Family firm research - A review

China Journal of Accounting Research

Volumn 7, Issue 3, 2014, Pages 149-163

  Cheng, Qiang ^a  

^a SINGAPORE MANAGEMENT UNIVERSITY   (Singapore)

Author keywords

Agency problems; Controlling owners; Family firms; Minority owners; Ownership structure

Indexed keywords

EID: 84908231557     PISSN: 17553091     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.cjar.2014.03.002     Document Type: Article

References (75)

1. Ali A., Chen T.Y., Radhakrishnan S. Corporate disclosures by family firms. J. Account. Econ. 2007, 44:238-286.
2. Allen F., Qian J., Qian M. Law, finance, and economic growth in China. J. Financ. Econ. 2005, 77:57-116.
3. Almeida H., Wolfenzon D. A theory of pyramidal ownership and family business groups. J. Financ. 2006, 61:2637-2681.
4. Anderson R.C., Duru A., Reeb D.M. Founders, heirs, and corporate opacity in the United States. J. Financ. Econ. 2009, 92:205-222.
5. Anderson R.C., Duru A., Reeb D.M. Investment policy in family controlled firms. J. Bank. Finance 2012, 36:1744-1758.
6. Anderson R.C., Mansi S., Reeb D.M. Founding family ownership and the agency cost of debt. J. Financ. Econ. 2003, 68:263-285.
7. Anderson R.C., Reeb D.M. Founding-family ownership and firm performance: evidence from the S&P 500. J. Finance 2003, 58:1301-1328.
8. Anderson R.C., Reeb D.M. Board composition: balancing family influence in S&P 500 firms. Admin. Sci. Quart. 2004, 49:209-237.
9. Andres C. Large shareholders and firm performance: an empirical examination of founding-family ownership. J. Corp. Finance 2008, 14:431-445.
10. Bennedsen M., Nielsen K.M., Pérez-González F., Wolfenzon D. Inside the family firm: the role of families in succession decisions and performance. Quart. J. Econ. 2007, 122:647-691.
11. Bertrand M., Johnson S., Samphantharak K., Schoar A. Mixing family with business: a study of Thai business groups and the families behind them. J. Financ. Econ. 2008, 88:466-498.
12. Bertrand M., Schoar A. The role of family in family firms. J. Econ. Perspect. 2006, 20:73-96.
13. Bunkanwanicha, P., Fan, J.P.H., Wiwattanakantang, Y., 2013. The value of marriage to family firms. J. Financ. Quant. Anal. (forthcoming).
14. Burkart M., Panunzi F., Shleifer A. Family firms. J. Finance 2003, 58:2167-2202.
15. Chen S., Chen X., Cheng Q. Do family firms provide more or less voluntary disclosure?. J. Account. Res. 2008, 46:499-536.
16. Chen S., Chen X., Cheng Q., Shevlin T. Are family firms more tax aggressive than non-family firms?. J. Financ. Econ. 2010, 95:41-61.
17. Chen H., Chen J.Z., Lobo G.J., Wang Y. Effects of audit quality on earnings management and cost of equity capital: evidence from China. Contemp. Account. Res. 2011, 28:892-925.
18. Chen X., Cheng Q., Dai Z. Family ownership and CEO turnovers. Contemp. Account. Res. 2013, 30(3):1166-1190.
19. Chen G., Firth M., Xin Y., Xu L. Control transfers, privatization, and corporate performance: efficiency gains in China's listed companies. J. Financ. Quant. Anal. 2008, 43:161-190.
20. Chen D., Jin X., Liu X. Government quality, social capital and endogenous determinants of pyramid structure of family business. China Ind. Econ. 2011, 7:129-139. (in Chinese).
21. Chen D., Li S., Lei G. Government governance, ownership structure and investment decision: evidence from Chinese family listed firms. Journal of Financial Research 2012, 3:124-137. (in Chinese).
22. Chen C.J.P., Li Z., Su X., Sun Z. Rent-seeking incentives, corporate political connections, and the control structure of private firms: Chinese evidence. J. Corp. Finance 2011, 17:229-243.
23. Chen D., Liang S., Zhu P. Relative performance evaluation and executive compensation: evidence from Chinese listed companies. China J. Account. Res. 2012, 5:127-144.
24. Chen, C., Shi, H., Xu, H., 2013. Underwriter reputation, issuer ownership, and pre-IPO earnings management: evidence from China. Financ. Manage. (forthcoming).
25. Cheng P., Li J., Tong W.H.S. What triggers top turnovers in management China?. J. Contemp. Account. Econ. 2008, 4:50-87.
26. Chua J.H., Chrisman J.J., Sharma P. Defining the family business by behavior. Entrep. Theory Practice 1999, 23:19-39.
27. Claessens S., Fan J.P.H., Lang L.H.P. The separation of ownership and control in East Asian corporations. J. Financ. Econ. 2000, 58:81-112.
28. Caprio L., Croci E., Giudice A.D. Ownership structure, family control and acquisition decisions. J. Corp. Finance 2011, 17:1636-1657.
29. Cucculelli M., Micucci G. Family succession and firm performance: evidence from Italian family firms. J. Corp. Finance 2008, 14:17-31.
30. Desai M., Dharmapala D. Corporate tax avoidance and high-powered incentives. J. Financ. Econ. 2006, 79:145-179.
31. Faccio M., Lang L.H.P. The ultimate ownership of Western European corporations. J. Financ. Econ. 2002, 65:365-395.
32. Fahlenbrach R. Founder-CEOs, investment decisions, and stock market performance. J. Financ. Quant. Anal. 2009, 44:439-466.
33. Firth M., Fung P.M.Y., Rui O.M. Corporate performance and CEO compensation in China. J. Corp. Finance 2006, 12:693-714.
34. Franks J.R., Mayer C., Volpin P.F., Wagner H.F. The life cycle of family ownership: International evidence. Rev. Financ. Stud. 2012, 25:1675-1712.
35. Ge Y., Qiu J. Financial development, bank discrimination and trade credit. J. Bank. Finance 2007, 31:513-530.
36. Han Z., Yang S., Shi H. Study on the financing constraints and inefficient investments of ultimate owners in private pyramid firms. Chin. J. Manage. Sci. 2007, 15:143-148. (in Chinese).
37. He X., Li J., Chen L. Family member composition and its effect on corporate governance: An empirical study in China. Nankai Bus. Rev. 2010, 13:149-160. (in Chinese).
38. He X., Li X., Lian Y., Zhang Y. Power deviation among family agents and its effect on firm value: an empirical study in China. China Ind. Econ. 2010, 10:96-106. (in Chinese).
39. He X., Lian Y. Family authority and family firm value: an empirical study in China. Econ. Res. J. 2009, 4:90-102. (in Chinese).
40. Hu N., Wang F., Wang P., Yao L.J., Zhang J. The impact of ultimate ownerships on audit fees: evidence from Chinese listed companies. Asia-Pacific J. Account. Econ. 2012, 19:352-373.
41. Huang J., Zhang T. The accounting information quality in family firms: evidence from China. China Account. Finance Rev. 2011, 13:1-62.
42. James H. Owner as manager, extended horizons and the family firm. Int. J. Econ. Bus. 1999, 6:41-56.
43. Jensen M., Meckling W. The theory of the firm: managerial behavior, agency costs and ownership structure. J. Financ. Econ. 1976, 3:305-360.
44. Jiang G., Lee C.M.C., Yue H. Tunneling through intercorporate loans: the China experience. J. Financ. Econ. 2010, 98:1-20.
45. King, R., Peng, W.Q., 2009. The effect of industry characteristics on control longevity of founding-family firms. Working paper. Hong Kong University of Science and Technology.
46. Lei Q., Lin B., Wei M. Types of agency cost, corporate governance and liquidity. J. Account. Public Policy 2013, 32:147-172.
47. Li Z., Xin X., Yu X. Financial development, debt financing constraint and pyramidal structure. Manage. World 2008, 1:123-135. (in Chinese).
48. Lian Y., He X., Zhang Y. The allocation and effects of family authority: evidence from Chinese family listed firms. Manage. World 2011, 11:105-117. (in Chinese).
49. Liu Q., Li Z., Yao Y. Investor protection, private benefits of control and pyramid structure: a case study of the "Green Cool" company. Manage. World 2008, 12:139-148. (in Chinese).
50. Liu L., Subramaniam N. Government ownership, audit firm size and audit pricing: evidence from China. J. Account. Public Policy 2013, 32:161-175.
51. Lu Z., Zhu J., Zhang W. Bank discrimination, holding bank ownership, and economic consequences: evidence from China. J. Bank. Finance 2012, 36:341-354.
52. Masulis R.W., Pham P.K., Zein J. Family business groups around the world: financing advantages, control motivations, and organizational choices. Rev. Financ. Stud. 2011, 24:3556-3600.
53. Maury B. Family ownership and firm performance: empirical evidence from Western European corporations. J. Corp. Finance 2006, 12:321-341.
54. Morck R., Shleifer A., Vishny R. Management ownership and market valuation: an empirical analysis. J. Financ. Econ. 1988, 20:293-315.
55. Morck R., Yavuz M.D., Yeung B. Banking system control, capital allocation, and economy performance. J. Financ. Econ. 2011, 100:264-283.
56. Peng W.Q., Wei K.C.J., Yang Z. Tunneling or propping: evidence from connected transactions in China. J. Corp. Finance 2011, 17:306-325.
57. Pérez-González F. Inherited control and firm performance. Am. Econ. Rev. 2006, 96:1559-1588.
58. Shao J., Liu Z. Are the internal capital markets of group-holding companies efficient? A case study of the Hongyi group corporations. Manage. World 2007, 6:114-121. (in Chinese).
59. Shim J., Okamuro H. Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms. J. Bank. Finance 2011, 35:193-203.
60. Shleifer A., Vishny R. Large shareholders and corporate control. J. Polit. Econ. 1986, 94:461-488.
61. Stein J. Takeover threats and managerial myopia. J. Polit. Econ. 1988, 96:61-80.
62. Stein J. Efficient capital markets, inefficient firms: a model of myopic corporate behavior. Quart. J. Econ. 1989, 103:655-669.
63. Su Q., Zhu W. Family control and firm value: evidence from Chinese listed companies. Econ. Res. J. 2003, 8:36-45. (in Chinese).
64. Villalonga B., Amit R. How do family ownership, control, and management affect firm value?. J. Financ. Econ. 2006, 80:385-417.
65. Villalonga B., Amit R. How are U.S. family firms controlled?. Rev. Financ. Stud. 2009, 22:3047-3091.
66. Villalonga B., Amit R. Family control of firms and industries. Financ. Manage. 2010, 39:863-904.
67. Wang D. Founding family ownership and earnings quality. J. Account. Res. 2006, 44:619-656.
68. Wang L., Yung K. Do state enterprises manage earnings more than privately owned firms? The case of China. J. Bus. Finance Account. 2011, 38:794-812.
69. Wei Z., Wu S., Li C., Chen W. Family control, institutional environment and cash dividend policy: evidence from China. China J. Account. Res. 2011, 4:29-46.
70. Wu W., Wu C., Zhou C., Wu J. Political connections, tax benefits and firm performance: evidence from China. J. Account. Public Policy 2012, 31:277-300.
71. Xu J., Lv C. Types of CEOs in family firms and earnings quality: evidence from China. Manage. World 2011, 1:112-120. (in Chinese).
72. Yang S., Su K. Ultimate control, free cash flow constraint and corporate performance: evidence from Chinese privately-controlled listed companies. Accounting Research 2009, 4:78-86. (in Chinese).
73. Ye Y., Liu B., Huang L. Ultimate control rights, cash flow rights and firm value: an empirical study of Chinese listed companies based on recessive ultimate control rights. Journal of Management Sciences in China 2007, 10:66-79. (in Chinese).
74. Ying Q., Wang L. Propping by controlling shareholders, wealth transfer and firm performance: evidence from Chinese listed companies. China J. Account. Res. 2013, 6:133-147.
75. Zhang H., Zhang J., Song M. The effect of separation between ownership and control on firm value: an empirical study on private listed companies in China. China Econ. Quart. 2004, 3:1-14. (in Chinese).