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| Tekijä: | Hansson, M. Liljeblom, E. Martikainen, M. |
| Otsikko: | Corporate governance an profitability in family SMEs |
| Lehti: | European Journal of Finance
2011 : MAY-JUL, VOL 17:5-6 p. 391-408 |
| Asiasana: | family firms small and medium-sized enterprises (SMEs) board of directors directors corporate governance management |
| Kieli: | eng |
| Tiivistelmä: | In this study the determinants of performance in small unlisted family firms are analyzed. The finding is that, in line with previous studies, there is a positive effect associated with a family CEO. The family chief executive officers (CEOs) tend to employ family memebrs significantly, which - given the negative of these - should offset some of the positive performance effects of a family CEO. The effect of board size in these already small family boards is also analyzed; the maximum number of members in these boards is six. It is found that even here, board size is clearly negatively associated with firm performance. |
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