Economics, Elsevier, vol. 100(2), pages 264-283, May.
    9. Bernard Yeung & Randall Morck & Daniel Wolfenzon, 2004. "Corporate Governance, Economic Entrenchment and Growth," Working Papers 04-21, New York University, Leonard N. Stern School of Business, Department of Economics.
    10. Randall Morck, 2011. "Finance and Governance in Developing Economies," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 375-406, December.
    11. Mike Peng & Yi Jiang, 2006. "Family Ownership And Control In Large Firms: The Good, The Bad, The Irrelevant ??? And Why," William Davidson Institute Working Papers Series wp840, William Davidson Institute at the University of Michigan.
    12. Sumon Kumar Bhaumik & Andros Gregoriou, 2010. "‘Family’ Ownership, Tunnelling And Earnings Management: A Review Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 705-730, September.
    13. Hamadi, Malika & Heinen, Andréas, 2015. "Firm performance when ownership is very concentrated: Evidence from a semiparametric panel," Journal of Empirical Finance, Elsevier, vol. 34(C), pages 172-194.
    14. Aziz Jaafar & Lynn Hodgkinson & Mao-Feng Kao, 2019. "Ownership Structure, Board of Directors and Firm Performance: Evidence from Taiwan," Working Papers 19011, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    15. Michael N. Young & Mike W. Peng & David Ahlstrom & Garry D. Bruton & Yi Jiang, 2008. "Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective," Journal of Management Studies, Wiley Blackwell, vol. 45(1), pages 196-220, January.
    16. Nhung Hong LE, 2017. "The impact of family ownership status on determinants of leverage. Empirical evidence from South East Asia," Working Papers of LaRGE Research Center 2017-09, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    17. Andres, Christian, 2008. "Large shareholders and firm performance--An empirical examination of founding-family ownership," Journal of Corporate Finance, Elsevier, vol. 14(4), pages 431-445, September.
    18. Johan Eklund & Johanna Palmberg & Daniel Wiberg, 2013. "Inherited corporate control and returns on investment," Small Business Economics, Springer, vol. 41(2), pages 419-431, August.
    19. Chen, Chao-Jung & Hsu, Chung-Yuan & Chen, Yu-Lin, 2014. "The impact of family control on the top management compensation mix and incentive orientation," International Review of Economics & Finance, Elsevier, vol. 32(C), pages 29-46.
    20. Bouzgarrou, Houssam & Navatte, Patrick, 2013. "Ownership structure and acquirers performance: Family vs. non-family firms," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 123-134.

    More about this item

    Keywords

    Meta-analysis; Ownership; Performance; Emerging markets;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:reveco:v:51:y:2017:i:c:p:82-98. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620165 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.