메뉴 건너뛰기




Volumn 27, Issue 4, 2014, Pages 328-345

Family Firms and Institutional Investors

Author keywords

family firms; institutional investors; Sarbanes Oxley Act

Indexed keywords


EID: 84911176523     PISSN: 08944865     EISSN: 17416248     Source Type: Journal    
DOI: 10.1177/0894486513481474     Document Type: Article
Times cited : (57)

References (92)
  • 2
    • 31144441417 scopus 로고    scopus 로고
    • Conflicts of interest and monitoring costs of institutional investors: Evidence from executive compensation
    • Almazan A.,Hartzell J. C.,Starks L. T.Conflicts of interest and monitoring costs of institutional investors: Evidence from executive compensation.Financial Management. 2005;34:5-34
    • (2005) Financial Management , vol.34 , pp. 5-34
    • Almazan, A.1    Hartzell, J.C.2    Starks, L.T.3
  • 3
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: Evidence from the S&P 500
    • Anderson R. C.,Reeb D. M.Founding-family ownership and firm performance: Evidence from the S&P 500.Journal of Finance. 2003;58:1301-1328
    • (2003) Journal of Finance , vol.58 , pp. 1301-1328
    • Anderson, R.C.1    Reeb, D.M.2
  • 4
    • 12744275057 scopus 로고    scopus 로고
    • Board composition: Balancing family influence in S&P 500 firms
    • Anderson R. C.,Reeb D. M.Board composition: Balancing family influence in S&P 500 firms.Administrative Science Quarterly. 2004;49:209-237
    • (2004) Administrative Science Quarterly , vol.49 , pp. 209-237
    • Anderson, R.C.1    Reeb, D.M.2
  • 6
    • 0002982288 scopus 로고
    • Pratt J. W.Zeckhauser R., ed. Boston, MA: Harvard Business School Press
    • Arrow K. J.Principals and agents: The structure of business. Pratt J. W.Zeckhauser R., ed. Boston, MA: Harvard Business School Press; 1985:37-51.
    • (1985) Principals and agents: The structure of business , pp. 37-51
    • Arrow, K.J.1
  • 7
    • 0001103196 scopus 로고
    • Patterns of institutional investment, prudence, and the managerial “safety-net” hypothesis
    • Badrinath S. G.,Gay G. D.,Kale J. R.Patterns of institutional investment, prudence, and the managerial “safety-net” hypothesis.Journal of Risk & Insurance. 1989;56:605-629
    • (1989) Journal of Risk & Insurance , vol.56 , pp. 605-629
    • Badrinath, S.G.1    Gay, G.D.2    Kale, J.R.3
  • 8
    • 0001049795 scopus 로고
    • Agency research in managerial accounting: A survey
    • Baiman S.Agency research in managerial accounting: A survey.Journal of Accounting Literature. 1982;1:154-213
    • (1982) Journal of Accounting Literature , vol.1 , pp. 154-213
    • Baiman, S.1
  • 9
    • 0000147433 scopus 로고
    • Agency research in managerial accounting: A second look
    • Baiman S.Agency research in managerial accounting: A second look.Accounting Organizations and Society. 1990;15:314-371
    • (1990) Accounting Organizations and Society , vol.15 , pp. 314-371
    • Baiman, S.1
  • 10
    • 0000796597 scopus 로고
    • A theory of social interaction
    • Becker G. S.A theory of social interaction.Journal of Political Economy. 1974;82:1063-1093
    • (1974) Journal of Political Economy , vol.82 , pp. 1063-1093
    • Becker, G.S.1
  • 11
    • 0242626584 scopus 로고    scopus 로고
    • Greener pastures and the impact of dynamic institutional preferences
    • Bennett J. A.,Sias R. W.,Starks L. T.Greener pastures and the impact of dynamic institutional preferences.Review of Financial Studies. 2003;16:1203-1238
    • (2003) Review of Financial Studies , vol.16 , pp. 1203-1238
    • Bennett, J.A.1    Sias, R.W.2    Starks, L.T.3
  • 12
    • 84865961884 scopus 로고    scopus 로고
    • Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research
    • Berrone P.,Cruz C.,Gómez-Mejía L. R.Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research.Family Business Review. 2012;25:258-279
    • (2012) Family Business Review , vol.25 , pp. 258-279
    • Berrone, P.1    Cruz, C.2    Gómez-Mejía, L.R.3
  • 13
    • 77954245236 scopus 로고    scopus 로고
    • Socioemotional wealth and corporate response to institutional pressures: Do family-controlled firms pollute less?
    • Berrone P.,Cruz C. C.,Gómez-Mejía L. R.,Larraza Kintana M.Socioemotional wealth and corporate response to institutional pressures: Do family-controlled firms pollute less?.Administrative Science Quarterly. 2010;55:82-113
    • (2010) Administrative Science Quarterly , vol.55 , pp. 82-113
    • Berrone, P.1    Cruz, C.C.2    Gómez-Mejía, L.R.3    Larraza Kintana, M.4
  • 15
    • 77955760048 scopus 로고    scopus 로고
    • Family ownership, tunneling, and earnings management: A review of the literature
    • Bhaumik S. K.,Gregoriou A.Family ownership, tunneling, and earnings management: A review of the literature.Journal of Economic Survey. 2010;24:705-730
    • (2010) Journal of Economic Survey , vol.24 , pp. 705-730
    • Bhaumik, S.K.1    Gregoriou, A.2
  • 16
    • 34547769857 scopus 로고    scopus 로고
    • The trade-off between financial resources and agency costs in the family business: An exploratory study
    • Blanco-Mazagatos V.,De Quevedo-Puente E.,Castrillo L. A.The trade-off between financial resources and agency costs in the family business: An exploratory study.Family Business Review. 2007;20:199-213
    • (2007) Family Business Review , vol.20 , pp. 199-213
    • Blanco-Mazagatos, V.1    De Quevedo-Puente, E.2    Castrillo, L.A.3
  • 17
  • 18
    • 1642331866 scopus 로고    scopus 로고
    • Bush signs bill aimed at fraud in corporations
    • BumillerE, (July)
    • BumillerE. (2002, July31). Bush signs bill aimed at fraud in corporations. The New York Times. http://www.nytimes.com/2002/07/31/business/corporate-conduct-the-president-bush-signs-bill-aimed-at-fraud-in-corporations.html
    • (2002) The New York Times
  • 19
    • 0032116927 scopus 로고    scopus 로고
    • The influence of institutional investors on myopic R&D investment behavior
    • Bushee B.The influence of institutional investors on myopic R&D investment behavior.Accounting Review. 1998;73:19-45
    • (1998) Accounting Review , vol.73 , pp. 19-45
    • Bushee, B.1
  • 20
    • 0001151593 scopus 로고    scopus 로고
    • Do institutional investors prefer near-term earnings over long run value
    • Bushee B.Do institutional investors prefer near-term earnings over long run value.Contemporary Accounting Research. 2001;18:207-246
    • (2001) Contemporary Accounting Research , vol.18 , pp. 207-246
    • Bushee, B.1
  • 21
    • 0034562599 scopus 로고    scopus 로고
    • Corporate disclosure practices, institutional investors, and stock return volatility
    • Bushee B.,Noe C.Corporate disclosure practices, institutional investors, and stock return volatility.Journal of Accounting Research. 2000;13:171-202
    • (2000) Journal of Accounting Research , vol.13 , pp. 171-202
    • Bushee, B.1    Noe, C.2
  • 23
    • 84876185219 scopus 로고    scopus 로고
    • Socioemotional wealth and proactive stakeholder engagement: Why family-controlled firms care more about their stakeholders
    • Cennamo C.,Berrone P.,Cruz C.,Gómez-Mejía L. R.Socioemotional wealth and proactive stakeholder engagement: Why family-controlled firms care more about their stakeholders.Entrepreneurship Theory and Practice. 2012;36:1153-1173
    • (2012) Entrepreneurship Theory and Practice , vol.36 , pp. 1153-1173
    • Cennamo, C.1    Berrone, P.2    Cruz, C.3    Gómez-Mejía, L.R.4
  • 24
    • 84992933803 scopus 로고    scopus 로고
    • Sarbanes-Oxley Act, perceived earnings quality and cost of capital
    • Chang H.,Fernando G.,Liao W.Sarbanes-Oxley Act, perceived earnings quality and cost of capital.Review of Accounting and Finance. 2009;8:216-231
    • (2009) Review of Accounting and Finance , vol.8 , pp. 216-231
    • Chang, H.1    Fernando, G.2    Liao, W.3
  • 25
    • 42149171409 scopus 로고    scopus 로고
    • Do family firms provide more or less voluntary disclosure?
    • Chen S.,Chen X.,Cheng Q.Do family firms provide more or less voluntary disclosure?.Journal of Accounting Research. 2008;46:499-536
    • (2008) Journal of Accounting Research , vol.46 , pp. 499-536
    • Chen, S.1    Chen, X.2    Cheng, Q.3
  • 27
    • 84965934833 scopus 로고
    • An empirical examination of ownership structure in family and professionally managed firms
    • Daily C.,Dollinger M.An empirical examination of ownership structure in family and professionally managed firms.Family Business Review. 1992;5:117-136
    • (1992) Family Business Review , vol.5 , pp. 117-136
    • Daily, C.1    Dollinger, M.2
  • 28
    • 84911026941 scopus 로고    scopus 로고
    • Maker of baseball cards settles a proxy dispute
    • de la MercedM, (July), Maker of baseball cards settles a proxy dispute. The New York Times, Retrieved from
    • de la MercedM. J. (2006, July29). Maker of baseball cards settles a proxy dispute. The New York Times. Retrieved from http://www.nytimes.com/2006/07/29/business/29topps.html?_r=0
    • (2006) The New York Times
    • de la Merced, M.1
  • 29
    • 33645735043 scopus 로고    scopus 로고
    • Audit research after Sarbanes-Oxley
    • DeFond M. L.,Francis J. R.Audit research after Sarbanes-Oxley.Auditing. 2005;24:5-30
    • (2005) Auditing , vol.24 , pp. 5-30
    • DeFond, M.L.1    Francis, J.R.2
  • 30
    • 0029715608 scopus 로고    scopus 로고
    • The distorting effect of the prudent-man laws on institutional equity investment
    • Del Guercio D.The distorting effect of the prudent-man laws on institutional equity investment.Journal of Financial Economics. 1996;40:31-62
    • (1996) Journal of Financial Economics , vol.40 , pp. 31-62
    • Del Guercio, D.1
  • 32
    • 33845367669 scopus 로고    scopus 로고
    • Examining the family effect on firm performance
    • Dyer W. G.Examining the family effect on firm performance.Family Business Review. 2006;19:253-273
    • (2006) Family Business Review , vol.19 , pp. 253-273
    • Dyer, W.G.1
  • 33
    • 0000798911 scopus 로고
    • Agency-and institutional-theory explanations: The case of retail sales compensation
    • Eisenhardt K. M.Agency-and institutional-theory explanations: The case of retail sales compensation.Academy of Management Journal. 1988;31:488-511
    • (1988) Academy of Management Journal , vol.31 , pp. 488-511
    • Eisenhardt, K.M.1
  • 34
  • 38
    • 53149117901 scopus 로고    scopus 로고
    • Corporate governance and tunnelling: Empirical evidence from China
    • Gao L.,Kling G.Corporate governance and tunnelling: Empirical evidence from China.Pacific-Basin Finance Journal. 2008;16:591-605
    • (2008) Pacific-Basin Finance Journal , vol.16 , pp. 591-605
    • Gao, L.1    Kling, G.2
  • 46
    • 0344153909 scopus 로고    scopus 로고
    • Institutional investors and executive compensation
    • Hartzell J. C.,Starks L. T.Institutional investors and executive compensation.Journal of Finance. 2003;58:2351-2374
    • (2003) Journal of Finance , vol.58 , pp. 2351-2374
    • Hartzell, J.C.1    Starks, L.T.2
  • 47
    • 32144433548 scopus 로고    scopus 로고
    • The economic inefficiency of secrecy: Pension fund investors corporate transparency concerns
    • Hebb T.The economic inefficiency of secrecy: Pension fund investors corporate transparency concerns.Journal of Business Ethics. 2006;63:385-405
    • (2006) Journal of Business Ethics , vol.63 , pp. 385-405
    • Hebb, T.1
  • 48
    • 0742321678 scopus 로고    scopus 로고
    • Limited attention, information disclosure, and financial reporting
    • Hirshleifer D.,Teoh S. H.Limited attention, information disclosure, and financial reporting.Journal of Accounting & Economics. 2003;36:337-386
    • (2003) Journal of Accounting & Economics , vol.36 , pp. 337-386
    • Hirshleifer, D.1    Teoh, S.H.2
  • 49
    • 34547124311 scopus 로고    scopus 로고
    • A discussion of “Corporate disclosure by family firms
    • Hutton A. P.A discussion of “Corporate disclosure by family firms.”.Journal of Accounting & Economics. 2007;44:287-297
    • (2007) Journal of Accounting & Economics , vol.44 , pp. 287-297
    • Hutton, A.P.1
  • 50
    • 44649197264 scopus 로고
    • Theory of the firm managerial behavior, agency costs and ownership structure
    • Jensen M.,Meckling W.Theory of the firm managerial behavior, agency costs and ownership structure.Journal of Financial Economics. 1976;3:305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 51
    • 55249116036 scopus 로고    scopus 로고
    • Affiliate directors and perceived risk bearing in publicly traded, family-controlled firms: The case of diversification
    • Jones C.,Makri M.,Gómez-Mejía L. R.Affiliate directors and perceived risk bearing in publicly traded, family-controlled firms: The case of diversification.Entrepreneurship Theory and Practice. 2008;32:1007-1026
    • (2008) Entrepreneurship Theory and Practice , vol.32 , pp. 1007-1026
    • Jones, C.1    Makri, M.2    Gómez-Mejía, L.R.3
  • 55
    • 84911026940 scopus 로고    scopus 로고
    • KellyKCraigS.DuganI. (2003, September18). Grasso Quits NYSE Amid Pay Furor. The Wall Street Journal. Retrieved from
    • KellyKCraigS.DuganI. (2003, September18). Grasso Quits NYSE Amid Pay Furor. The Wall Street Journal. Retrieved from http://online.wsj.com/article/0,,SB106384343498608400,00.html
  • 59
    • 21344483941 scopus 로고
    • Cross-sectional determinants of analyst ratings of corporate disclosures
    • Lang M. H.,Lundholm R. J.Cross-sectional determinants of analyst ratings of corporate disclosures.Journal of Accounting Research. 1993;31:246-271
    • (1993) Journal of Accounting Research , vol.31 , pp. 246-271
    • Lang, M.H.1    Lundholm, R.J.2
  • 61
    • 33745018116 scopus 로고    scopus 로고
    • Family firm performance: Further evidence
    • Lee J.Family firm performance: Further evidence.Family Business Review. 2006;19:103-114
    • (2006) Family Business Review , vol.19 , pp. 103-114
    • Lee, J.1
  • 62
    • 33751558403 scopus 로고    scopus 로고
    • Did conservatism in financial reporting increase after the Sarbanes-Oxley Act? Initial evidence
    • Lobo G.,Zhou J.Did conservatism in financial reporting increase after the Sarbanes-Oxley Act? Initial evidence.Accounting Horizons. 2006;20:57-73
    • (2006) Accounting Horizons , vol.20 , pp. 57-73
    • Lobo, G.1    Zhou, J.2
  • 63
    • 84911026939 scopus 로고    scopus 로고
    • January2)
    • McHughD, The Seattle Times, Retrieved from
    • McHughD. (2004, January2). Parmalat case reflects Italy’s weak control over business. The Seattle Times. Retrieved from http://seattletimes.com/html/businesstechnology/2001828107_parmalat02.html
    • (2004) Parmalat case reflects Italy’s weak control over business
  • 65
    • 33644817790 scopus 로고    scopus 로고
    • Family governance and firm performance: Agency, stewardship and capabilities
    • Miller D.,Le Breton-Miller I.Family governance and firm performance: Agency, stewardship and capabilities.Family Business Review. 2006;19:73-87
    • (2006) Family Business Review , vol.19 , pp. 73-87
    • Miller, D.1    Le Breton-Miller, I.2
  • 66
    • 84873324787 scopus 로고    scopus 로고
    • Family firm governance, strategic conformity and performance: Institutional versus strategic perspectives
    • Miller D.,Le Breton-Miller I.,Lester R. H.Family firm governance, strategic conformity and performance: Institutional versus strategic perspectives.Organization Science. 2013;24:189-209
    • (2013) Organization Science , vol.24 , pp. 189-209
    • Miller, D.1    Le Breton-Miller, I.2    Lester, R.H.3
  • 67
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R.,Shleifer A.,Vishny R.Management ownership and market valuation: An empirical analysis.Journal of Financial Economics. 1988;20:293-315
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 69
    • 84911026938 scopus 로고    scopus 로고
    • Founding family firms and their response to the 2003 dividend tax cut
    • MosebachJ. E.ThomasD. W, (August), Anaheim: CA. Retrieved from
    • MosebachJ. E.ThomasD. W. (2008, August). Founding family firms and their response to the 2003 dividend tax cut. Paper presented at the annual meeting of the American Accounting Association, Anaheim, CA. Retrieved from http://aaahq.org/AM2008/abstract.cfm?submissionID=1882
    • (2008) Paper presented at the annual meeting of the American Accounting Association
  • 71
    • 33847607987 scopus 로고    scopus 로고
    • Inherited control and firm performance
    • Perez-Gonzalez F.Inherited control and firm performance.American Economic Review. 2006;96:1559-1588
    • (2006) American Economic Review , vol.96 , pp. 1559-1588
    • Perez-Gonzalez, F.1
  • 72
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: Comparing approaches
    • Petersen M. A.Estimating standard errors in finance panel data sets: Comparing approaches.Review of Financial Studies. 2009;22:435-480
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.A.1
  • 74
    • 0038809082 scopus 로고    scopus 로고
    • Exploring the agency consequences of ownership dispersion among the directors of private family firms
    • Schulze W. S.,Lubatkin M. H.,Dino R. N.Exploring the agency consequences of ownership dispersion among the directors of private family firms.Academy of Management Journal. 2003b;46:179-194
    • (2003) Academy of Management Journal , vol.46 , pp. 179-194
    • Schulze, W.S.1    Lubatkin, M.H.2    Dino, R.N.3
  • 76
    • 79958022704 scopus 로고    scopus 로고
    • Strategic management of the family business: Past research and future challenges
    • Sharma P.,Chrisman J. J.,Chua J. H.Strategic management of the family business: Past research and future challenges.Family Business Review. 1997;10:1-35
    • (1997) Family Business Review , vol.10 , pp. 1-35
    • Sharma, P.1    Chrisman, J.J.2    Chua, J.H.3
  • 77
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A.,Vishny R.A survey of corporate governance.Journal of Finance. 1997;52:737-783
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 78
    • 0002410543 scopus 로고    scopus 로고
    • Volatility and the institutional investor
    • Sias R.Volatility and the institutional investor.Financial Analysts Journal. 1996;52:13-20
    • (1996) Financial Analysts Journal , vol.52 , pp. 13-20
    • Sias, R.1
  • 79
    • 0001907981 scopus 로고
    • Options markets and stock return volatility
    • Skinner D.Options markets and stock return volatility.Journal of Financial Economics. 1989;23:61-78
    • (1989) Journal of Financial Economics , vol.23 , pp. 61-78
    • Skinner, D.1
  • 81
    • 77955867167 scopus 로고    scopus 로고
    • Socioemotional wealth and earnings management in private family firms
    • Stockmans A.,Lybaert N.,Voordeckers W.Socioemotional wealth and earnings management in private family firms.Family Business Review. 2010;23:280-294
    • (2010) Family Business Review , vol.23 , pp. 280-294
    • Stockmans, A.1    Lybaert, N.2    Voordeckers, W.3
  • 84
    • 0031574511 scopus 로고    scopus 로고
    • Institutional ownership, differential predisclosure precision and trading volume at announcement dates
    • Utama S.,Cready W.Institutional ownership, differential predisclosure precision and trading volume at announcement dates.Journal of Accounting & Economics. 1997;24:129-150
    • (1997) Journal of Accounting & Economics , vol.24 , pp. 129-150
    • Utama, S.1    Cready, W.2
  • 85
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control, and management affect firm value?
    • Villalonga B.,Amit R.How do family ownership, control, and management affect firm value?.Journal of Financial Economics. 2006;80:385-417
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 86
    • 33745325940 scopus 로고    scopus 로고
    • Founding family ownership and earnings quality
    • Wang D.Founding family ownership and earnings quality.Journal of Accounting Research. 2006;44:619-656
    • (2006) Journal of Accounting Research , vol.44 , pp. 619-656
    • Wang, D.1
  • 88
    • 0038612965 scopus 로고    scopus 로고
    • Founder-CEO succession and the paradox of entrepreneurial success
    • Wasserman N.Founder-CEO succession and the paradox of entrepreneurial success.Organization Science. 2003;14:149-172
    • (2003) Organization Science , vol.14 , pp. 149-172
    • Wasserman, N.1
  • 91
    • 84863096952 scopus 로고    scopus 로고
    • Family control and family firm valuation by family CEOs: The importance of intentions for transgenerational control
    • Zellweger T. M.,Kellermanns F. W.,Chrisman J. J.,Chua J. H.Family control and family firm valuation by family CEOs: The importance of intentions for transgenerational control.Organization Science. 2012;23:851-868
    • (2012) Organization Science , vol.23 , pp. 851-868
    • Zellweger, T.M.1    Kellermanns, F.W.2    Chrisman, J.J.3    Chua, J.H.4
  • 92
    • 23944512988 scopus 로고    scopus 로고
    • Revenue recognition timing and attributes of reported revenue: The case of software industry’s adoption of SOP 91-1
    • Zhang Y.Revenue recognition timing and attributes of reported revenue: The case of software industry’s adoption of SOP 91-1.Journal of Accounting & Economics. 2005;39:435-561
    • (2005) Journal of Accounting & Economics , vol.39 , pp. 435-561
    • Zhang, Y.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.