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عنوان فارسی مقاله:

رشد و عملکرد کسب و کار خانواده در طول بحران مالی جهانی: نقش نسل در کنترل

عنوان انگلیسی مقاله:

The growth and performance of family businesses during the global financial crisis: The role of the generation in control

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مقدمه انگلیسی مقاله:

1. Introduction

This article aims to analyze the effects that the Global Financial Crisis (GFC) has had on privately held and family-controlled firms by focusing on the potential influence (the moderating role) of the business’s stage of generational control. Specifically, beginning from a socioemotional wealth approach, we investigate how growth, financial risk and performance differ between firstgeneration and multi-generational family businesses during the GFC. Recent papers analyzing differences between family and nonfamily businesses in terms of their corporate finance decisions and their performance during the GFC after 2007 have arrived at contradictory results. For example, Lins, Volpin and Wagner (2013) found that family businesses cut their investments and underperform non-family businesses during the GFC, whereas Minichilli, Brogi and Calabró (2015) and van Essen, Strike, Caey and Sapp (2015) observed that family businesses outperform non-family businesses during the crisis period. Other papers examining the 1997 Asian Financial Crisis also exhibit inconclusive results (Amann & Jaussaud, 2012; Attig, Boubakri, Ghoul, & Guedhami, 2015; Boubakri, Guedhami, & Mishra, 2010). Meanwhile, Crespí and Martín-Oliver (2015) and D’Aurizio, Oliviero and Romano (2015) find that family businesses enjoyed better access to credit during the crisis. Notably, the majority of these papers analyze listed firms and none examine the influence of the generational stage of the family business. We develop our research hypotheses beginning from a Socioemotional Wealth (SEW) approach1 (Berrone, Cruz, & GómezMejía, 2012; Gómez-Mejía, Haynes, Nuñez, Jacobson, & Moyano, 2007) and by considering the moderating role of the generational stage in family businesses’ growth, risk taking and performance (Cruz & Nordqvist, 2012; Eddleston, Kellermanns, Floyd, Crittenden, & Crittenden, 2013; García-Álvarez & López-Sintas, 2001). Our main argument is that corporate decisions in times of financial crisis are contingent on the generation that is managing the privately held family business. Moreover, stronger emotional attachment to the firm in first-generation family businesses (Sciascia, Mazzola, & Kellermmans, 2014) – together with reduced agency conflicts (Gedajlovic, Lubaktin, & Schulze, 2004; Villalonga, Amit, Trujillo, & Guzman, 2015) – facilitate greater resource commitment and risk taking during crisis periods because the first generation generally prioritizes ensuring the survival of the firm to pass it on to next generations of the family (i.e., preserving socioemotional wealth). Then, we expect the typical aversion of family businesses to risk to lead family businesses to a higher commitment to investment during crisis periods, particularly for first-generation family businesses. Nevertheless, the reduced access to resources and diversification that characterizes younger firms, together with their special interest in non-financial goals (SEW), leads us to expect first-generation family businesses to perform worse during crisis periods. Beginning from the varied emotional attachments that different generations in family businesses have to the firm, we test our proposals on a database of Spanish privately held family businesses, and we propose that family businesses may behave and perform differently during economic and financial crises depending on the stage of generational control. Spain is a particularly interesting country for analyzing the effects of the GFC because of the greater depth and duration of the crisis that Spain experienced. Spain is the fourth largest economy in the euro area and the fourteenth largest economy in the world. The recession that the Spanish economy suffered was deep, and its 2007 GDP growth rate of 3.6% dropped to 3.6% in 2009, its 2007 unemployment rate of 8.6% rose to a staggering 27.2% in 2013 and its public debt grew from 39.8% of GDP in 2008 to 93.7% in 2013. In Spain, the GFC caused a significant reduction in bank funding as a result of a liquidity shock and the severe solvency problems of Spanish financial institutions. Bank loans to Spain's private sector fell by 9.2% between mid-2009 and the end of 2012, a reduction of some 172 billion euros, equivalent to 17% of GDP. This credit crunch strongly reduced domestic demand – particularly for durable and capital goods – and exacerbated the adverse effects of the crisis, delaying Spain’s recovery. We aim to examine how the GFC influenced family businesses’ corporate strategy and performance in a continental (civil law) European country that is highly dependent on bank intermediation. We propose that firstgeneration family businesses are more determined to continue growing and taking risks – even as performance worsens – to preserve their socioemotional wealth.

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[PDF]Are Family Firms Better Performers during Financial Crisis?www.efmaefm.org/.../EFMA%20ANNUAL%20MEETINGS/2012.../Zhou_FullPaper....by H Zhou - 2011 - Cited by 13 - Related articlesDec 1, 2011 - between family firms and non-family firms in normal economic times ... non-family firms during the crisis whether I use market performance measure (Tobin's Q) or .... for the firm's early growth and development of the business.Innovation and Inteational Corporate Growthhttps://books.google.com/books?isbn=3642108237Alexander Gerybadze, Ulrich Hommel, Hans W. Reiners - 2010 - Business & EconomicsContents. 1 Family Businesses in Germany . ... 394 2.2 The Effect of Familyness on Performance . . . . . . . . . . . . . . . . . . 396 2.3 ... 412 5 Impacts of the Global Financial and Economic Crisis on Innovation Activities . . . . 412 References .Are Family Firms Better Performers During the Financial Crisis?https://extranet.sioe.org/uploads/isnie2013/zhou.pdfby Y Wang - 2012 - Cited by 5 - Related articlesJul 18, 2012 - performance of founder firms is largely caused by less incentive to invest in risky projects with a .... outperform non-family firms during the global financial crisis? ..... responsible for the firm's early growth and development.AdsBusiness Finance Company - Search Business Finance CompanyAdwww.zapmeta.ws/Find Business Finance Company. Search Faster, Better & Smarter at ZapMeta Now!Trusted by Millions · The Complete Overview · 100+ Million Visitors · Web, Images & VideoMulti SearchFind MoreSearch & Find NowRelated InfoEa Perfect Money Online - Invest $10 and receive $300,000Adwww.viriona.com/Join Now.Guarantees.Trading ReportsBG/SBLC for sale or lease - Financial instrument providerAdblogspot.com/Bank guarantees and SBLC for sale/lease available at competitive ratesSearches related to growth and performance of family businesses during the global financial crisis2nd generation family business failuregoogle scholar