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Abstract

The literature on family firm performance has failed to conclusively link the impact of family influence on the financial market performance of public firms. The goal of this research is to address this gap by considering mechanisms through which founding family influence contributes to superior firm performance relative to non-family firms. This study links family influence in publicly-traded firms with firm performance in terms of both accounting (Return on Assets) and financial market (Buy-and-Hold-Abnormal-Returns) metrics. The findings support the argument that increased advertising and R&D focus in family influenced firms reflects a long-term oriented management strategy, consistent with decreased agency costs. Using a large cross-sectional-time-series sample of publicly traded firms for the period between 2001 and 2010 from 65 different industries, the findings in this article suggest that investments in advertising and R&D projects have better performance implications in family-owned vs. non-family owned firms. The results are robust to alternative models, measures of firm performance, industry, firm, and time effects.

家族影响力,广告和研发:对企业绩效的启示

摘要

有关家族企业绩效的文献中,家族影响力和上市公司金融市场绩效的关系尚不明确。为弥补这一研究不足,本文旨在评估企业创始家族如何对公司卓越业绩产生巨大影响,并将结果与非家族企业进行比较。 研究将上市公司中的家族影响力与会计(资产回报率)和金融市场(买入持有异常回报)指标相关联。结果表明,家族企业的广告和研发的增加反映了企业长期导向的管理策略,与降低代理成本相一致。 通过对65个不同行业上市公司在2001至2010年间的大型横截面时间序列样本分析研究,结果表明投资广告和研发项目对家族企业的绩效影响优胜于对非家族企业的绩效影响。 研究结果对于不同的模型、企业绩效的衡量指标、行业、公司和时效也是稳健的。

关键词:家族所有权,企业绩效,广告,研发

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