Family Firms and Financial Performance: The Cost of Growing

This study examines the relationship between financial performance and family involvement for 523 listed and non-listed Colombian firms from 1996-2006. Using a detailed database and performing several panel data regression models, we have found that family firms exhibit better financial performance...

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Autores:
González Ferrero, Maximiliano
Guzmán Vásquez, Álvaro Alexander
Pombo Vejarano, Carlos
Trujillo Dávila, María Andrea
Tipo de recurso:
Work document
Fecha de publicación:
2011
Institución:
Universidad de los Andes
Repositorio:
Séneca: repositorio Uniandes
Idioma:
spa
OAI Identifier:
oai:repositorio.uniandes.edu.co:1992/46366
Acceso en línea:
http://hdl.handle.net/1992/46366
Palabra clave:
Family businesses
family control
financial performance
Colombia
Empresas familiares - Colombia
Empresas familiares - Finanzas
Administración
Rights
openAccess
License
http://creativecommons.org/licenses/by-nc-nd/4.0/
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spelling Al consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.http://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2González Ferrero, Maximiliano8532600Guzmán Vásquez, Álvaro Alexandera9d25b6b-263a-48a9-aa36-2924a7fff714600Pombo Vejarano, Carlos9885600Trujillo Dávila, María Andrea5e161ddb-f902-45b0-bb70-79288bf634ac6002020-09-21T15:18:57Z2020-09-21T15:18:57Z20111900-1606http://hdl.handle.net/1992/46366instname:Universidad de los Andesreponame:Repositorio Institucional Sénecarepourl:https://repositorio.uniandes.edu.co/This study examines the relationship between financial performance and family involvement for 523 listed and non-listed Colombian firms from 1996-2006. Using a detailed database and performing several panel data regression models, we have found that family firms exhibit better financial performance on average than non-family firms when the founder is still involved in operations, although this effect decreases with firm size. With heirs in charge, there is no statistical difference in financial performance. Both direct and indirect owner-ship (control through pyramidal ownership structures within family business groups) affect a firm's financial performance positively. However, this positive effect decreases with firm size, and some kinds of family involvement appear to make firm growth expensive.Este estudio examina la relación entre el desempeño financiero y el involucramiento familiar para una muestra de 523 firmas durante el período de 1996 a 2006. Los modelos de regresión estimados con esta esta base de datos, muestran que las firmas familiares tienen un mejor desempeño que las no familiares cuando el fundador gerencia la empresa. La estructura de propiedad corporativa afecta el desempeño en especial cuando el control se ejerce a través de grupos piramidales. Sin embargo, el efecto positivo del involucramiento familiar decrece con el tamaño de la firma y al parecer éste se convierte en un costo para el crecimiento corporativo.Introduction. Family management, ownership and control. Database and methodology. Econometric results. Conclusions. References. Appendix.26 páginasapplication/pdfspaUniversidad de los AndesFacultad de AdministraciónGaleras de Administración, No. 32instname:Universidad de los Andesreponame:Repositorio Institucional SénecaFamily Firms and Financial Performance: The Cost of GrowingEmpresas familiares y desempeño financiero: el costo del crecimientoDocumento de trabajoinfo:eu-repo/semantics/workingPaperhttp://purl.org/coar/resource_type/c_8042http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttps://purl.org/redcol/resource_type/WPFamily businessesfamily controlfinancial performanceColombiaEmpresas familiares - ColombiaEmpresas familiares - FinanzasAdministraciónFacultad de AdministraciónPublicationTEXTGaleras-de-administración-32.pdf.txtGaleras-de-administración-32.pdf.txtExtracted texttext/plain80300https://repositorio.uniandes.edu.co/bitstreams/33c410d6-0286-4604-abea-63e5bca3d1a2/download3e4fa6b9a65c11d783eaa44efa638023MD54THUMBNAILGaleras-de-administración-32.pdf.jpgGaleras-de-administración-32.pdf.jpgIM Thumbnailimage/jpeg19954https://repositorio.uniandes.edu.co/bitstreams/42db122a-c4ea-4f5b-b5c8-deaa24d49cc8/download27cf04114b34807bd1f855df981f4a9dMD55ORIGINALGaleras-de-administración-32.pdfGaleras-de-administración-32.pdfapplication/pdf1587643https://repositorio.uniandes.edu.co/bitstreams/0e8234d6-6377-441a-a75c-722af28779ee/download7098f76b91aa62a70554bdb2087d9552MD511992/46366oai:repositorio.uniandes.edu.co:1992/463662023-10-10 15:56:51.258http://creativecommons.org/licenses/by-nc-nd/4.0/open.accesshttps://repositorio.uniandes.edu.coRepositorio institucional Sénecaadminrepositorio@uniandes.edu.co
dc.title.none.fl_str_mv Family Firms and Financial Performance: The Cost of Growing
dc.title.alternative.none.fl_str_mv Empresas familiares y desempeño financiero: el costo del crecimiento
title Family Firms and Financial Performance: The Cost of Growing
spellingShingle Family Firms and Financial Performance: The Cost of Growing
Family businesses
family control
financial performance
Colombia
Empresas familiares - Colombia
Empresas familiares - Finanzas
Administración
title_short Family Firms and Financial Performance: The Cost of Growing
title_full Family Firms and Financial Performance: The Cost of Growing
title_fullStr Family Firms and Financial Performance: The Cost of Growing
title_full_unstemmed Family Firms and Financial Performance: The Cost of Growing
title_sort Family Firms and Financial Performance: The Cost of Growing
dc.creator.fl_str_mv González Ferrero, Maximiliano
Guzmán Vásquez, Álvaro Alexander
Pombo Vejarano, Carlos
Trujillo Dávila, María Andrea
dc.contributor.author.none.fl_str_mv González Ferrero, Maximiliano
Guzmán Vásquez, Álvaro Alexander
Pombo Vejarano, Carlos
Trujillo Dávila, María Andrea
dc.subject.keyword.none.fl_str_mv Family businesses
family control
financial performance
Colombia
topic Family businesses
family control
financial performance
Colombia
Empresas familiares - Colombia
Empresas familiares - Finanzas
Administración
dc.subject.armarc.none.fl_str_mv Empresas familiares - Colombia
Empresas familiares - Finanzas
dc.subject.themes.none.fl_str_mv Administración
description This study examines the relationship between financial performance and family involvement for 523 listed and non-listed Colombian firms from 1996-2006. Using a detailed database and performing several panel data regression models, we have found that family firms exhibit better financial performance on average than non-family firms when the founder is still involved in operations, although this effect decreases with firm size. With heirs in charge, there is no statistical difference in financial performance. Both direct and indirect owner-ship (control through pyramidal ownership structures within family business groups) affect a firm's financial performance positively. However, this positive effect decreases with firm size, and some kinds of family involvement appear to make firm growth expensive.
publishDate 2011
dc.date.issued.none.fl_str_mv 2011
dc.date.accessioned.none.fl_str_mv 2020-09-21T15:18:57Z
dc.date.available.none.fl_str_mv 2020-09-21T15:18:57Z
dc.type.spa.fl_str_mv Documento de trabajo
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url http://hdl.handle.net/1992/46366
dc.language.iso.es_CO.fl_str_mv spa
language spa
dc.relation.ispartofseries.none.fl_str_mv Galeras de Administración, No. 32
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dc.format.extent.none.fl_str_mv 26 páginas
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dc.publisher.none.fl_str_mv Universidad de los Andes
dc.publisher.faculty.none.fl_str_mv Facultad de Administración
publisher.none.fl_str_mv Universidad de los Andes
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