Articlegold2011

Agency costs, corporate governance mechanisms and performance of public listed family firms in Malaysia

57 citations0/0 files storedSouth African Journal of Business Management

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

Abstract

We compare corporate governance and performance between family and non-family ownership of public listed companies in Malaysia from 1999 through 2005 measured by Tobin’s Q and ROA. We also examine the governance mechanisms as a tool in monitoring agency costs based on asset utilization ratio and expense ratio as proxy for agency costs. We find that on average firm value is lower in family firms than non-family firms, while board size, independent director and duality have a significant impact on firm performance in family firms as compared to non-family firms. We also find that these governance mechanisms have significant impact on agency costs for both family and non-family firms.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2011External Control of Organizations: Resource Dependence Perspective 1979The External Control of Organizations: A Resource Dependence Perspective 2000The separation of ownership and control in East Asian Corporations 1983Agency Problems and Residual Claims 1996Theory of the firm; managerial Behavior, Agency Costs, and Ownership Structure 1991Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns 1996Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders

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