Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions

Detalhes bibliográficos
Autor(a) principal: Kogut, Clarice Secches
Data de Publicação: 2017
Outros Autores: Fleck, Denise
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Cadernos EBAPE.BR
Texto Completo: https://periodicos.fgv.br/cadernosebape/article/view/56974
Resumo: Regarding the debate on which sort of management – professional or family administration – would more effectively run businesses, this paper discusses the advantages and shortcomings of family and professional management from a theoretical and a practitioner’s viewpoint. The study aims at contributing to our understanding about the superiority that either type of management might have delivering long-term performance and value creation to shareholders. Six investors from top value investment funds were interviewed regarding the management of seven fashion retail Brazilian companies. Data analysis revealed that investors do not prefer either type of management – family or professional – when they make investments. Instead, they do look for specific characteristics and patterns of behavior in a CEO, which resemble Selznick’s (1957) definition of an institutional leader. Finally, the paper suggests a new path of research for scholars (relating old institutionalism and professionalism) and practical guidelines for each type of management (family or professional), offering, therefore, an academic as well as a practical contribution.
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spelling Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptionsGestión profesional versus gestión familiar en empresas minoristas de moda brasileña: explorando las percepciones de los analistas de inversiones en valoresGerenciamento profissional versus familiar em empresas brasileiras de varejo de moda: explorando as percepções dos analistas de investimento em valorFamily firmsFamily businessProfessional managementProfessionalismValue-investorsEmpresas familiaresGestión familiarGestión profesionalProfesionalizaciónInversores en valoresEmpresas familiaresGerenciamento familiarGerenciamento profissionalProfissionalizaçãoInvestimento em valorRegarding the debate on which sort of management – professional or family administration – would more effectively run businesses, this paper discusses the advantages and shortcomings of family and professional management from a theoretical and a practitioner’s viewpoint. The study aims at contributing to our understanding about the superiority that either type of management might have delivering long-term performance and value creation to shareholders. Six investors from top value investment funds were interviewed regarding the management of seven fashion retail Brazilian companies. Data analysis revealed that investors do not prefer either type of management – family or professional – when they make investments. Instead, they do look for specific characteristics and patterns of behavior in a CEO, which resemble Selznick’s (1957) definition of an institutional leader. Finally, the paper suggests a new path of research for scholars (relating old institutionalism and professionalism) and practical guidelines for each type of management (family or professional), offering, therefore, an academic as well as a practical contribution.Al contrastar la visión académica con la  de los inversores en valores, este artículo discute los pros y los contras de la gestión familiar y la gestión profesional  en las empresas brasileñas, con el objetivo de contribuir al debate sobre qué tipo de gestión sería preferible en términos de rendimiento a largo plazo y creación de valor para los accionistas. Se entrevistó personalmente a seis inversores en fondos de inversión en valores con respecto a la gestión de empresas minoristas de moda. Se concluye que los inversores no tienen preferencia por un tipo de gestión a la hora de invertir, sino por las características y patrones de comportamiento específicos de un CEO, similares en muchos aspectos a los descritos por Selznick (1957) como los de un líder institucional. Por último, se indican nuevos caminos de investigación a los académicos (relacionando el antiguo institucionalismo con la profesionalización) y se dan orientaciones prácticas para cada tipo de gestión (familiar o profesional), aportando, por lo tanto, importantes contribuciones tanto académicas como prácticas.Contrastando a visão acadêmica com a de investidores em valor, este artigo discute os prós e contras de gestão familiar e gestão profissional em empresas brasileiras, visando contribuir para a discussão sobre que tipo de gestão seria preferível em termos de desempenho de longo prazo e de criação de valor para os acionistas. Seis investidores de fundos de investimento em valor foram entrevistados pessoalmente a respeito do gerenciamento de empresas de varejo de moda. Conclui-se que investidores não têm preferência por um tipo de gestão na hora de investir, mas sim por características e padrões de comportamento específicos em um CEO, similares em muitos aspectos aos descritos por Selznick (1957) como os de um líder institucional. Finalmente, novos caminhos de pesquisa são indicados para acadêmicos (relacionando o velho institucionalismo com profissionalização) e orientações práticas são dadas para cada tipo de gestão (familiar ou profissional), tendo, portanto, uma contribuição tanto acadêmica quanto prática.Escola Brasileira de Administração Pública e de Empresas da Fundação Getulio Vargas2017-09-19info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.fgv.br/cadernosebape/article/view/56974Cadernos EBAPE.BR; Vol. 15 No. 3 (2017); 559-573Cadernos EBAPE.BR; Vol. 15 Núm. 3 (2017); 559-573Cadernos EBAPE.BR; v. 15 n. 3 (2017); 559-5731679-3951reponame:Cadernos EBAPE.BRinstname:Fundação Getulio Vargas (FGV)instacron:FGVenghttps://periodicos.fgv.br/cadernosebape/article/view/56974/69386Copyright (c) 2017 Cadernos EBAPE.BRinfo:eu-repo/semantics/openAccessKogut, Clarice SecchesFleck, Denise2017-09-29T14:52:26Zoai:ojs.periodicos.fgv.br:article/56974Revistahttps://periodicos.fgv.br/cadernosebapehttps://periodicos.fgv.br/cadernosebape/oaicadernosebape@fgv.br||cadernosebape@fgv.br1679-39511679-3951opendoar:2024-05-13T09:59:59.506716Cadernos EBAPE.BR - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
Gestión profesional versus gestión familiar en empresas minoristas de moda brasileña: explorando las percepciones de los analistas de inversiones en valores
Gerenciamento profissional versus familiar em empresas brasileiras de varejo de moda: explorando as percepções dos analistas de investimento em valor
title Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
spellingShingle Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
Kogut, Clarice Secches
Family firms
Family business
Professional management
Professionalism
Value-investors
Empresas familiares
Gestión familiar
Gestión profesional
Profesionalización
Inversores en valores
Empresas familiares
Gerenciamento familiar
Gerenciamento profissional
Profissionalização
Investimento em valor
title_short Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
title_full Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
title_fullStr Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
title_full_unstemmed Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
title_sort Professional versus family management in Brazilian fashion retail companies: exploring value-investors’ perceptions
author Kogut, Clarice Secches
author_facet Kogut, Clarice Secches
Fleck, Denise
author_role author
author2 Fleck, Denise
author2_role author
dc.contributor.author.fl_str_mv Kogut, Clarice Secches
Fleck, Denise
dc.subject.por.fl_str_mv Family firms
Family business
Professional management
Professionalism
Value-investors
Empresas familiares
Gestión familiar
Gestión profesional
Profesionalización
Inversores en valores
Empresas familiares
Gerenciamento familiar
Gerenciamento profissional
Profissionalização
Investimento em valor
topic Family firms
Family business
Professional management
Professionalism
Value-investors
Empresas familiares
Gestión familiar
Gestión profesional
Profesionalización
Inversores en valores
Empresas familiares
Gerenciamento familiar
Gerenciamento profissional
Profissionalização
Investimento em valor
description Regarding the debate on which sort of management – professional or family administration – would more effectively run businesses, this paper discusses the advantages and shortcomings of family and professional management from a theoretical and a practitioner’s viewpoint. The study aims at contributing to our understanding about the superiority that either type of management might have delivering long-term performance and value creation to shareholders. Six investors from top value investment funds were interviewed regarding the management of seven fashion retail Brazilian companies. Data analysis revealed that investors do not prefer either type of management – family or professional – when they make investments. Instead, they do look for specific characteristics and patterns of behavior in a CEO, which resemble Selznick’s (1957) definition of an institutional leader. Finally, the paper suggests a new path of research for scholars (relating old institutionalism and professionalism) and practical guidelines for each type of management (family or professional), offering, therefore, an academic as well as a practical contribution.
publishDate 2017
dc.date.none.fl_str_mv 2017-09-19
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/cadernosebape/article/view/56974
url https://periodicos.fgv.br/cadernosebape/article/view/56974
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://periodicos.fgv.br/cadernosebape/article/view/56974/69386
dc.rights.driver.fl_str_mv Copyright (c) 2017 Cadernos EBAPE.BR
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2017 Cadernos EBAPE.BR
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Escola Brasileira de Administração Pública e de Empresas da Fundação Getulio Vargas
publisher.none.fl_str_mv Escola Brasileira de Administração Pública e de Empresas da Fundação Getulio Vargas
dc.source.none.fl_str_mv Cadernos EBAPE.BR; Vol. 15 No. 3 (2017); 559-573
Cadernos EBAPE.BR; Vol. 15 Núm. 3 (2017); 559-573
Cadernos EBAPE.BR; v. 15 n. 3 (2017); 559-573
1679-3951
reponame:Cadernos EBAPE.BR
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Cadernos EBAPE.BR
collection Cadernos EBAPE.BR
repository.name.fl_str_mv Cadernos EBAPE.BR - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv cadernosebape@fgv.br||cadernosebape@fgv.br
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