TY - JOUR
T1 - Board characteristics effects on performance in family and non-family business: a multi-theoretical approach
AU - Rubino, Franco Ernesto
AU - Tenuta, Paolo
AU - Cambrea, Domenico Rocco
PY - 2016
Y1 - 2016
N2 - This paper examines the role of the board of directors in influencing the
value of Italian listed firms from 2003 to 2013. In particular, employing agency,
stewardship and resource dependence theories, the study aims to compare board
characteristics in family and non-family firms and define the theory that best applies
to family firms. Empirical results show that the presence of CEO duality and busy
directors has a positive effect on the value of family firms, while gender diversity
has a negative impact on the value when a member of the family leads a family firm.
Conversely, the size of the board positively affects the value of non-family firms.
Our main findings suggest the prevalence, in family firms, of the benefits of the
board structure argued by stewardship and resource dependence theories rather than
the disadvantages expected from agency theory.
AB - This paper examines the role of the board of directors in influencing the
value of Italian listed firms from 2003 to 2013. In particular, employing agency,
stewardship and resource dependence theories, the study aims to compare board
characteristics in family and non-family firms and define the theory that best applies
to family firms. Empirical results show that the presence of CEO duality and busy
directors has a positive effect on the value of family firms, while gender diversity
has a negative impact on the value when a member of the family leads a family firm.
Conversely, the size of the board positively affects the value of non-family firms.
Our main findings suggest the prevalence, in family firms, of the benefits of the
board structure argued by stewardship and resource dependence theories rather than
the disadvantages expected from agency theory.
KW - Corporate governance, Board of directors, Firm value, Family control
KW - Corporate governance, Board of directors, Firm value, Family control
UR - http://hdl.handle.net/10807/151430
U2 - 10.1007/s10997-016-9363-3
DO - 10.1007/s10997-016-9363-3
M3 - Article
SN - 1385-3457
VL - 21
SP - 623
EP - 658
JO - THE JOURNAL OF MANAGEMENT AND GOVERNANCE
JF - THE JOURNAL OF MANAGEMENT AND GOVERNANCE
ER -