دانلود رایگان مقاله لاتین آنالیز عملکرد مالی شرکت از سایت الزویر
عنوان فارسی مقاله:
متا تجزیه و تحلیل از عملکرد مالی شرکت های خانوادگی: تلاشی دیگر
عنوان انگلیسی مقاله:
A meta-analysis of the financial performance of family firms: Another attempt
سال انتشار : 2015
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مقدمه انگلیسی مقاله:
1. Introduction
There has been a long and controversial debate in family business research about the performance differences between family and non-family firms. Scholars have presented arguments both in favour of and against the superior performance of family firms. Family altruism and family nepotism proponents, for example, suggest a negative effect of being a family firm on performance (Bloom & Van Reenen, 2007; Pe´ rez-Gonza´lez, 2006), whereas those insisting on a long-term orientation and lower owner-management agency costs suggest a positive effect (Audretsch, Hu¨lsbeck, & Lehmann, 2013; Miller & Le BretonMiller, 2005). These conceptual differences have been mirrored in the many empirical works on the topic. In attempting to reconcile such conflicting findings, O’Boyle, Pollack, and Rutherford (2012) conducted a meta-analysis of the performance differences between family and non-family firms. In aggregate, they found a small and insignificant positive effect of family involvement on firm performance (effect size = 0.006). In addition, they detected little evidence of moderating influences on the country, firm, or study levels. Two related but more restrictive meta-analyses were conducted on family firm performance effects for large public US firms by Carney, van Essen, Gedajlovic, and Heugens (2013) and van Essen, Carney, Gedajlovic, and Pursey (2014). Given the weak statistical results and the relatively small sample sizes of these prior meta-analyses.1 We believe that the question of whether family firms differ from other firms in performance has not yet been answered conclusively. We attempt to contribute to the debate in the present paper. Our meta-analysis incorporates 380 primary studies from 41 countries. Thus, the likelihood that we would not find a statistically meaningful effect due to small sample size is greatly reduced. Our results show that in 61% of our primary studies, a positive effect of family governance on financial performance is observed (Table 3). Our meta-analysis also confirms that this effect is statistically significant but economically relatively small. More importantly, there is much heterogeneity in effect sizes, and some significant conceptual and study-specific moderators influence the relationship between family firm governance and financial performance. For example, the superior performance of family firmsbecomes strongerwhenanownershipdefinitionoffamilyfirms is used. Other important moderators are firm size, public listing, and the performance measure used. The breadth and depth of studies included inthis analysis and the painstaking consideration ofmoderating factors adds credibility to our contribution. The remainder of our paper is organised as follows. The next section introduces our dataset of primary studies, our variables, and the specific meta-analysis method employed. The section thatfollows shows our results, which are then discussed in the final section.
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