Family ownership and productivity: the role of owner-management |
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| Affiliation: | 1. Bocconi University and ICRIOS, Italy;2. HEC Montreal, Canada;3. University of Alberta, Canada;1. Department of Business Administration, I-Shou University, Kaohsiung 840, Taiwan;2. Department of Business, James Cook University Singapore, Singapore;1. Division of Engineering and Technology Management, Faculty of Engineering, National University of Singapore, 9 Engineering Drive 1, Singapore 117576, Singapore;2. Carlson School of Management, University of Minnesota, 321 19th Ave. South, Minneapolis, MN 55455, United States;3. Lee Kong Chian School of Business, Singapore Management University, 50 Stamford Road, Singapore 178899, Singapore;4. College of Business Administration, Ajou University, Suwon 443-749, Republic of Korea;1. INSEAD, Fontainebleau, France;2. CUHK Business School, The Chinese University of Hong Kong, Shatin, N.T., Hong Kong SAR;3. Division of Accounting, College of Business (Nanyang Business School), Nanyang Technological University, Singapore;4. Graduate Institute of Finance, National Chiao Tung University, Hsinchu City, Taiwan;5. Research School of Finance, Actuarial and Statistical Science, Australian National University, Australia |
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| Abstract: | This article analyses the relationship between family ownership and productivity, with special focus on the role of owner-management. The results show that family-owned firms are less productive than non-family-owned firms. This productivity gap is, however, explained by differences in management regime. Family-owned firms managed by a person hired outside the owner family are equally productive as non-family-owned firms, while family-owned firms managed by a person from the owner family are significantly less productive. This finding is sustained after controlling for endogeneity of management regime. |
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