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Please use this identifier to cite or link to this item: http://hdl.handle.net/1942/7862

Title: Ownership, governance and financial performance in small and medium-sized family firms.
Authors: STEIJVERS, Tensie
Issue Date: 2006
Citation: Research in Entrepreneurship and Small Business Conference, XX, Brussels.
Abstract: Using a cross sectional sample of 2,865 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 ownership dispersion proxies with several moderating governance and management variables. Our results suggest that ownership dispersion has a positive influence on performance when the family firm is in the “cousin consortium” 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.
URI: http://hdl.handle.net/1942/7862
Category: C2
Type: Conference Material
Appears in Collections: Research publications

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