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Family Companies
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Family Companies

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Business and Entrepreneurship".

Deadline for manuscript submissions: 31 December 2024 | Viewed by 7170

Special Issue Editor

Dr. Philip Sinnadurai

E-Mail Website
Guest Editor
Independent Researcher, Sydney, NSW 2122, Australia
Interests: agency theory; corporate governance; capital markets research; earnings quality and disclosure policy; Southeast Asia

Special Issue Information

Dear Colleagues,

The purpose of this Special Issue is to catalyse research based on agency theory in order to deepen our understanding of family companies. There is ample evidence that supports the notion that the corporate governance of family companies substantially differs from the corporate governance of non-family companies. In particular, non-family companies have greater domination of Type 1 versus Type 2 agency costs of equity. The opposite is true for family companies (Ali, Chen and Radhakrishnan, 2007).

However, family companies are not homogeneous, with respect to corporate governance characteristics, agency mechanisms and outputs. The extant literature suggests that corporate governance effectiveness differs systematically, according to the extent to which professional managers are employed as executives (Chen, Cheng and Dai, 2013), and whether the company has progressed from the founding generation of the controlling family (Pérez-Gonzáles, 2006). Furthermore, evidence from Southeast Asia identifies systematic differences according to whether the family company is a Nanyang company (a company managed by ethnic Chinese entrepreneurs, strongly influenced by Confucian tenets) (Sinnadurai, 2018). Understanding these differences is conducive to the enhanced well-being of all stakeholders.

Every country across the world has a different institutional environment, and hence the potential to make a valuable contribution. Researchers are invited to submit papers that impart perspectives on suitable modes for categorising types of family companies. Empirical, analytical and discussion papers are welcome.

References

Ali, Ashiq, Tai-Yuan Chen, T-Y., and Suresh Radhakrishnan, S. 2007. Corporate disclosures by family firms. Journal of Accounting and Economics 44: 238-286.  http://dx.doi.org/10.1016/j.jacceco.2007.01.006

Chen, Xia, Qiang Cheng, & Zhonglan Dai. 2013.  Family ownership and CEO turnovers.  Contemporary Accounting Research 30: 1,166-1,190.  http://dx.doi.org/ 10.1111/j.1911-3846.2012.01185.x

Pérez-Gonzáles, Francisco. 2006.  Inherited control and firm performance.  American Economic Review 96: 1,559-1,588.  DOI: 10.1257/aer.96.5.1559.

Sinnadurai, Philip.  2018. A vision for Malaysian and Other ASEAN researchers to contribute to international agency theory-based literature.  Asian Journal of Business and Accounting 11: 1-54.  https://doi.org/10.22452/ajba.vol11no2.1

Dr. Philip Sinnadurai
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • family companies
  • agency costs of equity
  • corporate governance

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Published Papers (4 papers)

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Editorial

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6 pages, 209 KiB  
Editorial
“Family Companies”—Editorial Synthesis of Special Issue
by Philip Sinnadurai
J. Risk Financial Manag. 2024, 17(11), 524; https://doi.org/10.3390/jrfm17110524 - 20 Nov 2024
Viewed by 352
Abstract
This paper presents an editorial synthesis of the three substantive papers published in this Special Issue. The lens for this synthesis concerns the joint contribution of the three papers in identifying potential bases for explaining variation in Type 2 agency costs of equity [...] Read more.
This paper presents an editorial synthesis of the three substantive papers published in this Special Issue. The lens for this synthesis concerns the joint contribution of the three papers in identifying potential bases for explaining variation in Type 2 agency costs of equity in family companies. The papers included in this Special Issue, using data from Portugal and Africa, suggest three bases. These bases are Small-to-Medium Enterprise status, prevalence of third parties to reduce information asymmetry between the principals and agents, and domicile in South Africa (for African family businesses). It follows from the paper using data from Jordan that degree of tax avoidance would be a suitable measure of Type 2 agency costs of equity. Hence, it would be appropriate for future research to investigate whether this metric varies systematically, across family companies, according to these three bases. Full article
(This article belongs to the Special Issue Family Companies)

Research

Jump to: Editorial

22 pages, 861 KiB  
Article
Sustaining Family Businesses through Business Incubation: An Africa-Focused Review
by Chux Gervase Iwu, Nobandla Malawu, Elona Nobukhosi Ndlovu, Tendai Makwara and Lucky Sibanda
J. Risk Financial Manag. 2024, 17(5), 178; https://doi.org/10.3390/jrfm17050178 - 24 Apr 2024
Cited by 1 | Viewed by 2039
Abstract
The influence of business incubation systems on family businesses in African economies has not been thoroughly investigated despite the potential contribution of family businesses to Africa’s economic expansion and the attainment of development goals outlined in the Africa Development Agenda 2063 and the [...] Read more.
The influence of business incubation systems on family businesses in African economies has not been thoroughly investigated despite the potential contribution of family businesses to Africa’s economic expansion and the attainment of development goals outlined in the Africa Development Agenda 2063 and the Sustainable Development Goals. Therefore, this study investigates the potential benefits that family businesses in Africa can derive from engaging in business incubation. This study utilised an integrative literature review methodology to investigate the research question. Twenty-three peer-reviewed articles were systematically selected from the Scopus, Web of Science, and Google Scholar databases using the following combination of phrases: “family business” and either “business incubation” or “business incubator”. The findings suggest ways to create a mutually beneficial relationship between family businesses and business incubators to improve long-term sustainability, promote collaboration, facilitate knowledge transfer, and foster an entrepreneurial ecosystem. It also recognises challenges, such as cultural alignment in family businesses. Business incubators in Africa can improve the sustainability of family businesses, such as during the succession, by offering support, resources, and guidance. The South African experience is a role model for the rest of the continent, in this regard. Future research should broaden the sources beyond the three databases utilised, including non-peer-reviewed sources such as grey literature, and extend the focus beyond developing economies. Full article
(This article belongs to the Special Issue Family Companies)
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18 pages, 338 KiB  
Article
Family Ownership, Corporate Governance Quality and Tax Avoidance: Evidence from an Emerging Market—The Case of Jordan
by Mohammad I. Almaharmeh, Ali Shehadeh, Hani Alkayed, Mohammad Aladwan and Majd Iskandrani
J. Risk Financial Manag. 2024, 17(2), 86; https://doi.org/10.3390/jrfm17020086 - 18 Feb 2024
Cited by 1 | Viewed by 2287
Abstract
This study examines the impact of family ownership on tax avoidance decisions. This study further investigates the effects of corporate governance quality on the relationship between family ownership and tax avoidance. We construct a sample of non-financial firms listed on the ASE for [...] Read more.
This study examines the impact of family ownership on tax avoidance decisions. This study further investigates the effects of corporate governance quality on the relationship between family ownership and tax avoidance. We construct a sample of non-financial firms listed on the ASE for the period 2015–2021. The results demonstrate that family-owned firms have high levels of tax avoidance. This result supports the private-benefit expropriation hypothesis. Regarding the mediating effect of corporate governance variables, the results suggest that large audit committees and audit committees that meet more frequently curb attempts by family owners to avoid paying tax. Full article
(This article belongs to the Special Issue Family Companies)
14 pages, 1048 KiB  
Article
The Impact of COVID-19 on the Internationalization Performance of Family Businesses: Evidence from Portugal
by Ana Roque and Maria-Ceu Alves
J. Risk Financial Manag. 2023, 16(12), 511; https://doi.org/10.3390/jrfm16120511 - 8 Dec 2023
Cited by 1 | Viewed by 1620
Abstract
Drawing on the internationalization and family business literature, this preliminary and exploratory study examines the impact of the COVID-19 pandemic on the internationalization performance of family firms. To the best of our knowledge, this is the first study to analyze the impact of [...] Read more.
Drawing on the internationalization and family business literature, this preliminary and exploratory study examines the impact of the COVID-19 pandemic on the internationalization performance of family firms. To the best of our knowledge, this is the first study to analyze the impact of COVID-19 on the internationalization strategy of Portuguese family firms. Using a questionnaire survey of private family firms, this paper adopts a quantitative approach. Our analysis of data from a single survey of 127 family firms shows that these firms mostly use the Uppsala model of internationalization. The results indicate that COVID-19 has a very negative and statistically significant impact on the different components of the internationalization performance of family businesses. This study contributes significantly to a better understanding of the impact of uncertainty caused by epidemiological scenarios on the strategy and performance of family firms. Full article
(This article belongs to the Special Issue Family Companies)
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