Influence of Founding-Family Ownership and Managerial Regime on Firm Performance: Evidence from Companies on WSE

Family Business Review, Vol. 23, No. 1, 45-59, 2010

Posted: 13 Apr 2007 Last revised: 25 Jun 2016

See all articles by Oskar Kowalewski

Oskar Kowalewski

IESEG School of Management; LEM - CNRS 9221

Ivan Stetsyuk

University of Quebec at Montreal (UQAM) - Faculty of Management (ESG)

Oleksandr Talavera

Swansea University - School of Management

Date Written: October 30, 2009

Abstract

This paper investigates the link between the founding family ownership and firm performance. We also study the influence of family management on financial performance of the public firms. We test our hypotheses using half-year database of 272 companies from Warsaw Stock Exchange (WSE) covering the period 1996-2004. The results indicate that family firms, CEOs and board chairmen are related insignificantly to the financial performance of the companies.

Additional analysis reveals how independent variables such as size, growth, leverage and liquidity influence the financial measures of the sub-samples of firms.

Keywords: family firms, ownership structure, firm performance, corporate governance.

JEL Classification: G32, G34

Suggested Citation

Kowalewski, Oskar and Stetsyuk, Ivan and Talavera, Oleksandr, Influence of Founding-Family Ownership and Managerial Regime on Firm Performance: Evidence from Companies on WSE (October 30, 2009). Family Business Review, Vol. 23, No. 1, 45-59, 2010. Available at SSRN: https://ssrn.com/abstract=979521 or http://dx.doi.org/10.2139/ssrn.979521

Oskar Kowalewski (Contact Author)

IESEG School of Management ( email )

1 Parvis de La Défense
Socle de la Grande Arche
Paris La Défense cedex, 92044
France

HOME PAGE: http://www.ieseg.fr/en/faculty-and-research/professor/?id=1740

LEM - CNRS 9221 ( email )

Lille
France

HOME PAGE: http://lem.cnrs.fr/

Ivan Stetsyuk

University of Quebec at Montreal (UQAM) - Faculty of Management (ESG) ( email )

315 St. Catherine Street East
R-2360
Montreal, Quebec H2X 3X2
Canada

Oleksandr Talavera

Swansea University - School of Management ( email )

Haldane Building
Singleton Park
Swansea, SA2 8PP
United Kingdom

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