Articlediamond2014

Family Involvement in Ownership, Management, and Firm Performance: Moderating and Direct-Effect Models

Shehabaddin Abdullah Abdulwadod Al-Dubai‎ · Ku Nor Izah Ku Ismail · Noor Afza Amran

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Family Business Performance and Succession Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

This study aims to provide an empirical evidence on the moderating effect of family involvement in management (family CEO and founder CEO) on the relationship between family ownership and firm’s performance. From a sample of 75 public listed companies (375 firm-year observations) in Saudi Arabia, we use a five-year interval (2007-2011) and two firm performance indicators (market to book value (MBV) and return on assets (ROA)) to test five hypotheses. The hypotheses that there is a direct impact of family ownership and founder CEO on ROA and MBV were supported respectively. The hypothetical moderating impact of family CEO and founder CEO have been partially confirmed with MBV. Overall, the findings highlight the importance of occupying CEO positions in family firms by family members, especially the founders for gaining better performance. However, the results are robust when only family firms are examined separately.

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References

1999Corporate Ownership Around the World 1933The Modern Corporation and Private Property 1988Management ownership and market valuation 2021Taming Black Swans: Challenges for Sustainable Strategic Crisis Management: Plenary Session 1985The Structure of Corporate Ownership: Causes and Consequences 2000The separation of ownership and control in East Asian Corporations 1997TOWARD A STEWARDSHIP THEORY OF MANAGEMENT 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500

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