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|Title: ||The ownership-performance relationship: agency issues in private family firms|
|Authors: ||Voordeckers, Wim|
|Issue Date: ||2012|
|Abstract: ||Using a cross sectional sample of 2863 family firms from the 1998 NSSBF database, we examine the relationship between family ownership and financial performance for small and medium-sized family firms with a chained-interaction model in which we combine authorship dispersion proxies with moderating management and family variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in a later generational stage, giving support to predictions put forth by agency cost models in private family firms (Schulze, et al., 2003). Our results also suggest that the zero agency-cost base case as described by Jensen and Meckling (1976) is in fact no zero agency cost case due to ignored agency costs in family firms.|
|Type: ||Working Paper|
|Appears in Collections: ||Econometrics|
Research Center for Entrepreneurship and Innovation
Accountancy & Finance
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