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The influence of family ownership on SME performance: evidence from public firms in Taiwan

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  • Wenyi Chu

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  • 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.
  • Handle: RePEc:kap:sbusec:v:33:y:2009:i:3:p:353-373
    DOI: 10.1007/s11187-009-9178-6
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    References listed on IDEAS

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    1. 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.
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    3. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    4. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
    5. Beni Lauterbach & Alexander Vaninsky, 1999. "Ownership Structure and Firm Performance: Evidence from Israel," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 3(2), pages 189-201, June.
    6. 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.
    7. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    8. Benjamin E. Hermalin & Michael S. Weisbach, 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Financial Management, Financial Management Association, vol. 20(4), Winter.
    9. repec:hrv:faseco:30728046 is not listed on IDEAS
    10. Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999. "Understanding the determinants of managerial ownership and the link between ownership and performance," Journal of Financial Economics, Elsevier, vol. 53(3), pages 353-384, September.
    11. 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.
    12. DeAngelo, Harry & DeAngelo, Linda, 2000. "Controlling stockholders and the disciplinary role of corporate payout policy: a study of the Times Mirror Company," Journal of Financial Economics, Elsevier, vol. 56(2), pages 153-207, May.
    13. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    14. Mike Burkart & Denis Gromb & Fausto Panunzi, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 693-728.
    15. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation," Scholarly Articles 29407535, Harvard University Department of Economics.
    16. McConaughy, Daniel L. & Walker, Michael C. & Henderson, Glenn Jr. & Mishra, Chandra S., 1998. "Founding family controlled firms: Efficiency and value," Review of Financial Economics, Elsevier, vol. 7(1), pages 1-19.
    17. Kole, Stacey R., 1995. "Measuring managerial equity ownership: a comparison of sources of ownership data," Journal of Corporate Finance, Elsevier, vol. 1(3-4), pages 413-435, April.
    18. Brenes, Esteban R. & Madrigal, Kryssia & Molina-Navarro, German E., 2006. "Family business structure and succession: Critical topics in Latin American experience," Journal of Business Research, Elsevier, vol. 59(3), pages 372-374, March.
    19. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-390, June.
    20. Larry H. P. Lang & Mara Faccio & Leslie Young, 2001. "Dividends and Expropriation," American Economic Review, American Economic Association, vol. 91(1), pages 54-78, March.
    21. 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.
    22. Smith, Brian F. & Amoako-Adu, Ben, 1999. "Management succession and financial performance of family controlled firms," Journal of Corporate Finance, Elsevier, vol. 5(4), pages 341-368, December.
    23. Silva, Francisca & Majluf, Nicolas & Paredes, Ricardo D., 2006. "Family ties, interlocking directors and performance of business groups in emerging countries: The case of Chile," Journal of Business Research, Elsevier, vol. 59(3), pages 315-321, March.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Volkan Yeniaras & Pinar Sener & Suheyl Unver, 0. "Is market learning the missing link between family involvement – firm performance relationship? A resource-based perspective," International Entrepreneurship and Management Journal, Springer, vol. 0, pages 1-30.
    2. Nicolas Classen & Martin Carree & Anita Gils & Bettina Peters, 2014. "Innovation in family and non-family SMEs: an exploratory analysis," Small Business Economics, Springer, vol. 42(3), pages 595-609, March.
    3. Yunshi Liu & Yi-Jung Chen & Linda C. Wang, 2017. "Family business, innovation and organizational slack in Taiwan," Asia Pacific Journal of Management, Springer, vol. 34(1), pages 193-213, March.
    4. Berlemann, Michael & Jahn, Vera, 2014. "Governance, Firm Size and Innovative Capacity: Regional Empirical Evidence for Germany," Working Paper 150/2014, Helmut Schmidt University, Hamburg.
    5. repec:spr:intemj:v:13:y:2017:i:2:d:10.1007_s11365-016-0417-4 is not listed on IDEAS
    6. Antonio Pedro Soares Pinto & Mario Gomes Augusto, 2014. "Are There Non-linear Effects of Banking Relationships and Ownership Concentration on Operational Performance? Empirical Evidence from Portuguese SMEs Using Cross-section Analysis and Panel Data," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 5(4), pages 67-84, October.
    7. Gallucci, Carmen & Santulli, Rosalia & Calabrò, Andrea, 2015. "Does family involvement foster or hinder firm performance? The missing role of family-based branding strategies," Journal of Family Business Strategy, Elsevier, vol. 6(3), pages 155-165.
    8. Emilia Tomczyk & Maria Aluchna, 2015. "Shareholder structure and compliance with the board best practice: econometric analysis," Applied Econometrics Papers, Department of Applied Econometrics, Warsaw School of Economics, vol. 2(1), pages 51-75.
    9. Carlos Benavides-Velasco & Cristina Quintana-García & Vanesa Guzmán-Parra, 2013. "Trends in family business research," Small Business Economics, Springer, vol. 40(1), pages 41-57, January.
    10. repec:zbw:iamost:85 is not listed on IDEAS
    11. Christina E. Bannier & Sabrina Zahn, 2014. "SMEs' Growth Heterogeneity - Evidence from Regional Developments," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 5(2), pages 23-49, March.
    12. Arosa, Blanca & Iturralde, Txomin & Maseda, Amaia, 2010. "Ownership structure and firm performance in non-listed firms: Evidence from Spain," Journal of Family Business Strategy, Elsevier, vol. 1(2), pages 88-96, June.
    13. Sorin Briciu & Constantin Groza & Alina Putan, 2012. "Small Business Development During The Crisis," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(14), pages 1-2.
    14. Miralles-Marcelo, José Luis & Miralles-Quirós, Maria del Mar & Lisboa, Inês, 2014. "The impact of family control on firm performance: Evidence from Portugal and Spain," Journal of Family Business Strategy, Elsevier, vol. 5(2), pages 156-168.
    15. Fabio Zona, 2015. "Board ownership and processes in family firms," Small Business Economics, Springer, vol. 44(1), pages 105-122, January.
    16. Basco, Rodrigo, 2013. "The family's effect on family firm performance: A model testing the demographic and essence approaches," Journal of Family Business Strategy, Elsevier, vol. 4(1), pages 42-66.
    17. repec:hit:hitjcm:v:56:y:2015:i:1:p:93-115 is not listed on IDEAS
    18. Schlömer-Laufen, Nadine & Kay, Rosemarie & Holz, Michael, 2014. "Works councils in family businesses in Germany: Why are there so few?," Working Papers 03/14, Institut für Mittelstandsforschung (IfM) Bonn.
    19. Anaïs Hamelin, 2013. "Influence of family ownership on small business growth. Evidence from French SMEs," Small Business Economics, Springer, vol. 41(3), pages 563-579, October.
    20. Kweh, Qian Long & Kuo, Kuo-Cheng & Wang, Wei-Kang & Liu, Hsian-Ming, 2015. "Board Independence, Family Control, And Performance In Taiwanese Listed Semiconductor Companies," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 56(1), pages 93-115, June.
    21. Banu Dincer & Caner Dincer, 2016. "Literature Review on the Use of Technology and Information Systems in SMEs," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 6(12), pages 678-684, December.
    22. Ya Ling Tsai & Huei-Ying Chen, 2013. "The Innovation from Buyer and Supplier’s Collaboration," Diversity, Technology, and Innovation for Operational Competitiveness: Proceedings of the 2013 International Conference on Technology Innovation and Industrial Management, ToKnowPress.
    23. repec:eee:reveco:v:51:y:2017:i:c:p:82-98 is not listed on IDEAS
    24. Barros, Ismael & Hernangómez, Juan & Martin-Cruz, Natalia, 2016. "A theoretical model of strategic management of family firms. A dynamic capabilities approach," Journal of Family Business Strategy, Elsevier, vol. 7(3), pages 149-159.
    25. Mazzi, Chiara, 2011. "Family business and financial performance: Current state of knowledge and future research challenges," Journal of Family Business Strategy, Elsevier, vol. 2(3), pages 166-181.

    More about this item

    Keywords

    Family ownership; Family firm; Performance; SME; G32; L25; L26; M1;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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