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
Date Written: October 30, 2009
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: Suggested Citation