Diversification and family control as determinants of performance: A study of listed business groups
| Autor: | Carmen Galve-Górriz, Alejandro Hernández-Trasobares |
|---|---|
| Jazyk: | Spanish; Castilian |
| Rok vydání: | 2017 |
| Předmět: |
Economics and Econometrics
L25 Economics Strategy and Management media_common.quotation_subject Performance Ultimate owner Subsidiary M21 Diversification (marketing strategy) lcsh:Business Business group Corporate group Stock exchange 0502 economics and business ddc:650 Business Endogeneity Business and International Management media_common Marketing Selection bias 050208 finance 05 social sciences Business Finance Family firm Management Commerce Diversification Parent company Demographic economics lcsh:HF5001-6182 050203 business & management |
| Zdroj: | European Research on Management and Business Economics, Vol 23, Iss 1, Pp 46-54 (2017) Zaguán. Repositorio Digital de la Universidad de Zaragoza instname Scipedia Open Access Scipedia SL |
| ISSN: | 2444-8834 |
| Popis: | The study analyses the individual and joint impact of family control and diversification on the performance of major Spanish corporations, considering the nature of the ultimate owner of non-family groups. The study uses a sample of ninety-nine Spanish corporations, each comprising a parent company listed on the stock exchange and a set of subsidiaries. Heckman's two-step correction is used to eliminate selection bias and the endogeneity of family ownership. Different models are contemplated in which we analyse the impact of both diversification and the family nature of a business on performance, established as Tobin's q-value. The results show how family control has a negative impact on Tobin's q-value, and that differences are greater between family groups and non-family groups controlled by banks and/or foreign agents. They also show how diversification does not affect the creation of value either individually or considering the possible moderating effect of family ownership. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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