Testing the contributions of outside directors: should family firms respond differently?
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Revista Brasileira de Gestão de Negócios (Online) |
Texto Completo: | https://rbgn.fecap.br/RBGN/article/view/4228 |
Resumo: | Theoretical framework – Based on agency theory and its derivatives, we capture the specificities of family firms relative to non-family firms. Design/methodology/approach – Drawing from an extensive and updated database of over 370 publicly listed companies in Brazil, this study conducted panel data regressions with fixed effects on three different response variables, in order to have a broader perspective and reduce the bias of the results. Moreover, we performed robustness tests with different measurement methods. In addition, we tested the selection of variables by addressing both internal and external validity criteria, in addition to convergent and nomological validity, according to the literature. Findings – The empirical results indicate that there is a relationship between board independence and short-term financial performance for a cohort of family firms. Practical & social implications of research – This research contributes to various stakeholders by providing relevant insights about an important ESG criterion, which opens up a path for further studies. Originality/value – This is a novel approach to relevant phenomena from the perspective of family firms compared to non-family firms. Also, this paper deepens the study of family businesses and considers different cohorts of firms. Keywords - Corporate Governance, Family Firms, Outside Directors, Firm Performance, Emerging Markets. |
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Testing the contributions of outside directors: should family firms respond differently?Testando as contribuições dos diretores externos: as empresas familiares devem reagir de forma diferente?Corporate governanceFamily firmsOutside directorsFirm performanceEmerging marketsGovernança corporativaEmpresas familiaresDiretores externosDesempenho da empresaMercados emergentesTheoretical framework – Based on agency theory and its derivatives, we capture the specificities of family firms relative to non-family firms. Design/methodology/approach – Drawing from an extensive and updated database of over 370 publicly listed companies in Brazil, this study conducted panel data regressions with fixed effects on three different response variables, in order to have a broader perspective and reduce the bias of the results. Moreover, we performed robustness tests with different measurement methods. In addition, we tested the selection of variables by addressing both internal and external validity criteria, in addition to convergent and nomological validity, according to the literature. Findings – The empirical results indicate that there is a relationship between board independence and short-term financial performance for a cohort of family firms. Practical & social implications of research – This research contributes to various stakeholders by providing relevant insights about an important ESG criterion, which opens up a path for further studies. Originality/value – This is a novel approach to relevant phenomena from the perspective of family firms compared to non-family firms. Also, this paper deepens the study of family businesses and considers different cohorts of firms. Keywords - Corporate Governance, Family Firms, Outside Directors, Firm Performance, Emerging Markets.Referencial teórico – Com base na teoria da agência e seus derivados, capturamos as especificidades das empresas familiares em relação às empresas não familiares. Metodologia – Com base em um banco de dados extenso e atualizado de mais de 370 empresas de capital aberto no Brasil, este estudo realizou regressões de dados em painel com efeitos fixos em três variáveis de resposta diferentes, a fim de ter uma perspectiva mais ampla e reduzir o viés dos resultados. Além disso, realizamos testes de robustez com diferentes métodos de medição. Também testamos a seleção de variáveis abordando os critérios de validade interna e externa, além de validade convergente e nomológica, de acordo com a literatura. Resultados – Os resultados empíricos indicam que há uma relação entre a independência do conselho e o desempenho financeiro de curto prazo em um grupo de empresas familiares. Implicações práticas e sociais da investigação – Esta pesquisa contribui para vários agentes, fornecendo insights relevantes sobre um importante critério de ESG, o que abre um caminho para estudos futuros. Contribuições – Essa é uma nova abordagem para fenômenos relevantes da perspectiva de empresas familiares em comparação com empresas não familiares. Além disso, este artigo aprofunda o estudo de empresas familiares e considera diferentes grupos de empresas. Palavras-chave – governança corporativa, empresas familiares, diretores externos, desempenho da empresa, mercados emergentes.FECAP2023-10-19info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por paresapplication/pdfhttps://rbgn.fecap.br/RBGN/article/view/422810.7819/rbgn.v25i3.4228Review of Business Management; Vol. 25 No. 3 (2023)RBGN Revista Brasileira de Gestão de Negócios; Vol. 25 Núm. 3 (2023)RBGN - Revista Brasileira de Gestão de Negócios; v. 25 n. 3 (2023)1983-08071806-4892reponame:Revista Brasileira de Gestão de Negócios (Online)instname:Fundação Escola de Comércio Álvares Penteado (FECAP)instacron:FECAPenghttps://rbgn.fecap.br/RBGN/article/view/4228/1926Copyright (c) 2023 Review of Business Managementinfo:eu-repo/semantics/openAccessMesnik , Samy SznajderGama , Marina Bahia AmadoCarneiro, Jorge Manoel2023-12-12T19:39:35Zoai:ojs.emnuvens.com.br:article/4228Revistahttp://rbgn.fecap.br/RBGN/indexhttps://rbgn.fecap.br/RBGN/oai||jmauricio@fecap.br1983-08071806-4892opendoar:2023-12-12T19:39:35Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP)false |
dc.title.none.fl_str_mv |
Testing the contributions of outside directors: should family firms respond differently? Testando as contribuições dos diretores externos: as empresas familiares devem reagir de forma diferente? |
title |
Testing the contributions of outside directors: should family firms respond differently? |
spellingShingle |
Testing the contributions of outside directors: should family firms respond differently? Mesnik , Samy Sznajder Corporate governance Family firms Outside directors Firm performance Emerging markets Governança corporativa Empresas familiares Diretores externos Desempenho da empresa Mercados emergentes |
title_short |
Testing the contributions of outside directors: should family firms respond differently? |
title_full |
Testing the contributions of outside directors: should family firms respond differently? |
title_fullStr |
Testing the contributions of outside directors: should family firms respond differently? |
title_full_unstemmed |
Testing the contributions of outside directors: should family firms respond differently? |
title_sort |
Testing the contributions of outside directors: should family firms respond differently? |
author |
Mesnik , Samy Sznajder |
author_facet |
Mesnik , Samy Sznajder Gama , Marina Bahia Amado Carneiro, Jorge Manoel |
author_role |
author |
author2 |
Gama , Marina Bahia Amado Carneiro, Jorge Manoel |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Mesnik , Samy Sznajder Gama , Marina Bahia Amado Carneiro, Jorge Manoel |
dc.subject.por.fl_str_mv |
Corporate governance Family firms Outside directors Firm performance Emerging markets Governança corporativa Empresas familiares Diretores externos Desempenho da empresa Mercados emergentes |
topic |
Corporate governance Family firms Outside directors Firm performance Emerging markets Governança corporativa Empresas familiares Diretores externos Desempenho da empresa Mercados emergentes |
description |
Theoretical framework – Based on agency theory and its derivatives, we capture the specificities of family firms relative to non-family firms. Design/methodology/approach – Drawing from an extensive and updated database of over 370 publicly listed companies in Brazil, this study conducted panel data regressions with fixed effects on three different response variables, in order to have a broader perspective and reduce the bias of the results. Moreover, we performed robustness tests with different measurement methods. In addition, we tested the selection of variables by addressing both internal and external validity criteria, in addition to convergent and nomological validity, according to the literature. Findings – The empirical results indicate that there is a relationship between board independence and short-term financial performance for a cohort of family firms. Practical & social implications of research – This research contributes to various stakeholders by providing relevant insights about an important ESG criterion, which opens up a path for further studies. Originality/value – This is a novel approach to relevant phenomena from the perspective of family firms compared to non-family firms. Also, this paper deepens the study of family businesses and considers different cohorts of firms. Keywords - Corporate Governance, Family Firms, Outside Directors, Firm Performance, Emerging Markets. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-10-19 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://rbgn.fecap.br/RBGN/article/view/4228 10.7819/rbgn.v25i3.4228 |
url |
https://rbgn.fecap.br/RBGN/article/view/4228 |
identifier_str_mv |
10.7819/rbgn.v25i3.4228 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://rbgn.fecap.br/RBGN/article/view/4228/1926 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2023 Review of Business Management info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2023 Review of Business Management |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
FECAP |
publisher.none.fl_str_mv |
FECAP |
dc.source.none.fl_str_mv |
Review of Business Management; Vol. 25 No. 3 (2023) RBGN Revista Brasileira de Gestão de Negócios; Vol. 25 Núm. 3 (2023) RBGN - Revista Brasileira de Gestão de Negócios; v. 25 n. 3 (2023) 1983-0807 1806-4892 reponame:Revista Brasileira de Gestão de Negócios (Online) instname:Fundação Escola de Comércio Álvares Penteado (FECAP) instacron:FECAP |
instname_str |
Fundação Escola de Comércio Álvares Penteado (FECAP) |
instacron_str |
FECAP |
institution |
FECAP |
reponame_str |
Revista Brasileira de Gestão de Negócios (Online) |
collection |
Revista Brasileira de Gestão de Negócios (Online) |
repository.name.fl_str_mv |
Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP) |
repository.mail.fl_str_mv |
||jmauricio@fecap.br |
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1798942371040198656 |