家族企业代际传承与债务特征

代际传承前充分的制度安排有助于降低权杖交接的事后成本,债务政策如何支持代际传承构成传承前财务安排的重要内容。文章利用正处于代际传承实施期的家族企业十年的面板数据,检验了代际传承前家族企业债务特征变化。研究表明进入代际传承实施期后家族企业表现出更低的资产负债率、更大的长期债务比重以及更高的流动比率,研究还表明控制权与现金流权的分离程度对进入代际传承实施期的家族企业债务特征起到干扰作用。家族企业进入代际传承实施期后倾向于实施风险更低的债务政策。     

代际传承对家族企业风险承担的影响

家族企业代际传承已经成为学术界和实务界关注的一个焦点。文章尝试建立一个风险分析框架，深入分析代际传承对企业风险承担的影响机理及经济后果。基于2004-2016年我国沪深两市A股上市家族企业的研究数据，文章以家族二代继任者成为董事长或总经理的时点作为代际传承始点进行实证分析。研究结果表明：家族企业进入代际传承实施期后，企业风险承担水平会降低。与“家族—家族”类别的接班方式相比，在“职业—家族”类别的接班方式下，代际传承对企业风险承担水平的负效应更明显；创始人弱参与下的企业风险承担水平低于创始人强参与下的企业风险承担水平。此外，代际传承通过企业风险承担这项路径引起企业会计绩效下降。     

Strategic and Business Planning Practices of Fast Growth Family Firms

Fast-growth family firms were surveyed about their business and strategic planning practices. Of the 65 fast-growth family firms surveyed, the majority prepare written formal plans. The business plans are in sufficient detail to enable the business to tie planning to actual performance and to adjust management compensation accordingly. The majority of the firms regularly share information with employees regarding comparisons between actual company performance results and goals or planned performance. Further, the majority of the firms describe their business strategy as a high quality producer strategy rather than as a low-cost or time-based strategy. Further, when bringing new products to market, these fast-growth family firms adopt a first mover or early follower strategy. Implications of these findings for growth-oriented family firms are presented.     

Understanding the Innovation Behavior of Family Firms

This paper examines innovation behavior in family firms, analyzing their innovation efforts, sources, and results. Its underlying premise is that innovation behavior depends on the firm's resource endowment and the level of risk inherent in the decision to innovate, factors that make family involvement an influential characteristic in innovation processes. Using a large sample of Spanish firms, the findings show that family firms perform fewer innovation efforts and are less inclined to turn to external sources of innovation—such as technological collaboration—than nonfamily firms. Finally, family firms are more likely to achieve incremental innovations than radical innovations.     

Planning Behavior Variables in Small Firms

Much of the empirical data that identifies the incidence of planning in small firms and the variables associated with that planning is based on small samples subject to geographic and industry constraints. The intent of this article is to partially overcome those limitations by testing relationships using results from a large Australian-wide, multiple-period sample. For each of three years, the frequency with which firms maintained documented business plans was determined and tested for associations with a range of traditional "business structure" demographic variables and a group of "management structure" variables. Results support expectations that size, volume, training, intention to change operations, and the major decision-maker's education are positively associated with business planning. Results also indicate that a significant number of firms change planning behavior states over time.     

Intergenerational Succession in Small Family Businesses: Borrowing Constraints and Optimal Timing of Succession

Small family businesses differ from non-family businesses in that their functioning is not independent of the life cycle of the owner-operator, and in that other family considerations sometimes lead to sub-optimal managerial decisions from the point of view of the business. This is why a smooth intergenerational succession is essential to the profitability of the business, and to the welfare of the family as a whole. Succession within the family involves first of all the choice of a successor. The choice is affected by birth order, age differentials, and qualifications of potential successors. Choosing a successor means reaching an agreement about the timing of succession and income distribution before and after succession. This paper focuses on the decision of the business-operating family when to bring in the designated successor. A utility-maximizing time is shown to differ from the income-maximizing time only in the presence of binding borrowing constraints. Such constraints are likely to enhance an earlier succession in order to use the successor's accumulated off-business assets to ease the constraints and to increase future business income due to earlier accumulation of business-specific human capital by the successor. An additional model shows that the successor will not be willing to wait indefinitely for the formal ownership transfer of the business, because of the risk of being disinherited in some future period. The consequences of possible strategic behaviors of both the owner and potential successors on the results of these models is discussed informally.     

家族企业继任者领导力发展的过程机制

继任者领导力发展是家族企业持续发展的重要战略。过往研究大多以家族企业的创业者或现任企业家为研究对象,探究他们的领导行为、领导风格等,文章以继任者为研究对象,通过家族企业传承的国内外研究文献的系统分析,提取出父子关系、长期取向、合作精神、知识获取、角色认知、风险意识等影响继任者领导力发展的六个要素,并进行继任过程四阶段分析,形成了完整的继任者领导力发展的过程模型。     

European Family Firms in International Business: British and Greek Tramp-Shipping Firms

This article traces the similar paths and common characteristics of British and Greek tramp-shipping companies over the last 130 years through a comparative and international perspective. Despite the tendency of companies to adopt corporate and managerial forms, British and Greek tramp-shipping firms remained first and foremost family firms. The strength and the viability of these firms were networks, on a local, national and international level – networks whose cohesion was based on trust and a particular business culture that was developed in the maritime regions whence they came, centred on family firms involved in international business.     

高层后备计划——家族企业内部CEO接班问题

家族企业在世界和中国经济中都扮演了重要角色,从succession planning(后备计划或管理继承人计划)的概念出发,界定了涉及的家族企业的范畴,对关乎其兴衰成败的最高领导人CEO的接班计划进行了考察,区分了两类不同的家族企业接班计划,并着重对第一种接班计划的动力学过程进行了描述,最后,对中国文化背景下家族企业接班计划的应用做了一些思考。     

The Influence of Selected Factors on the Perceptions of Managers of Small Business Firms Regarding Legal Firms

Abstract

The South African service provider is faced with an increasingly turbulent and complex competitive environment (Griffith & Rust, 1997:109-116). Factors that impact specifically on the environment of service firms (such as the providers of legal services) include the growing importance of consumerism and a drastic increase in competition (Harrel & Fors, 1992:299-306).

The latter factor has a number of causes, amongst others, a stagnating economy (Griffith & Rust, 1997:109-116). A factor that impacts directly on the growing competition amongst providers of legal services is the increase in law graduates and commensurate increase in qualified attorneys and advocates entering the market. Figures supplied by the Law Society of the Cape of Good Hope and the Law Society of the Transvaal indicate an increase in excess of 50% in the number of practising attorneys in both the former provinces of the Cape and Transvaal between the years 1990 and 1997.

This article presents an exploratory study establishing the relative value attached by small business in South Africa to certain factors, inter alia advertising and location, pertaining to firms providing legal services. A better understanding of the importance of these factors will assist legal firms to improve service delivery thereby improving profitability.     

家族涉入、网络结构与家族企业的网络交易成本

文章利用浙江和重庆两地制造业家族企业的调查数据,实证检验了家族涉入对家族企业降低网络交易成本的影响及网络结构的中介效应,研究结果表明：（1）家族所有权、家族承诺对家族企业降低网络交易成本有显著的正向影响,领导企业的家族代数对家族企业降低网络交易成本有显著的负向影响;（2）网络中心度和密度在家族承诺与降低网络交易成本之间起部分中介作用。本文的研究结论对于提高我国家族企业网络组织效率具有一定的现实意义。     

Financial Attitudes in Family Firms: The Moderating Role of Family Commitment

This study investigates how family commitment moderates whether and how financial knowledge, positive experience with debt suppliers, and economic goal orientation affect owner–managers' attitudes toward debt financing in family firms. Using a sample of 280 German family firms, we find significant relationships between both financial knowledge and positive experience with debt suppliers and owner–managers' financial attitudes toward debt. Our findings show that family commitment moderates these relationships such that high family commitment increases the impact of prior experience with debt suppliers, though the effect of economic goal orientation is lowered and reversed. Overall, we contribute to research on financial decision making, capital structure, and social capital in family firms.     

Marketing Cues and Perceptions of Service Quality in the Selection of Accounting Firms

Abstract

This study tests the survey responses of clients of accounting firms to determine what marketing cues influence their selection of firms and what relationship these cues have on the perceived service quality of the firms' products. The study argues that three marketing cue factors are influential in the clients' selection of accounting firms. Using Principle Components Analysis, three factors were identified: Factor 1, termed Internal Factors-Tangibles includes the following cues: fees, physical facilities, appearance/dress of employees, convenience of location, and available parking. Factor 2, termed Internal Factors-Intangibles includes reputation of the firm, professional quality of employees, and “my own personal experience with other accounting firms.” Factor 3, termed External Factors comprises the opinion of friends/relatives, manner of employees, and word-of-mouth reputation. The relationship betwecn the resultant cues and perceived service quality measures suggests that the intangible and external factors have more influence than tangible factors on the perceived service quality of accounting firms.     

Effects of Family Socialization in the Organizational Commitment of the Family Firms from the Moral Economy Perspective

South Korean industrial conglomerates (chaebols) are discussed in the context of value-based management (VBM). Recent economics and finance literature on the diversion of corporate resources from the firm to the controlling shareholders (tunneling), for which chaebols are notoriously known, is discussed. Chaebols have engaged in empire building and expropriation of minority shareholders, distorting the process of efficient resource allocation in South Korea, and became the root cause of the 1997 financial crisis. We argue that the 1997 crisis should be viewed as a consequence of chaebols’ systematic deviation from the guiding principles of VBM. We use tunneling within chaebols as an example of the need to directly address prohibition of the expropriation of minority shareholders as a primary postulate of VBM. We argue that VBM should require that the value generated by the firm not be expropriated from minorities, or any stakeholders, by dominant shareholders. We also examine moral and ethical considerations and present explanations as to why the unethical practice of tunneling has been tolerated by the South Korean public. We show that public opinion on tunneling is changing and that the treatment of minority shareholders by chaebols’ controlling families is becoming increasingly unacceptable to South Koreans.     

Managerial Perceptions of Organizational Planning Benefits

Abstract

The last two decades have witnessed an increase in the number of business organizations which have recognised and adopted formal measures for undertaking strategic planning in industrialised countries. Notwithstanding the volume of pedagogical literature concerning strategic planning practice, there is limited evidence on issues relating to the planning process in developing nations. Although executives in transition developing economies may be stimulated to adopt a robust approach to planning their commercial activities, the justification for such an orientation has tended to rely upon intuitive thinking and conceptual contributions to knowledge. It is suggested that empirical tests or the anticipated benefits of planning might be more revealing and provide a grounded approach to assessing the utility of strategic planning for businesses operating in an emerging developing market. For this reason, the focus of this article is a discussion of the findings from an empirical study that investigated the perceived attitudinal and behavioural consequences of strategic planning, with the aim of determining the significance of such effects on planning among firms operating in Ghana's transition economy. A number of favourable outcomes are identified in managerial perceptions of planning. The implications     

Family‐Owned Business Succession: The Influence of Pre‐performance in the Nomination of Family and Nonfamily Members: Evidence from Spanish Firms

Although family‐owned business succession has been widely researched, very few studies investigate the relationship between preperformance and succession. Drawing on the agency and the resource‐based view theories, we investigate how previous firm performance may influence the nomination of a family or a nonfamily member to top senior positions. We argue that positive firm performance will lead to the nomination of a family member, while negative firm performance leads to nonfamily nominations. Using a stepwise logistic regression with a bootstrap procedure on a sample of nonfinancial firm listed in the Spanish Stock Exchange, the results indicate that performance prior to succession does not affect these nominations, while directive experience does.     

泉州市家族企业上市的理性分析

在新的机遇和形势下,泉州家族企业上市形成一股潮流。但是与其他典型城市家族企业上市相比,泉州的家族企业上市还有许多不足。同时家族企业上市热的出现,也存在一些问题。从泉州家族企业是否需要上市;上市前企业应做何准备两方面进行深入研究,进而提出转变思想,正确认识改制上市;加快股份制改革与上市步伐,培育市场主体;加快企业制度创新,建立健全现代企业制度等对策建议,为泉州家族企业上市问题提供决策参考。     

人口与计划生育管理的改革创新与计划生育协会发展

建立中国社会主义市场经济体制的经济改革目标以及与之相适应的"小政府、大社会"的社会管理改革目标,将在新时期人口与计划生育管理体制和运行机制改革的内容和方向方面起主导作用,同时为中国计划生育协会提供极为广阔的发展空间.分析了障碍计划生育协会发展的主要因素,并提出了对策建议.