Family firm’s heterogeneity and firm risk

Detalhes bibliográficos
Autor(a) principal: Lisboa, Inês
Data de Publicação: 2015
Outros Autores: Miralles-Quirós, Maria del Mar
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.8/3217
Resumo: The behavioral agency theory suggests that family firms present less risk than non-family firms to protect their socioemotional wealth. Most studies analyzing this field focus on the bank sector or the US economy. This study aims to examine whether there are differences in risk between family and non-family firms using Portuguese listed firms during fourteen years. Moreover we provide new evidence taking into account firms’ heterogeneities. Family and non-family firms are not homogeneous groups and the firm’s growth opportunities, age and size can be moderators of the relationship between family control and firm risk. We also analyze the effect on risk of family control using family ownership and the F-PEC scale. Our overall results strongly evidence that firms’ heterogeneities play an important role in firm’s risk exposure. These findings are relevant for institutional and individual investors as well as for the professional managers of these firms.
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spelling Family firm’s heterogeneity and firm riskFamily firmsFirm riskHeterogeneityF-PEC scaleThe behavioral agency theory suggests that family firms present less risk than non-family firms to protect their socioemotional wealth. Most studies analyzing this field focus on the bank sector or the US economy. This study aims to examine whether there are differences in risk between family and non-family firms using Portuguese listed firms during fourteen years. Moreover we provide new evidence taking into account firms’ heterogeneities. Family and non-family firms are not homogeneous groups and the firm’s growth opportunities, age and size can be moderators of the relationship between family control and firm risk. We also analyze the effect on risk of family control using family ownership and the F-PEC scale. Our overall results strongly evidence that firms’ heterogeneities play an important role in firm’s risk exposure. These findings are relevant for institutional and individual investors as well as for the professional managers of these firms.Boletín de Estudios EconómicosIC-OnlineLisboa, InêsMiralles-Quirós, Maria del Mar2018-04-27T14:15:31Z20152015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.8/3217eng0006-6249metadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-17T15:46:43Zoai:iconline.ipleiria.pt:10400.8/3217Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:47:23.030862Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Family firm’s heterogeneity and firm risk
title Family firm’s heterogeneity and firm risk
spellingShingle Family firm’s heterogeneity and firm risk
Lisboa, Inês
Family firms
Firm risk
Heterogeneity
F-PEC scale
title_short Family firm’s heterogeneity and firm risk
title_full Family firm’s heterogeneity and firm risk
title_fullStr Family firm’s heterogeneity and firm risk
title_full_unstemmed Family firm’s heterogeneity and firm risk
title_sort Family firm’s heterogeneity and firm risk
author Lisboa, Inês
author_facet Lisboa, Inês
Miralles-Quirós, Maria del Mar
author_role author
author2 Miralles-Quirós, Maria del Mar
author2_role author
dc.contributor.none.fl_str_mv IC-Online
dc.contributor.author.fl_str_mv Lisboa, Inês
Miralles-Quirós, Maria del Mar
dc.subject.por.fl_str_mv Family firms
Firm risk
Heterogeneity
F-PEC scale
topic Family firms
Firm risk
Heterogeneity
F-PEC scale
description The behavioral agency theory suggests that family firms present less risk than non-family firms to protect their socioemotional wealth. Most studies analyzing this field focus on the bank sector or the US economy. This study aims to examine whether there are differences in risk between family and non-family firms using Portuguese listed firms during fourteen years. Moreover we provide new evidence taking into account firms’ heterogeneities. Family and non-family firms are not homogeneous groups and the firm’s growth opportunities, age and size can be moderators of the relationship between family control and firm risk. We also analyze the effect on risk of family control using family ownership and the F-PEC scale. Our overall results strongly evidence that firms’ heterogeneities play an important role in firm’s risk exposure. These findings are relevant for institutional and individual investors as well as for the professional managers of these firms.
publishDate 2015
dc.date.none.fl_str_mv 2015
2015-01-01T00:00:00Z
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