Politická ekonomie 2015, 63(3):347-362 | DOI: 10.18267/j.polek.1007

Hodnocení vlivu zastoupení rodiny ve vlastnické a řídící struktuře firem na jejich finanční výkonnost pomocí metody zkoumání shody párů

Ondřej Machek, Jiří Hnilica
Vysoká škola ekonomická v Praze.

Evaluating the Impact of Family Presence in Ownership and Management on Financial Performance of Firms Using Matched-Pair Investigation

The role of family businesses in management theory has been getting a topic of interest of academics and practitioners. This paper deals with the analysis of performance and financial structure gaps between Czech family and nonfamily firms. Using surname matching definition, we created a sample of 890 Czech large and medium-sized family businesses. Then we used the matched-pair investigation to determine the major gaps in profitability, labor productivity, liquidity and leverage between family and nonfamily firms. The results suggest that Czech family businesses are more profitable in terms of return on assets, profit margin and absolute values of earnings. Czech family businesses also have higher labor productivity and capital intensity, however, the asset turnover appears to be lower. Another important finding is that the overall level of debt is lower in the case of family companies which is accompanied by a higher level of liquidity and working capital.

Keywords: performance gaps, matched-pair investigation, family business
JEL classification: L22, M10, M16

Zveřejněno: 1. červen 2015  Zobrazit citaci

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Machek, O., & Hnilica, J. (2015). Hodnocení vlivu zastoupení rodiny ve vlastnické a řídící struktuře firem na jejich finanční výkonnost pomocí metody zkoumání shody párů. Politická ekonomie, 63(3), 347-362. doi: 10.18267/j.polek.1007
Stáhnout citaci
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Zobrazit celý článek

    Reference

    1. AGUILÓ, T. I. E., AGUILÓ, N. F. E. 2012. Family Business and Firm Performance: Evidence from the Mexican Stock Exchange. International Journal of Management Practice. 2012, Vol. 5, No. 4, pp. 304-325. Přejít k původnímu zdroji...
    2. ALLOUCHE, J.; AMANN, B.; JAUSSAUD, J.; KURASHINA, T. 2008. The Impact of Family Control on the Performance and Financial Characteristics of Family versus Nonfamily Businesses in Japan: A Matched-Pair Investigation. Family Business Review. 2008, Vol. 21, No. 4, pp. 315-329. Přejít k původnímu zdroji...
    3. ANDERSSON, R. C.; REEB; D. M. 2003. Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance. 2003, Vol. 58, No. 3, pp. 1301-1327. Přejít k původnímu zdroji...
    4. BENNEDSEN M.; NIELSEN, K. M.; PÉREZ-GONZÁLEZ F.; WOLFENSON, D. 2007. Inside the Family Firm: The Role of Families in Succession Decisions and Performance. The Quarterly Journal of Economics. 2007, Vol. 122, No. 2, pp. 647-691. Přejít k původnímu zdroji...
    5. CASSIA, L.; DE MASSIS, A.; KOTLAR, J. 2012. Exploring the Effect of Family Control on the Characteristics of SMEs in Northern Italy. International Journal of Engineering Business Management. 2012, Vol. 4, No. 2, pp. 1-8. Přejít k původnímu zdroji...
    6. CHRISMAN, J. J.; CHUA, J. H.; LITZ, R. A. 2004. Comparing the Agency Costs of Family and Non-Family Firms: Conceptual Issues and Exploratory Evidence. Entrepreneurship Theory and Practice. 2004, Vol. 28, No. 4, pp. 335-354. Přejít k původnímu zdroji...
    7. CHRISMAN, J. J.; CHUA, J. H.; PEARSON, A. W.; BARNETT, T. 2012. Family Involvement, Family Influence, and Family-centered Non-economic Goals in Small Firms. Entrepreneurship theory and practice. 2012, Vol. 36, No. 2, pp. 267-293. Přejít k původnímu zdroji...
    8. DAILY, C. M.; DOLLINGER, M. J. 1992. An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms. Family Business Review. 1992, Vol. 5, No. 2, pp. 117-136. Přejít k původnímu zdroji...
    9. DASAN, P. 2014. Small & Medium Enterprise Assessment in Czech Republic & Russia Using Marketing Analytics Methodology. Central European Business Review. 2014, Vol. 2, No. 4, pp. 39-49. Přejít k původnímu zdroji...
    10. DEBICKI, B. J.; MATHERNE, C. F.; KELLERMANNS, F. W.; CHRISMAN, J. J. 2009. Family business research in the new millennium: An overview of the who, the where, the what, and the why. Family Business Review. 2009, Vol. 22, No. 2, pp. 151-166. Přejít k původnímu zdroji...
    11. DEMSETZ, H.; VILLALONGA, B. 2001. Ownership Structure and Corporate Performance. Journal of Corporate Finance. 2001, Vol. 7, No. 3, pp. 209-233. Přejít k původnímu zdroji...
    12. ERNST, J.; KRAUS, S.; MATSER, I. 2012. The Relation between Performance and Family Involvement - An Exploration into the Non-linear Effects during the Life-stage of Dutch Firms. International Journal of Entrepreneurship and Innovation Management. 2012, Vol. 15, No. 3, pp. 198-215. Přejít k původnímu zdroji...
    13. GÓMEZ-MEJÍA, L. R.; HAYNES, K. T.; NÚNEZ-NICKEL, M.; JACOBSON, K. J.; MOYANOFUENTES, J. 2007. Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative science quarterly. 2007, Vol. 52, No. 1, pp. 106-137. Přejít k původnímu zdroji...
    14. HANZELKOVÁ, A. 2004. Re-establishing Traditional Czech Family Businesses. Disertační práce. Jyvaskyla: University Library of Jyvaskyla, 2004.
    15. HUTCHESON, J. O. 2007. The End of a 1400-Year-Old Business. Bloomberg Businessweek [online]. April 2007 [cit. 2014-08-05]. http://www.businessweek.com/stories/2007-04-16/the-end-of-a-1400-year-old-businessbusinessweek-business-news-stock-market-and-financial-advice. ISSN 0007-7135.
    16. IGLEWICZ, B.; HOAGLIN, D. C. 1993. How to Detect and Handle Outliers. Milwaukee (Wisconsin): ASQC Quality Press, 1993.
    17. JURAJDA, Š.; STANČÍK, J. 2013. Organization and Firm Performance in the Czech Republic. Prague Economic Papers. 2013, No. 1, pp. 85-110. Přejít k původnímu zdroji...
    18. KLEIN, S. 2000. Family Businesses in Germany: Significance and Structure. Family Business Review. 2000, Vol. 13, No. 3, pp. 157-173. Přejít k původnímu zdroji...
    19. KORÁB, V., HANZELKOVÁ, A., MIHALISKO, M. 2008. Rodinné podnikání. 1. vydání. Brno: Computer Press, 2008, 166 s. ISBN 978-80-251-1843-6.
    20. KOWALEWSKI, O.; TALAVERA, O.; STETSYUK, I. 2009. Influence of Family Involvement in Management and Ownership on Firm Performance: Evidence from Poland. Family Business Review. 2009, Vol. 23, No. 1, pp. 45-59. Přejít k původnímu zdroji...
    21. LAM, T.; LEE, S. 2012. Family Ownership, Board Committees and Firm Performance: Evidence from Hong Kong. Corporate Governance. 2012, Vol. 12, No. 3, pp. 353-366. Přejít k původnímu zdroji...
    22. LE BRETON-MILLER, I.; MILLER, D. 2006. Why do Some Family Businesses Out-compete? Governance, Long-term Orientations, and Sustainable Capability. Entrepreneurship Theory & Practice. 2006, Vol. 30, No. 6, pp. 731-746. Přejít k původnímu zdroji...
    23. LEACH, P. 2007. Family Businesses: The Essentials. London: Profile Books, 2007.
    24. LIN, H.; CHEN, H. 2012. Family Management and Firm Value: The Moderating Influence of FounderCEO and Outside Directorships. International Research Journal of Finance and Economics. 2012, Vol. 85, pp. 40-54.
    25. MACHEK, O.; HNILICA, J. 2013. On the Performance Gaps between Family and Non-Family Firms in the Czech Republic. Central European Business Review. 2013, Vol. 2, No. 4, pp. 54-55. Přejít k původnímu zdroji...
    26. MACHEK, O.; BRABEC, M.; HNILICA, J. 2013. Measuring Performance Gaps Between Family and Non-Family Businesses: A Meta-Analysis of Existing Evidence. International Academic Research Journal of Business and Management. 2013, Vol. 2. No. 3, pp. 17-30.
    27. MACHEK, O.; HNILICA, J.; BRABEC, M. 2014. Current State of Knowledge on the Performance Gaps Between Family and Non-Family Firms. International Advances in Economic Research. Vol. 20, No. 3. DOI 10.1007/s11294-014-9470-3. Přejít k původnímu zdroji...
    28. MANDL, I. 2008. Overview of Family Business Relevant Issues - Final Report. Vienna: Austrian Institute for SME Research, 2008.
    29. MASSIS, A.; SHARMA, P.; CHUA, J. H.; CHRISMAN, J. J. 2012. Family Business Studies - An Annotated Bibliography. Cheltenham: Edward Elgar Publishing, 2012. Přejít k původnímu zdroji...
    30. MAURY, B. 2006. Family Ownership and Firm Performance: Empirical Evidence from Western European Corporations. Journal of Corporate Finance. 2006, Vol. 12, No. 2, pp. 321-341. Přejít k původnímu zdroji...
    31. MCCONAUGHY, D. L.; MATTHEWS, C. H.; FIALKO, A. S. 2001. Founding Family Controlled Firms: Performance, Risk, and Value. Journal of Small Business Management. 2001, Vol. 39, No. 1, pp. 31-49. Přejít k původnímu zdroji...
    32. MENÉNDEZ-REQUEJO, S. 2006. Ownership Structure and Firm Performance: Evidence from Spanish Family Firms. In POUTZIOURIS, P., SMYRNIOS, K., KLEIN, S. (eds.). Handbook of Research on Family Business. Cheltenham: Edward Elgar Publishing, 2006, pp. 575-592.
    33. MISHRA, C. S.; MCCONAUGHY, D. L. 1999. Founding Family Control and Capital Structure: The Risk of Loss of Control and the Aversion to Debt. Entrepreneurship Theory and Practice. 1999, Vol. 23, pp. 53-64. Přejít k původnímu zdroji...
    34. NEUMAIEROVÁ, I.; NEUMAIER, I. 2014. INFA Performance Indicator Diagnostic System. Central European Business Review. 2014, Vol. 3, No. 1, pp. 35-41. Přejít k původnímu zdroji...
    35. OSWALD, S. L.; MUSE, L. A.; RUTHERFORD, M. W. 2009. The Influence of Large Stake Family Control on Performance: Is It Agency or Entrenchment? Journal of Small Business Management. 2009, Vol. 47, No. 1, pp. 116-135. Přejít k původnímu zdroji...
    36. PÉREZ-GONZÁLEZ, F. 2006. Inherited Control and Firm Performance. American Economic Review. 2006, Vol. 96, No. 5, pp. 1559-1588. Přejít k původnímu zdroji...
    37. ROSENBLATT, P. C. a kol. 1985. The Family in Business. San Francisco: Jossey-Bass Publishers, 1985.
    38. SAN MARTIN-REYNA, J. M.; DURAN-ENCALADA, J. A. 2012. The Relationship among Family Business, Corporate Governance and Firm Performance: Evidence from the Mexican Stock Exchange. Journal of Family Business Strategy. 2012, Vol. 3, No. 2, pp. 106-117. Přejít k původnímu zdroji...
    39. SCHULZE, W. S.; LUBATKIN, M. H.; DINO, R. N.; BUCHHOLTZ, A. K. 2001. Agency Relationships in Family Firms: Theory and Evidence. Organization Science. 2001, Vol. 12, No. 2, pp. 99-116. Přejít k původnímu zdroji...
    40. SHARMA, P.; CHRISMAN, J. J.; GERSICK, K. E. (2012). 25 Years of Family Business Review: Reflections on the Past and Perspectives for the Future. Family Business Review. 2012, Vol. 25, No. 1, pp. 5-15. Přejít k původnímu zdroji...
    41. VILLALONGA, B.; AMIT, R. 2006. How do Family Ownership, Control and Management Affect Firm Value? Journal of Financial Economics. 2006, Vol. 80, No. 2, pp. 385-417. Přejít k původnímu zdroji...
    42. WAGNER, J. 2011. Měření výkonnosti - vývojové tendence 2. poloviny 20. století. Politická ekonomie. 2011, Vol. 59, No. 6, pp. 775-793. Přejít k původnímu zdroji...
    43. WESTHEAD, P.; HOWORTH, C. 2006. Ownership and Management Issues Associated With Family Firm Performance and Company Objectives. Family Business Review. 2006, Vol. 19, No. 4, pp. 301-316. Přejít k původnímu zdroji...

    Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.


    Zpět na obsah