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

Spanish family businesses have undertaken a major process of internationalisation, creating business groups with companies in emerging countries, such as Morocco. Morocco is the principal destination for Spanish investment in Africa. This paper analyses the impact of factors related to ownership, ma...

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Published inRevista de contabilidad Vol. 21; no. 1; pp. 82 - 90
Main Authors Argente Linares, Eva, López Sánchez, Lina Marleny, Pérez López, María del Carmen, Gómez Miranda, María Elena
Format Journal Article
LanguageEnglish
Published Madrid Elsevier España 01.01.2018
ASEPUC (Associacion Espanola de Profesores Universitarios de Contabilidad)
Universidad de Murcia
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Abstract Spanish family businesses have undertaken a major process of internationalisation, creating business groups with companies in emerging countries, such as Morocco. Morocco is the principal destination for Spanish investment in Africa. This paper analyses the impact of factors related to ownership, management and organisational culture on the performance of business groups created by Spanish and Moroccan companies. Therefore we also examine the possible moderating effect of the family nature of the Spanish company. In total, 252 business groups are analysed, of which 124 were created by Spanish family firms and 128 by Spanish non-family firms. The information was obtained through a survey conducted in 2013. The results, obtained by linear regression, show that performance, measured by profitability, is enhanced when there is a higher proportion of ownership by the Spanish family business, when there is a larger number of Moroccan managers, when the management approach is results-oriented and when decision taking is centralised. Moreover, the family nature of the Spanish company has a moderating effect on the relationship between business group profitability and two of the variables analysed, namely the percentage of ownership and the centralisation of decision taking. The results of this study could help to clarify an issue of some significance in professional and academic circles. Both owners and managers of family businesses can use these research findings to better understand how certain characteristics of business group management could affect their performance and the success of the internationalisation process. Las empresas familiares españolas están llevando a cabo un importante proceso de internacionalización mediante la creación de grupos empresariales con empresas de países emergentes. Específicamente, Marruecos es el principal destino de la inversión española en África. En este artículo se analiza la repercusión de factores relacionados con la propiedad, la gestión y la cultura organizativa en el rendimiento de grupos empresariales creados por empresas españolas y marroquíes. Además, se examina el posible efecto moderador de la naturaleza familiar de la empresa española en estas relaciones. Se han analizado 252 grupos empresariales; de ellos, 124 han sido creados por empresas españolas de carácter familiar y 128 por empresas españolas no familiares. La información se ha obtenido a través de una encuesta realizada en el año 2013. Los resultados, aplicando regresión lineal, muestran que el rendimiento del grupo empresarial, medido por la rentabilidad, aumenta cuando hay mayor proporción de propiedad de la empresa familiar española, cuando hay mayor número de gerentes marroquíes, cuando el enfoque de gestión se orienta a los resultados y cuando la toma de decisiones está centralizada. Además, el carácter familiar de la empresa española tiene un efecto moderador en la relación de la rentabilidad del grupo empresarial con dos de las variables analizadas, concretamente, el porcentaje de propiedad española y la centralización de la toma de decisiones. Los resultados de este estudio podrían ayudar a aclarar una cuestión de importancia en el ámbito profesional y académico. Tanto los propietarios como los gerentes de empresas familiares pueden usar los resultados de esta investigación para entender mejor cómo ciertas características de la gestión de grupos empresariales pueden afectar a su rendimiento y, consecuentemente, al éxito del proceso de internacionalización.
AbstractList Spanish family businesses have undertaken a major process of internationalisation, creating business groups with companies in emerging countries, such as Morocco. Morocco is the principal destination for Spanish investment in Africa. This paper analyses the impact of factors related to ownership, management and organisational culture on the performance of business groups created by Spanish and Moroccan companies. Therefore we also examine the possible moderating effect of the family nature of the Spanish company. In total, 252 business groups are analysed, of which 124 were created by Spanish family firms and 128 by Spanish non-family firms. The information was obtained through a survey conducted in 2013. The results, obtained by linear regression, show that performance, measured by profitability, is enhanced when there is a higher proportion of ownership by the Spanish family business, when there is a larger number of Moroccan managers, when the management approach is results-oriented and when decision taking is centralised. Moreover, the family nature of the Spanish company has a moderating effect on the relationship between business group profitability and two of the variables analysed, namely the percentage of ownership and the centralisation of decision taking. The results of this study could help to clarify an issue of some significance in professional and academic circles. Both owners and managers of family businesses can use these research findings to better understand how certain characteristics of business group management could affect their performance and the success of the internationalisation process. Las empresas familiares españolas están llevando a cabo un importante proceso de internacionalización mediante la creación de grupos empresariales con empresas de países emergentes. Específicamente, Marruecos es el principal destino de la inversión española en África. En este artículo se analiza la repercusión de factores relacionados con la propiedad, la gestión y la cultura organizativa en el rendimiento de grupos empresariales creados por empresas españolas y marroquíes. Además, se examina el posible efecto moderador de la naturaleza familiar de la empresa española en estas relaciones. Se han analizado 252 grupos empresariales; de ellos, 124 han sido creados por empresas españolas de carácter familiar y 128 por empresas españolas no familiares. La información se ha obtenido a través de una encuesta realizada en el año 2013. Los resultados, aplicando regresión lineal, muestran que el rendimiento del grupo empresarial, medido por la rentabilidad, aumenta cuando hay mayor proporción de propiedad de la empresa familiar española, cuando hay mayor número de gerentes marroquíes, cuando el enfoque de gestión se orienta a los resultados y cuando la toma de decisiones está centralizada. Además, el carácter familiar de la empresa española tiene un efecto moderador en la relación de la rentabilidad del grupo empresarial con dos de las variables analizadas, concretamente, el porcentaje de propiedad española y la centralización de la toma de decisiones. Los resultados de este estudio podrían ayudar a aclarar una cuestión de importancia en el ámbito profesional y académico. Tanto los propietarios como los gerentes de empresas familiares pueden usar los resultados de esta investigación para entender mejor cómo ciertas características de la gestión de grupos empresariales pueden afectar a su rendimiento y, consecuentemente, al éxito del proceso de internacionalización.
Spanish family businesses have undertaken a major process of internationalisation, creating business groups with companies in emerging countries, such as Morocco. Morocco is the principal destination for Spanish investment in Africa. This paper analyses the impact of factors related to ownership, management and organisational culture on the performance of business groups created by Spanish and Moroccan companies. Therefore we also examine the possible moderating effect of the family nature of the Spanish company. In total, 252 business groups are analysed, of which 124 were created by Spanish family firms and 128 by Spanish non-family firms. The information was obtained through a survey conducted in 2013. The results, obtained by linear regression, show that performance, measured by profitability, is enhanced when there is a higher proportion of ownership by the Spanish family business, when there is a larger number of Moroccan managers, when the management approach is results-oriented and when decision taking is centralised. Moreover, the family nature of the Spanish company has a moderating effect on the relationship between business group profitability and two of the variables analysed, namely the percentage of ownership and the centralisation of decision taking. The results of this study could help to clarify an issue of some significance in professional and academic circles. Both owners and managers of family businesses can use these research findings to better understand how certain characteristics of business group management could affect their performance and the success of the internationalisation process.
Spanish family businesses have undertaken a major process of internationalisation, creating businessgroups with companies in emerging countries, such as Morocco. Morocco is the principal destination forSpanish investment in Africa. This paper analyses the impact of factors related to ownership, managementand organisational culture on the performance of business groups created by Spanish and Moroccancompanies. Therefore we also examine the possible moderating effect of the family nature of the Spanishcompany. In total, 252 business groups are analysed, of which 124 were created by Spanish family firmsand 128 by Spanish non-family firms. The information was obtained through a survey conducted in 2013.The results, obtained by linear regression, show that performance, measured by profitability, isenhanced when there is a higher proportion of ownership by the Spanish family business, when there isa larger number of Moroccan managers, when the management approach is results-oriented and whendecision taking is centralised. Moreover, the family nature of the Spanish company has a moderatingeffect on the relationship between business group profitability and two of the variables analysed, namelythe percentage of ownership and the centralisation of decision taking.The results of this study could help to clarify an issue of some significance in professional and academiccircles. Both owners and managers of family businesses can use these research findings to better under-stand how certain characteristics of business group management could affect their performance and thesuccess of the internationalisation process. Las empresas familiares españolas están llevando a cabo un importante proceso de internacionalización mediante la creación de grupos empresariales con empresas de países emergentes. Específicamente, Marruecos es el principal destino de la inversión española en África. En este artículo se analiza la repercusión de factores relacionados con la propiedad, la gestión y la cultura organizativa en el rendimiento de grupos empresariales creados por empresas españolas y marroquíes. Además, se examina el posible efecto moderador de la naturaleza familiar de la empresa española en estas relaciones. Se han analizado 252 grupos empresariales; de ellos, 124 han sido creados por empresas españolas de carácter familiar y 128 por empresas españolas no familiares. La información se ha obtenido a través de una encuesta realizada en el año 2013.Los resultados, aplicando regresión lineal, muestran que el rendimiento del grupo empresarial, medido por la rentabilidad, aumenta cuando hay mayor proporción de propiedad de la empresa familiar española,cuando hay mayor número de gerentes marroquíes, cuando el enfoque de gestión se orienta a los resultados y cuando la toma de decisiones está centralizada. Además, el carácter familiar de la empresa española tiene un efecto moderador en la relación de la rentabilidad del grupo empresarial con dos de las variables analizadas, concretamente, el porcentaje de propiedad española y la centralización de la toma de decisiones.Los resultados de este estudio podrían ayudar a aclarar una cuestión de importancia en el ámbito profesional y académico. Tanto los propietarios como los gerentes de empresas familiares pueden usarlos resultados de esta investigación para entender mejor cómo ciertas características de la gestión de grupos empresariales pueden afectar a su rendimiento y, consecuentemente, al éxito del proceso de internacionalización.
Author Gómez-Miranda, M. Elena
Argente-Linares, Eva
Pérez-López, M. Carmen
López-Sánchez, Lina
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Issue 1
Keywords Ownership
Empresas familiares
Grupos empresariales
Profitability
Cultura organizacional
M41
Rentabilidad
M14
M16
Family firms
Business group
Propiedad
Performance
Rendimiento
Organisational culture
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SubjectTerms Business group
Corporate culture
Corporate governance
Cultura organizaciona
Cultura organizacional
Emerging markets
Empresas familiares
Family firms
Family owned businesses
Globalization
Grupos empresariales
Hypotheses
Impact analysis
Organisational culture
Ownership
Profitability
Propiedad
Regression analysis
Rendimiento
Rentabilidad
Studies
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Title 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
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