Corporate governance issues in family and nonfamily firms: evidence from Portugal
Autor(a) principal: | |
---|---|
Data de Publicação: | 2018 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.8/9015 |
Resumo: | Family firms have idiosyncrasies which may influence corporate governance. In that regard, this work’s contribution is twofold. First, it compares corporate governance of family and non-family firms. Second, it further examines these firms, discriminating between firms listed in the Portuguese stock market index and the others. The sample includes 37 Portuguese listed firms, 16 listed in the Portuguese stock index, the PSI 20. Following a quantitative analysis, the findings show that family firms, especially the ones listed in PSI 20, have more independent members, tend to comply more with corporate governance recommendations, and display more corporate governance information on their websites than other firms. This suggests that family firms try to avoid information asymmetries, so as to evade mispricing, sustain their sustainability, and reduce agency costs. |
id |
RCAP_c82fbe4d09721dfd05bdfdef2a7939a5 |
---|---|
oai_identifier_str |
oai:iconline.ipleiria.pt:10400.8/9015 |
network_acronym_str |
RCAP |
network_name_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
spelling |
Corporate governance issues in family and nonfamily firms: evidence from PortugalGoverno das sociedades nas empresas familiares e não familiares: evidência para PortugalFamily firmsCorporate governancePortugalListed firmsPSI 20Family firms have idiosyncrasies which may influence corporate governance. In that regard, this work’s contribution is twofold. First, it compares corporate governance of family and non-family firms. Second, it further examines these firms, discriminating between firms listed in the Portuguese stock market index and the others. The sample includes 37 Portuguese listed firms, 16 listed in the Portuguese stock index, the PSI 20. Following a quantitative analysis, the findings show that family firms, especially the ones listed in PSI 20, have more independent members, tend to comply more with corporate governance recommendations, and display more corporate governance information on their websites than other firms. This suggests that family firms try to avoid information asymmetries, so as to evade mispricing, sustain their sustainability, and reduce agency costs.As empresas familiares apresentam características únicas que podem causar impacto no governo das sociedades. Este trabalho tem um duplo objetivo. Primeiro são comparados os modelos de governo de sociedades das empresas familiares e não familiares. Em segundo lugar estas empresas são analisadas em maior detalhe, discriminando entre empresas cotadas no PSI 20 (o índice de mercado português) e as restantes. A amostra inclui 37 empresas, 16 das quais do PSI 20. Utilizando uma análise quantitativa, os resultados mostram que as empresas familiares, especialmente as do PSI 20, apresentam mais membros independentes, cumprem mais recomendações de governo de sociedades e exibem mais informações sobre os modelos de governação nas suas páginas web do que outras empresas. Isso sugere que as empresas familiares tentam evitar as assimetrias de informação para precaver-se de erros de valorização, manter sua continuidade e reduzir os custos da agência.IC-OnlineLisboa, Inês2023-12-06T19:13:18Z2018-122018-12-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.8/9015engLisboa, I. (2018). Governo das sociedades nas empresas familiares e não familiares: evidência para Portugal. Egitania Sciencia, 2(23), 103–121. https://doi.org/10.46691/es.v2i23.1871646-8848https://doi.org/10.46691/es.v2i23.187info: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:RCAAP2024-01-17T15:58:42Zoai:iconline.ipleiria.pt:10400.8/9015Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:51:36.315188Repositório 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 |
Corporate governance issues in family and nonfamily firms: evidence from Portugal Governo das sociedades nas empresas familiares e não familiares: evidência para Portugal |
title |
Corporate governance issues in family and nonfamily firms: evidence from Portugal |
spellingShingle |
Corporate governance issues in family and nonfamily firms: evidence from Portugal Lisboa, Inês Family firms Corporate governance Portugal Listed firms PSI 20 |
title_short |
Corporate governance issues in family and nonfamily firms: evidence from Portugal |
title_full |
Corporate governance issues in family and nonfamily firms: evidence from Portugal |
title_fullStr |
Corporate governance issues in family and nonfamily firms: evidence from Portugal |
title_full_unstemmed |
Corporate governance issues in family and nonfamily firms: evidence from Portugal |
title_sort |
Corporate governance issues in family and nonfamily firms: evidence from Portugal |
author |
Lisboa, Inês |
author_facet |
Lisboa, Inês |
author_role |
author |
dc.contributor.none.fl_str_mv |
IC-Online |
dc.contributor.author.fl_str_mv |
Lisboa, Inês |
dc.subject.por.fl_str_mv |
Family firms Corporate governance Portugal Listed firms PSI 20 |
topic |
Family firms Corporate governance Portugal Listed firms PSI 20 |
description |
Family firms have idiosyncrasies which may influence corporate governance. In that regard, this work’s contribution is twofold. First, it compares corporate governance of family and non-family firms. Second, it further examines these firms, discriminating between firms listed in the Portuguese stock market index and the others. The sample includes 37 Portuguese listed firms, 16 listed in the Portuguese stock index, the PSI 20. Following a quantitative analysis, the findings show that family firms, especially the ones listed in PSI 20, have more independent members, tend to comply more with corporate governance recommendations, and display more corporate governance information on their websites than other firms. This suggests that family firms try to avoid information asymmetries, so as to evade mispricing, sustain their sustainability, and reduce agency costs. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-12 2018-12-01T00:00:00Z 2023-12-06T19:13:18Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.8/9015 |
url |
http://hdl.handle.net/10400.8/9015 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Lisboa, I. (2018). Governo das sociedades nas empresas familiares e não familiares: evidência para Portugal. Egitania Sciencia, 2(23), 103–121. https://doi.org/10.46691/es.v2i23.187 1646-8848 https://doi.org/10.46691/es.v2i23.187 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
|
_version_ |
1799137007393308672 |