Skip to main content
Erschienen in: Asia Pacific Journal of Management 4/2012

01.12.2012

Does family business excel in firm performance? An institution-based view

verfasst von: Weiping Liu, Haibin Yang, Guangxi Zhang

Erschienen in: Asia Pacific Journal of Management | Ausgabe 4/2012

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config
loading …

Abstract

We offer an institution-based view to the classic inquiry on the relationship between family business and firm performance, which has been dominated by traditional theories such as agency theory and the resource-based view. Specifically, we argue that institutions define family business characteristics such as ownership concentration and family management, and also affect the performance of family business. Our research contributes to a reconciliation of prior inconsistent findings and calls further attention to the embedded nature of family business in institutions.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Anhänge
Nur mit Berechtigung zugänglich
Fußnoten
1
The comparison excludes state-owned firms since their governance structure and market activities are subject heavily to government intervention.
 
Literatur
Zurück zum Zitat Aguilera, R. V., Filatotchev, I., Gospel, H., & Jackson, G. 2008. An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3): 475–492.CrossRef Aguilera, R. V., Filatotchev, I., Gospel, H., & Jackson, G. 2008. An organizational approach to comparative corporate governance: Costs, contingencies, and complementarities. Organization Science, 19(3): 475–492.CrossRef
Zurück zum Zitat Aguilera, R. V., & Jackson, G. 2003. The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28(3): 447–465. Aguilera, R. V., & Jackson, G. 2003. The cross-national diversity of corporate governance: Dimensions and determinants. Academy of Management Review, 28(3): 447–465.
Zurück zum Zitat Anderson, R., Mansi, S., & Reeb, D. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68: 263–285.CrossRef Anderson, R., Mansi, S., & Reeb, D. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68: 263–285.CrossRef
Zurück zum Zitat Anderson, R., & Reeb, D. 2003a. Founding-family ownership, corporate diversification, and firm leverage. Journal of Law and Economics, 46: 653–684.CrossRef Anderson, R., & Reeb, D. 2003a. Founding-family ownership, corporate diversification, and firm leverage. Journal of Law and Economics, 46: 653–684.CrossRef
Zurück zum Zitat Anderson, R., & Reeb, D. 2003b. Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3): 1301–1328.CrossRef Anderson, R., & Reeb, D. 2003b. Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3): 1301–1328.CrossRef
Zurück zum Zitat Anderson, R., & Reeb, D. 2004. Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2): 209–237. Anderson, R., & Reeb, D. 2004. Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2): 209–237.
Zurück zum Zitat Andersson, T., Carlsen, J., & Getz, D. 2002. Family business goals in the tourism and hospitality sector: A cross-case analysis from Australia, Canada and Sweden. Family Business Review, 15(2): 89–106.CrossRef Andersson, T., Carlsen, J., & Getz, D. 2002. Family business goals in the tourism and hospitality sector: A cross-case analysis from Australia, Canada and Sweden. Family Business Review, 15(2): 89–106.CrossRef
Zurück zum Zitat Aoki, M. 2001. Toward a comparative institutional analysis. Cambridge: MIT Press. Aoki, M. 2001. Toward a comparative institutional analysis. Cambridge: MIT Press.
Zurück zum Zitat Aronoff, C. E., & Ward, J. L. 1995. Family-owned businesses: A thing of the past or the model for the future. Family Business Review, 8(2): 121–130.CrossRef Aronoff, C. E., & Ward, J. L. 1995. Family-owned businesses: A thing of the past or the model for the future. Family Business Review, 8(2): 121–130.CrossRef
Zurück zum Zitat Arregle, J. L., Hitt, M. A., Sirmon, D. G., & Very, P. 2007. The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44(1): 73–95.CrossRef Arregle, J. L., Hitt, M. A., Sirmon, D. G., & Very, P. 2007. The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44(1): 73–95.CrossRef
Zurück zum Zitat Barontini, R., & Caprio, L. 2006. The effect of family control on firm value and performance: Evidence from Continental Europe. European Financial Management, 12(5): 689–723.CrossRef Barontini, R., & Caprio, L. 2006. The effect of family control on firm value and performance: Evidence from Continental Europe. European Financial Management, 12(5): 689–723.CrossRef
Zurück zum Zitat Barth, E., Gulbrandsen, T., & Schone, P. 2005. Family ownership and productivity: The role of owner-management. Journal of Corporate Finance, 11: 107–127.CrossRef Barth, E., Gulbrandsen, T., & Schone, P. 2005. Family ownership and productivity: The role of owner-management. Journal of Corporate Finance, 11: 107–127.CrossRef
Zurück zum Zitat Baysinger, B. D., & Hoskisson, R. E. 1990. The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, 15(1): 72–87. Baysinger, B. D., & Hoskisson, R. E. 1990. The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, 15(1): 72–87.
Zurück zum Zitat Bhagat, R. S., McDevitt, A. S., & McDevitt, I. 2010. On improving the robustness of Asian management theories: Theoretical anchors in the era of globalization. Asia Pacific Journal of Management, 27(2): 179–192.CrossRef Bhagat, R. S., McDevitt, A. S., & McDevitt, I. 2010. On improving the robustness of Asian management theories: Theoretical anchors in the era of globalization. Asia Pacific Journal of Management, 27(2): 179–192.CrossRef
Zurück zum Zitat Becht, M., & Roel, A. 1999. Blockholding in Europe: An international comparison. European Economic Review, 43: 1049–1056.CrossRef Becht, M., & Roel, A. 1999. Blockholding in Europe: An international comparison. European Economic Review, 43: 1049–1056.CrossRef
Zurück zum Zitat Berle, A. A., & Means, G. C. 1932. The modern corporation and property. New York: Harcourt. Berle, A. A., & Means, G. C. 1932. The modern corporation and property. New York: Harcourt.
Zurück zum Zitat Boyd, B. 1990. Corporate linkages and organizational environment: A test of the resource dependence model. Strategic Management Journal, 11(6): 419–430.CrossRef Boyd, B. 1990. Corporate linkages and organizational environment: A test of the resource dependence model. Strategic Management Journal, 11(6): 419–430.CrossRef
Zurück zum Zitat Bruton, G. D., Ahlstrom, D., & Wan, J. C. 2003. Turnaround in East Asian firms: Evidence from ethnic overseas Chinese communities. Strategic Management Journal, 24: 519–540.CrossRef Bruton, G. D., Ahlstrom, D., & Wan, J. C. 2003. Turnaround in East Asian firms: Evidence from ethnic overseas Chinese communities. Strategic Management Journal, 24: 519–540.CrossRef
Zurück zum Zitat Burkart, M., Panunzi, F., & Shleifer, A. 2003. Family firms. Journal of Finance, 58(5): 2167–2201.CrossRef Burkart, M., Panunzi, F., & Shleifer, A. 2003. Family firms. Journal of Finance, 58(5): 2167–2201.CrossRef
Zurück zum Zitat Carney, M., & Gedajlovic, E. 2002. The coupling of ownership and control and the allocation of financial resources: Evidence from Hong Kong. Journal of Management Studies, 39: 123–146.CrossRef Carney, M., & Gedajlovic, E. 2002. The coupling of ownership and control and the allocation of financial resources: Evidence from Hong Kong. Journal of Management Studies, 39: 123–146.CrossRef
Zurück zum Zitat Carney, M., Gedajlovic, E., & Yang, X. 2009. Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise. Asia Pacific Journal of Management, 26(3): 361–380.CrossRef Carney, M., Gedajlovic, E., & Yang, X. 2009. Varieties of Asian capitalism: Toward an institutional theory of Asian enterprise. Asia Pacific Journal of Management, 26(3): 361–380.CrossRef
Zurück zum Zitat Chandler, A. 1990. Scale and scope. Cambridge: Harvard University Press. Chandler, A. 1990. Scale and scope. Cambridge: Harvard University Press.
Zurück zum Zitat Chrisman, J. J., Chua, J. H., & Sharma, P. 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29: 555–575.CrossRef Chrisman, J. J., Chua, J. H., & Sharma, P. 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29: 555–575.CrossRef
Zurück zum Zitat Chua, J. H., Chrisman, J. J., & Sharma, P. 1999. Defining the family business by behavior. Entrepreneurship Theory and Practice, 23(4): 19–39. Chua, J. H., Chrisman, J. J., & Sharma, P. 1999. Defining the family business by behavior. Entrepreneurship Theory and Practice, 23(4): 19–39.
Zurück zum Zitat Chung, C., & Luo, X. 2008. Institutional logics or agency costs: The influence of corporate governance models on business group restructuring in emerging economies. Organization Science, 19(5): 766–784.CrossRef Chung, C., & Luo, X. 2008. Institutional logics or agency costs: The influence of corporate governance models on business group restructuring in emerging economies. Organization Science, 19(5): 766–784.CrossRef
Zurück zum Zitat Claessens, S., Djankov, S., Fan, P. H., & Lang, H. P. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 62(6): 2741–2771.CrossRef Claessens, S., Djankov, S., Fan, P. H., & Lang, H. P. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 62(6): 2741–2771.CrossRef
Zurück zum Zitat Claessens, S., Djankov, S., & Lang, H. P. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58: 81–112.CrossRef Claessens, S., Djankov, S., & Lang, H. P. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58: 81–112.CrossRef
Zurück zum Zitat Cochran, P. L., Wood, R. A., & Jones, T. B. 1985. The composition of boards of directors and incidence of golden parachutes. Academy of Management Journal, 28: 664–671.CrossRef Cochran, P. L., Wood, R. A., & Jones, T. B. 1985. The composition of boards of directors and incidence of golden parachutes. Academy of Management Journal, 28: 664–671.CrossRef
Zurück zum Zitat Crouch, C. 2005. Capitalist diversity and change: Recombinant governance and institutional entrepreneurs. Oxford: Oxford University Press. Crouch, C. 2005. Capitalist diversity and change: Recombinant governance and institutional entrepreneurs. Oxford: Oxford University Press.
Zurück zum Zitat Daily, C. 1995. The relationship between board composition and leadership structure and bankruptcy reorganization outcomes. Journal of Management, 21: 1041–1056.CrossRef Daily, C. 1995. The relationship between board composition and leadership structure and bankruptcy reorganization outcomes. Journal of Management, 21: 1041–1056.CrossRef
Zurück zum Zitat Daily, C., & Dalton, D. 1994a. Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37: 1603–1617.CrossRef Daily, C., & Dalton, D. 1994a. Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37: 1603–1617.CrossRef
Zurück zum Zitat Daily, C., & Dalton, D. 1994b. Corporate governance and the bankrupt firm: An empirical assessment. Strategic Management Journal, 15: 643–654.CrossRef Daily, C., & Dalton, D. 1994b. Corporate governance and the bankrupt firm: An empirical assessment. Strategic Management Journal, 15: 643–654.CrossRef
Zurück zum Zitat Dalton, D., Daily, C., Johnson, J., & Ellstrand, A. 1999. Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42: 674–686.CrossRef Dalton, D., Daily, C., Johnson, J., & Ellstrand, A. 1999. Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42: 674–686.CrossRef
Zurück zum Zitat Davis, G. 2005. New directions in corporate governance. Annual Review of Sociology, 31(1): 143–162.CrossRef Davis, G. 2005. New directions in corporate governance. Annual Review of Sociology, 31(1): 143–162.CrossRef
Zurück zum Zitat DeAngelo, H., & DeAngelo, L. 2000. Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror company. Journal of Financial Economics, 56(2): 153–207.CrossRef DeAngelo, H., & DeAngelo, L. 2000. Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror company. Journal of Financial Economics, 56(2): 153–207.CrossRef
Zurück zum Zitat Demsetz, H., & Villalonga, B. 2001. Ownership structure and corporate performance. Journal of Corporate Finance, 7(3): 209–233.CrossRef Demsetz, H., & Villalonga, B. 2001. Ownership structure and corporate performance. Journal of Corporate Finance, 7(3): 209–233.CrossRef
Zurück zum Zitat Dharwadkar, R., George, G., & Brandes, P. 2000. Privatization in emerging economies: An agency theory perspective. Academy of Management Review, 25: 650–669. Dharwadkar, R., George, G., & Brandes, P. 2000. Privatization in emerging economies: An agency theory perspective. Academy of Management Review, 25: 650–669.
Zurück zum Zitat Dreux, D. R. 1990. Financing family businesses: Alternatives to selling out or going public. Family Business Review, 3: 225–243.CrossRef Dreux, D. R. 1990. Financing family businesses: Alternatives to selling out or going public. Family Business Review, 3: 225–243.CrossRef
Zurück zum Zitat Dunn, B., & Hughes, M. 1995. Family businesses in the United Kingdom. Family Business Review, 8(4): 267–291.CrossRef Dunn, B., & Hughes, M. 1995. Family businesses in the United Kingdom. Family Business Review, 8(4): 267–291.CrossRef
Zurück zum Zitat Durand, R., & Vargas, V. 2003. Ownership, organization, and private firms’ efficient use of resources. Strategic Management Journal, 24: 667–675.CrossRef Durand, R., & Vargas, V. 2003. Ownership, organization, and private firms’ efficient use of resources. Strategic Management Journal, 24: 667–675.CrossRef
Zurück zum Zitat Dyer, W. G. 2006. Examining the “family effect” on firm performance. Family Business Review, 19(4): 253–273.CrossRef Dyer, W. G. 2006. Examining the “family effect” on firm performance. Family Business Review, 19(4): 253–273.CrossRef
Zurück zum Zitat Faccio, M., & Lang, H. P. 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics, 65: 365–395.CrossRef Faccio, M., & Lang, H. P. 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics, 65: 365–395.CrossRef
Zurück zum Zitat Fama, E. F., & Jensen, M. C. 1983. Separation of ownership and control. Journal of Law and Economics, 26: 301–325.CrossRef Fama, E. F., & Jensen, M. C. 1983. Separation of ownership and control. Journal of Law and Economics, 26: 301–325.CrossRef
Zurück zum Zitat Ford, R. H. 1988. Outside directors and the privately-owned firm: Are they necessary?. Entrepreneurship Theory and Practice, 13(1): 49–57. Ford, R. H. 1988. Outside directors and the privately-owned firm: Are they necessary?. Entrepreneurship Theory and Practice, 13(1): 49–57.
Zurück zum Zitat Gallo, M. A., & Vilaseca, A. 1996. Finance in family business. Family Business Review, 9: 387–402.CrossRef Gallo, M. A., & Vilaseca, A. 1996. Finance in family business. Family Business Review, 9: 387–402.CrossRef
Zurück zum Zitat Gedajlovic, E. R., Lubatkin, M. H., & Schulze, W. S. 2004. Crossing the threshold from founder management to professional management: A governance perspective. Journal of Management Studies, 41: 988–1012.CrossRef Gedajlovic, E. R., Lubatkin, M. H., & Schulze, W. S. 2004. Crossing the threshold from founder management to professional management: A governance perspective. Journal of Management Studies, 41: 988–1012.CrossRef
Zurück zum Zitat Gomez-Mejia, L. R., Larraza-Kintana, M., & Makri, M. 2003. The determinants of executive compensation in family-controlled public corporations. Academy of Management Journal, 46(2): 226–241.CrossRef Gomez-Mejia, L. R., Larraza-Kintana, M., & Makri, M. 2003. The determinants of executive compensation in family-controlled public corporations. Academy of Management Journal, 46(2): 226–241.CrossRef
Zurück zum Zitat Gomez-Mejia, L. R., Nunez-Nickel, M., & Gutierrez, I. 2001. The role of family ties in agency contracts. Academy of Management Journal, 44(1): 81–95.CrossRef Gomez-Mejia, L. R., Nunez-Nickel, M., & Gutierrez, I. 2001. The role of family ties in agency contracts. Academy of Management Journal, 44(1): 81–95.CrossRef
Zurück zum Zitat Habbershon, T. G., Williams, M. L., & MacMillan, I. 2003. A unified systems perspective of family firm performance. Journal of Business Venturing, 18(4): 451–465.CrossRef Habbershon, T. G., Williams, M. L., & MacMillan, I. 2003. A unified systems perspective of family firm performance. Journal of Business Venturing, 18(4): 451–465.CrossRef
Zurück zum Zitat Hall, P. A., & Soskice, D. 2001. Varieties of capitalism: The institutional foundations of comparative advantage. Oxford: Oxford University Press. Hall, P. A., & Soskice, D. 2001. Varieties of capitalism: The institutional foundations of comparative advantage. Oxford: Oxford University Press.
Zurück zum Zitat Heugens, P. P. M. A. R., van Essen, M., & van Oosterhout, J. 2009. Meta-analyzing ownership concentration and firm performance in Asia: Towards a more fine-grained understanding. Asia Pacific Journal of Management, 26(3): 481–512.CrossRef Heugens, P. P. M. A. R., van Essen, M., & van Oosterhout, J. 2009. Meta-analyzing ownership concentration and firm performance in Asia: Towards a more fine-grained understanding. Asia Pacific Journal of Management, 26(3): 481–512.CrossRef
Zurück zum Zitat Hill, C. W. L. 1995. National institutional structures, transaction cost economizing and competitive advantage: The case of Japan. Organization Science, 6: 119–1131.CrossRef Hill, C. W. L. 1995. National institutional structures, transaction cost economizing and competitive advantage: The case of Japan. Organization Science, 6: 119–1131.CrossRef
Zurück zum Zitat Hillman, A., & Dalziel, T. 2003. Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Journal, 28(3): 383–396. Hillman, A., & Dalziel, T. 2003. Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Journal, 28(3): 383–396.
Zurück zum Zitat Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. 2000. Strategy in emerging economies. Academy of Management Journal, 43: 249–267.CrossRef Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. 2000. Strategy in emerging economies. Academy of Management Journal, 43: 249–267.CrossRef
Zurück zum Zitat Jayaraman, N., Khorana, A., Nelling, E., & Covin, J. 2000. CEO founder status and firm financial performance. Strategic Management Journal, 21(12): 1215–1224.CrossRef Jayaraman, N., Khorana, A., Nelling, E., & Covin, J. 2000. CEO founder status and firm financial performance. Strategic Management Journal, 21(12): 1215–1224.CrossRef
Zurück zum Zitat Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control systems. Journal of Finance, 48: 831–880.CrossRef Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control systems. Journal of Finance, 48: 831–880.CrossRef
Zurück zum Zitat Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3: 305–360.CrossRef Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3: 305–360.CrossRef
Zurück zum Zitat Johnson, J., Daily, C., & Ellstrand, A. 1996. Boards of directors: A review and research agenda. Journal of Management, 22: 409–438.CrossRef Johnson, J., Daily, C., & Ellstrand, A. 1996. Boards of directors: A review and research agenda. Journal of Management, 22: 409–438.CrossRef
Zurück zum Zitat Kesner, I. F. 1987. Directors’ stock ownership and organizational performance: An investigation of Fortune 500 companies. Journal of Management, 13(3): 499–507.CrossRef Kesner, I. F. 1987. Directors’ stock ownership and organizational performance: An investigation of Fortune 500 companies. Journal of Management, 13(3): 499–507.CrossRef
Zurück zum Zitat Klapper, L. F., & Love, I. 2004. Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5): 703–728.CrossRef Klapper, L. F., & Love, I. 2004. Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5): 703–728.CrossRef
Zurück zum Zitat La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance, 54(2): 471–517.CrossRef La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. 1999. Corporate ownership around the world. Journal of Finance, 54(2): 471–517.CrossRef
Zurück zum Zitat La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. 1998. Law and finance. Journal of Political Economy, 106: 1113–1155.CrossRef La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. 1998. Law and finance. Journal of Political Economy, 106: 1113–1155.CrossRef
Zurück zum Zitat La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. 2002. Investor protection and corporate valuation. Journal of Finance, 57: 1147–1170.CrossRef La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. 2002. Investor protection and corporate valuation. Journal of Finance, 57: 1147–1170.CrossRef
Zurück zum Zitat Lee, D. S., Lim, G. H., & Lim, W. S. 2003. Family business succession: Appropriation risk and choice of successor. Academy of Management Review, 28(4): 657–666. Lee, D. S., Lim, G. H., & Lim, W. S. 2003. Family business succession: Appropriation risk and choice of successor. Academy of Management Review, 28(4): 657–666.
Zurück zum Zitat Lee, K., Peng, M. W., & Lee, K. 2008. From diversification premium to diversification discount during institutional transitions. Journal of World Business, 43(1): 47–65.CrossRef Lee, K., Peng, M. W., & Lee, K. 2008. From diversification premium to diversification discount during institutional transitions. Journal of World Business, 43(1): 47–65.CrossRef
Zurück zum Zitat Lee, S.-H., Yamakawa, Y., Peng, M. W., & Barney, J. B. 2011. How do bankruptcy laws affect entrepreneurship development around the world? Journal of Business Venturing, Forthcoming. Lee, S.-H., Yamakawa, Y., Peng, M. W., & Barney, J. B. 2011. How do bankruptcy laws affect entrepreneurship development around the world? Journal of Business Venturing, Forthcoming.
Zurück zum Zitat Li, H. X., Wang, Z. J., & Deng, X. L. 2008. Ownership, independent directors, agency costs and financial distress: Evidence from Chinese listed companies. Corporate Governance, 8(5): 622–636.CrossRef Li, H. X., Wang, Z. J., & Deng, X. L. 2008. Ownership, independent directors, agency costs and financial distress: Evidence from Chinese listed companies. Corporate Governance, 8(5): 622–636.CrossRef
Zurück zum Zitat Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38: 159–184.CrossRef Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis, 38: 159–184.CrossRef
Zurück zum Zitat Litz, R. A. 1995. The family business: Toward definitional clarity. Family Business Review, 8: 71–81.CrossRef Litz, R. A. 1995. The family business: Toward definitional clarity. Family Business Review, 8: 71–81.CrossRef
Zurück zum Zitat Lyman, A. R. 1991. Customer service: Does family ownership make a difference?. Family Business Review, 4(3): 303–324.CrossRef Lyman, A. R. 1991. Customer service: Does family ownership make a difference?. Family Business Review, 4(3): 303–324.CrossRef
Zurück zum Zitat Maury, B. 2006. Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2): 321–341.CrossRef Maury, B. 2006. Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2): 321–341.CrossRef
Zurück zum Zitat McConaughy, D. L. 2000. Family CEO vs. non-family CEOs in the family-controlled firm: An examination of the level and sensitivity of pay to performance. Family Business Review, 13(2): 121–131.CrossRef McConaughy, D. L. 2000. Family CEO vs. non-family CEOs in the family-controlled firm: An examination of the level and sensitivity of pay to performance. Family Business Review, 13(2): 121–131.CrossRef
Zurück zum Zitat McConaughy, D. L., Walker, M. C., Henderson, G. V., & Mishra, C. S. 1998. Founding family controlled firms: Efficiency and value. Review of Financial Economics, 7: 1–19.CrossRef McConaughy, D. L., Walker, M. C., Henderson, G. V., & Mishra, C. S. 1998. Founding family controlled firms: Efficiency and value. Review of Financial Economics, 7: 1–19.CrossRef
Zurück zum Zitat Meyer, K. E., Estrin, S., Bhaumik, S., & Peng, M. W. 2009. Institutions, resources, and entry strategies in emerging economies. Strategic Management Journal, 30(1): 61–80.CrossRef Meyer, K. E., Estrin, S., Bhaumik, S., & Peng, M. W. 2009. Institutions, resources, and entry strategies in emerging economies. Strategic Management Journal, 30(1): 61–80.CrossRef
Zurück zum Zitat Meyer, K. E., & Peng, M. W. 2005. Probing theoretically into Central and Eastern Europe: Transactions, resources, and institutions. Journal of International Business Studies, 36(6): 600–621.CrossRef Meyer, K. E., & Peng, M. W. 2005. Probing theoretically into Central and Eastern Europe: Transactions, resources, and institutions. Journal of International Business Studies, 36(6): 600–621.CrossRef
Zurück zum Zitat Miller, D., & Shamsie, J. 1996. The resource-based view of the firm in two environments: The Hollywood film studios from 1936–1965. Academy of Management Journal, 39: 519–543.CrossRef Miller, D., & Shamsie, J. 1996. The resource-based view of the firm in two environments: The Hollywood film studios from 1936–1965. Academy of Management Journal, 39: 519–543.CrossRef
Zurück zum Zitat Morck, R., Shleifer, A., & Vishny, R. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20: 293–316.CrossRef Morck, R., Shleifer, A., & Vishny, R. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20: 293–316.CrossRef
Zurück zum Zitat Morck, R., & Steier, L. 2005. The global history of corporate governance: An introduction. In R. Morck (Ed.). A history of corporate governance around the world: Family business groups to professional advisors: 1–64. Chicago: University of Chicago Press. Morck, R., & Steier, L. 2005. The global history of corporate governance: An introduction. In R. Morck (Ed.). A history of corporate governance around the world: Family business groups to professional advisors: 1–64. Chicago: University of Chicago Press.
Zurück zum Zitat Morck, R., Strangeland, D., & Yeung, B. 2000. Inherited wealth, corporate control, and economic growth. In R. Morck (Ed.). Concentrated corporate ownership. Chicago: University of Chicago Press. Morck, R., Strangeland, D., & Yeung, B. 2000. Inherited wealth, corporate control, and economic growth. In R. Morck (Ed.). Concentrated corporate ownership. Chicago: University of Chicago Press.
Zurück zum Zitat Morck, R., & Yeung, B. 2003. Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4): 367–382.CrossRef Morck, R., & Yeung, B. 2003. Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4): 367–382.CrossRef
Zurück zum Zitat North, D. C. 1990. Institutions, institutional change and economic performance. Cambridge: Harvard University Press.CrossRef North, D. C. 1990. Institutions, institutional change and economic performance. Cambridge: Harvard University Press.CrossRef
Zurück zum Zitat Oliver, C. 1997. Sustainable competitive advantage: Combining institutional and resource-based views. Strategic Management Journal, 18: 679–713.CrossRef Oliver, C. 1997. Sustainable competitive advantage: Combining institutional and resource-based views. Strategic Management Journal, 18: 679–713.CrossRef
Zurück zum Zitat Peng, M. W., & Jiang, Y. 2006. Family ownership and control in large firms: The good, the bad, the irrelevant—and why. William Davidson Institute working paper no. 840, William Davidson Institute, University of Michigan, Ann Arbor, Michigan. Peng, M. W., & Jiang, Y. 2006. Family ownership and control in large firms: The good, the bad, the irrelevant—and why. William Davidson Institute working paper no. 840, William Davidson Institute, University of Michigan, Ann Arbor, Michigan.
Zurück zum Zitat Peng, M. W., & Jiang, Y. 2010. Institutions behind family ownership and control in large firms. Journal of Management Studies, 47: 253–273.CrossRef Peng, M. W., & Jiang, Y. 2010. Institutions behind family ownership and control in large firms. Journal of Management Studies, 47: 253–273.CrossRef
Zurück zum Zitat Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. 2009. The institution-based view as a third leg for a strategy tripod. Academy of Management Perspectives, 23(3): 63–81.CrossRef Peng, M. W., Sun, S. L., Pinkham, B., & Chen, H. 2009. The institution-based view as a third leg for a strategy tripod. Academy of Management Perspectives, 23(3): 63–81.CrossRef
Zurück zum Zitat Peng, M. W., Wang, D. Y. L., & Jiang, Y. 2008. An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5): 920–936.CrossRef Peng, M. W., Wang, D. Y. L., & Jiang, Y. 2008. An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5): 920–936.CrossRef
Zurück zum Zitat Perez-Gonzalez, F. 2006. Inherited control and firm performance. American Economic Review, 96(5): 1559–1588.CrossRef Perez-Gonzalez, F. 2006. Inherited control and firm performance. American Economic Review, 96(5): 1559–1588.CrossRef
Zurück zum Zitat Pollak, R. 1985. A transaction cost approach to families and households. Journal of Economic Literature, 23: 581–608. Pollak, R. 1985. A transaction cost approach to families and households. Journal of Economic Literature, 23: 581–608.
Zurück zum Zitat Priem, R. L., & Butler, J. E. 2001. Is the resource-based ‘view’ a useful perspective for strategic management research?. Academy of Management Review, 26: 22–40. Priem, R. L., & Butler, J. E. 2001. Is the resource-based ‘view’ a useful perspective for strategic management research?. Academy of Management Review, 26: 22–40.
Zurück zum Zitat Rediker, K. J., & Seth, A. 1995. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16: 85–99.CrossRef Rediker, K. J., & Seth, A. 1995. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16: 85–99.CrossRef
Zurück zum Zitat Schulze, W. S., Lubatkin, M. H., & Dino, R. N. 2003a. Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2): 179–194.CrossRef Schulze, W. S., Lubatkin, M. H., & Dino, R. N. 2003a. Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2): 179–194.CrossRef
Zurück zum Zitat Schulze, W. S., Lubatkin, M. H., & Dino, R. N. 2003b. Toward a theory of agency and altruism in family firms. Journal of Business Venturing, 18(4): 473–490.CrossRef Schulze, W. S., Lubatkin, M. H., & Dino, R. N. 2003b. Toward a theory of agency and altruism in family firms. Journal of Business Venturing, 18(4): 473–490.CrossRef
Zurück zum Zitat Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. 2001. Agency relationships in family firms: Theory and evidence. Organization Science, 12: 99–116.CrossRef Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. 2001. Agency relationships in family firms: Theory and evidence. Organization Science, 12: 99–116.CrossRef
Zurück zum Zitat Shleifer, A., & Vishny, R. W. 1997. A survey of corporate governance. Journal of Finance, 52(2): 737–783.CrossRef Shleifer, A., & Vishny, R. W. 1997. A survey of corporate governance. Journal of Finance, 52(2): 737–783.CrossRef
Zurück zum Zitat Sirmon, D. G., & Hitt, M. A. 2003. Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice, 27(4): 339–358.CrossRef Sirmon, D. G., & Hitt, M. A. 2003. Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice, 27(4): 339–358.CrossRef
Zurück zum Zitat Sraer, D., & Thesmar, D. 2007. Performance and behavior of family firms: Evidence from the French stock market. Journal of the European Economic Association, 5(4): 709–751.CrossRef Sraer, D., & Thesmar, D. 2007. Performance and behavior of family firms: Evidence from the French stock market. Journal of the European Economic Association, 5(4): 709–751.CrossRef
Zurück zum Zitat Steier, L. 2001. Next-generation entrepreneurs and succession: An exploratory study of modes and means of managing social capital. Family Business Review, 14: 259–276.CrossRef Steier, L. 2001. Next-generation entrepreneurs and succession: An exploratory study of modes and means of managing social capital. Family Business Review, 14: 259–276.CrossRef
Zurück zum Zitat Steier, L. P. 2009. Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia. Asia Pacific Journal of Management, 26(3): 513–535.CrossRef Steier, L. P. 2009. Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia. Asia Pacific Journal of Management, 26(3): 513–535.CrossRef
Zurück zum Zitat Stein, J. 1989. Efficient capital markets, inefficient firms: A model of myopic corporate behavior. Quarterly Journal of Economics, 104(4): 655–669.CrossRef Stein, J. 1989. Efficient capital markets, inefficient firms: A model of myopic corporate behavior. Quarterly Journal of Economics, 104(4): 655–669.CrossRef
Zurück zum Zitat Suhomlinova, O. 2006. Towards a model of organizational co-evolution in transition economies. Journal of Management Studies, 43: 1537–1554.CrossRef Suhomlinova, O. 2006. Towards a model of organizational co-evolution in transition economies. Journal of Management Studies, 43: 1537–1554.CrossRef
Zurück zum Zitat Thomsen, S., & Pedersen, T. 2000. Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6): 689–705.CrossRef Thomsen, S., & Pedersen, T. 2000. Ownership structure and economic performance in the largest European companies. Strategic Management Journal, 21(6): 689–705.CrossRef
Zurück zum Zitat Vance, S. C. 1964. Board of directors: Structure and performance. Eugene, OR: University of Oregon Press. Vance, S. C. 1964. Board of directors: Structure and performance. Eugene, OR: University of Oregon Press.
Zurück zum Zitat Villalonga, B., & Amit, R. 2006. How do family ownership, management, and control affect firm value?. Journal of Financial Economics, 80(2): 385–417.CrossRef Villalonga, B., & Amit, R. 2006. How do family ownership, management, and control affect firm value?. Journal of Financial Economics, 80(2): 385–417.CrossRef
Zurück zum Zitat Walsh, J. P., & Seward, J. K. 1990. On the efficiency of internal and external corporate control mechanisms. Academy of Management Review, 15(3): 421–458. Walsh, J. P., & Seward, J. K. 1990. On the efficiency of internal and external corporate control mechanisms. Academy of Management Review, 15(3): 421–458.
Zurück zum Zitat Westhead, P., & Howorth, C. 2006. Ownership and management issues associated with family firm performance and company objectives. Family Business Review, 19(4): 301–316.CrossRef Westhead, P., & Howorth, C. 2006. Ownership and management issues associated with family firm performance and company objectives. Family Business Review, 19(4): 301–316.CrossRef
Zurück zum Zitat Willard, G. E., Krueger, D. A., & Feeser, H. R. 1992. In order to grow, must the founder go: A comparison of performance between founder and non-founder managed high-growth manufacturing firms. Journal of Business Venturing, 16: 181–194.CrossRef Willard, G. E., Krueger, D. A., & Feeser, H. R. 1992. In order to grow, must the founder go: A comparison of performance between founder and non-founder managed high-growth manufacturing firms. Journal of Business Venturing, 16: 181–194.CrossRef
Zurück zum Zitat Williamson, O. E. 1985. The economic institutions of capitalism. New York: Free Press. Williamson, O. E. 1985. The economic institutions of capitalism. New York: Free Press.
Zurück zum Zitat Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. 2005. Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1): 1–34.CrossRef Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. 2005. Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1): 1–34.CrossRef
Zurück zum Zitat Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. 2008. Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1): 196–220.CrossRef Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. 2008. Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1): 196–220.CrossRef
Zurück zum Zitat Zahra, S. A. 2003. International expansion of US manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18(4): 495–512.CrossRef Zahra, S. A. 2003. International expansion of US manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18(4): 495–512.CrossRef
Zurück zum Zitat Zahra, S., Hayton, J., & Salvato, C. 2004. Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice, 28: 363–381.CrossRef Zahra, S., Hayton, J., & Salvato, C. 2004. Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice, 28: 363–381.CrossRef
Zurück zum Zitat Zhang, J., & Ma, H. 2009. Adoption of professional management in Chinese family business: A multilevel analysis of impetuses and impediments. Asia Pacific Journal of Management, 26(1): 119–139.CrossRef Zhang, J., & Ma, H. 2009. Adoption of professional management in Chinese family business: A multilevel analysis of impetuses and impediments. Asia Pacific Journal of Management, 26(1): 119–139.CrossRef
Metadaten
Titel
Does family business excel in firm performance? An institution-based view
verfasst von
Weiping Liu
Haibin Yang
Guangxi Zhang
Publikationsdatum
01.12.2012
Verlag
Springer US
Erschienen in
Asia Pacific Journal of Management / Ausgabe 4/2012
Print ISSN: 0217-4561
Elektronische ISSN: 1572-9958
DOI
https://doi.org/10.1007/s10490-010-9216-6

Weitere Artikel der Ausgabe 4/2012

Asia Pacific Journal of Management 4/2012 Zur Ausgabe