کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960537 929491 2008 33 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Mixing family with business: A study of Thai business groups and the families behind them
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Mixing family with business: A study of Thai business groups and the families behind them
چکیده انگلیسی

How does the structure of the families behind business groups affect the group's organization, governance, and performance? We construct a unique dataset of family trees and business groups for 93 of the largest business families in Thailand. We find a strong positive association between family size and family involvement in the ownership and control of the family businesses. The founders’ sons play a central role in both ownership and board membership, especially when the founder of the group is dead. Greater involvement by sons is also associated with lower firm-level performance, especially when the founder is dead. One hypothesis that emerges from our analysis is that part of the decay of family-run groups over time is due to the dilution of ownership and control across a set of equally powerful descendants of the founder, which creates a “race to the bottom” in tunneling resources out of the group firms.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 88, Issue 3, June 2008, Pages 466–498
نویسندگان
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