Corporate governance issues in family and nonfamily firms: evidence from Portugal

Detalhes bibliográficos
Autor(a) principal: Lisboa, Inês
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.
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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
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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
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