Family CEOs: Do they benefit firm performance in China?
Family firms throughout the world commonly appoint family members as CEOs. However, the value of family CEOs is a subject of ongoing debate. This study attempts to further illuminate the debate in two ways. First, we extend this debate to China, a new and underexplored context, where family business...
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| Published in | Asia Pacific journal of management Vol. 29; no. 4; pp. 923 - 947 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
Boston
Springer US
01.12.2012
Springer Nature B.V |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0217-4561 1572-9958 |
| DOI | 10.1007/s10490-012-9318-4 |
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| Abstract | Family firms throughout the world commonly appoint family members as CEOs. However, the value of family CEOs is a subject of ongoing debate. This study attempts to further illuminate the debate in two ways. First, we extend this debate to China, a new and underexplored context, where family businesses are relatively new but growing rapidly. Second, drawing on both principal–agent (PA) and principal–principal (PP) perspectives of agency theory and the institution-based view, we argue that family CEOs are overall, of positive value in China where formal institutions are weak, but this positive effect varies in relative strength across family firms that have different concentrated-ownership structures. Using a sample of 913 firm-year observations for 351 Chinese listed family companies from 2004 to 2007, we find that family CEOs, as a whole, are positively related to firm performance, as measured by both market-based and accounting-based performance, reflecting Tobin’s Q and ROA. Further analyses reveal a stronger positive effect in family firms when family owners have higher ownership, when family ownership and family control are less divergent, and when the firms have multiple-large-shareholder structures. |
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| AbstractList | Family firms throughout the world commonly appoint family members as CEOs. However, the value of family CEOs is a subject of ongoing debate. This study attempts to further illuminate the debate in two ways. First, we extend this debate to China, a new and underexplored context, where family businesses are relatively new but growing rapidly. Second, drawing on both principal-agent (PA) and principal-principal (PP) perspectives of agency theory and the institution-based view, we argue that family CEOs are overall, of positive value in China where formal institutions are weak, but this positive effect varies in relative strength across family firms that have different concentrated-ownership structures. Using a sample of 913 firm-year observations for 351 Chinese listed family companies from 2004 to 2007, we find that family CEOs, as a whole, are positively related to firm performance, as measured by both market-based and accounting-based performance, reflecting Tobin's Q and ROA. Further analyses reveal a stronger positive effect in family firms when family owners have higher ownership, when family ownership and family control are less divergent, and when the firms have multiple-large-shareholder structures.[PUBLICATION ABSTRACT] Family firms throughout the world commonly appoint family members as CEOs. However, the value of family CEOs is a subject of ongoing debate. This study attempts to further illuminate the debate in two ways. First, we extend this debate to China, a new and underexplored context, where family businesses are relatively new but growing rapidly. Second, drawing on both principal–agent (PA) and principal–principal (PP) perspectives of agency theory and the institution-based view, we argue that family CEOs are overall, of positive value in China where formal institutions are weak, but this positive effect varies in relative strength across family firms that have different concentrated-ownership structures. Using a sample of 913 firm-year observations for 351 Chinese listed family companies from 2004 to 2007, we find that family CEOs, as a whole, are positively related to firm performance, as measured by both market-based and accounting-based performance, reflecting Tobin’s Q and ROA. Further analyses reveal a stronger positive effect in family firms when family owners have higher ownership, when family ownership and family control are less divergent, and when the firms have multiple-large-shareholder structures. |
| Author | Wan, Di-fang Luo, Jin-hui Cai, Di |
| Author_xml | – sequence: 1 givenname: Di surname: Cai fullname: Cai, Di organization: School of Management, Xi’an Jiaotong University – sequence: 2 givenname: Jin-hui surname: Luo fullname: Luo, Jin-hui email: luojinhui530@163.com organization: School of Management, Xiamen University – sequence: 3 givenname: Di-fang surname: Wan fullname: Wan, Di-fang organization: School of Management, Xi’an Jiaotong University |
| BackLink | http://www.econis.eu/PPNSET?PPN=734599358$$DView this record in ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften |
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| Keywords | Family firms China Institution-based view Family CEOs Principal–Principal (PP) perspective Concentrated ownership Agency theory |
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| Snippet | Family firms throughout the world commonly appoint family members as CEOs. However, the value of family CEOs is a subject of ongoing debate. This study... |
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| SubjectTerms | 2004-2007 Agency theory Aktiengesellschaft Analysis Business and Management Chief executive officers China Economic growth Emerging markets Familienunternehmen Family owned businesses Führungskräfte Management Organization theory Ownership Prinzipal-Agent-Theorie Stockholders Studies Unternehmenserfolg |
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| Title | Family CEOs: Do they benefit firm performance in China? |
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