O objetivo deste estudo foi analisar os condicionantes das decisões de investimento das empresas familiares. Para tanto, utilizou-se de um referencial teórico baseado em conceitos como estrutura de propriedade e controle familiar, heterogeneidade das empresas familiares, choques exógenos causados por crises econômicas e situação de restrição financeira. Esses conceitos foram empregues com o propósito de dimensionar seus impactos nas decisões de investimento das empresas familiares listadas em bolsa nos períodos entre 2006-2016. Em termos teóricos, os investimentos foram separados em dois tipos: investimentos em CAPEX e capital circulante líquido. Embora nem todos tenham sido utilizados em todas as fases da pesquisa, esses dois tipos de investimento foram o cerne e a variável dependente da pesquisa. Outras variáveis importantes foram Empresa Familiar, bem como suas outras sete configurações, e as variáveis de interação como idade, grau de maturidade, tamanho, tangibilidade e situação financeira. Outro ponto considerado pela pesquisa foi o impacto do cenário macroeconômico sobre as decisões de investimento. Os resultados encontrados mostraram que as empresas familiares investem menos do que as empresas não familiares em CAPEX, ocorrendo o inverso para o capital circulante líquido. Isso corrobora com as análises teóricas promovidas por Anderson, Duru e Reeb (2012) e Chrisman e Patel (2012) sobre os ideais de autopreservação e aversão ao risco aos quais as empresas familiares estão sujeitas. Quanto aos períodos de choques de liquidez, as empresas familiares apresentaram quedas severas para investimentos em CAPEX e quedas menos acentuadas para o capital circulante líquido. Por fim, em relação à situação de restrição financeira e os resultados financeiros passados evidenciou-se que empresas familiares com maior tangibilidade e com resultados passados positivos investem mais do que as empresas não familiares, o que também está de acordo com a teoria sobre autoconfiança e busca pela perenidade em empresas de controle familiar. / The objective of this study was to answer the following research problem: what are the determinants of the investment decisions of family companies? To do so, the research used a theoretical framework based on concepts such as family ownership and control, the heterogeneity found in the various types of family businesses, exogenous shocks caused by economic crises and the situation of financial constraint of the companies. These concepts were used to understand how each of them impacted the investment decisions of listed companies in the period between 2006-2016. In conceptual terms, the investments were divided into two types: investments in CAPEX and working capital ratios. Although not all were used at all stages of the research, these three types of investment were at the heart and the research-dependent variable. In addition to this variable, other important variables were both the Family Enterprise variable (as well as its other seven configurations) and the variables of interaction with age, maturity level, size, tangibility and financial situation. Another point considered by the research consisted in analyzing how the macroeconomic scenario impacted investment decisions. The results found that family firms invest less than non-family firms (in all configurations) in CAPEX. However, the opposite occurs for the working capital ratios. This corroborates theoretical analyzes promoted by Anderson, Duru and Reeb (2012) and Chrisman and Patel (2012) on the ideals of self-preservation and risk aversion to which family firms are subject to making decisions involving risks and uncertainties. Comparing the results in periods of liquidity shocks, the results of the family companies showed severe declines for investments in CAPEX and less declines in working capital index. Finally, the results found when considering the situation of financial constraint and the past results provided that family companies with greater tangibility and with positive past results invest more than non-family companies, which is also in accordance with the theory on self-preservation and search for perpetuity in family businesses.

Submitted by Nara Lays Domingues Viana Oliveira (naradv) on 2015-07-16T18:32:54Z No. of bitstreams: 1 TADEU.pdf: 1920392 bytes, checksum: 2d3a9be6b8a3c34155d4ce8ce06acb5a (MD5) / Made available in DSpace on 2015-07-16T18:32:54Z (GMT). No. of bitstreams: 1 TADEU.pdf: 1920392 bytes, checksum: 2d3a9be6b8a3c34155d4ce8ce06acb5a (MD5) Previous issue date: 2014-02-28 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / O presente estudo investigou se as companhias abertas familiares, entre 2005 e 2012, possuem criação de valor, desempenho operacional, nível de alavancagem e despesas administrativas diferenciados em relação às empresas não familiares. Também, investigou-se diferenças de performance dentre as empresas familiares sob diferentes modelos de gestão. Os resultados para as variáveis de valor e desempenho demonstraram sensibilidade dependendo do conceito de empresa familiar utilizado. Para as empresas familiares sob o conceito amplo (CF1), os resultados obtidos para criação de valor e desempenho operacional são inferiores as empresas não familiares privadas. Para os demais conceitos de empresa familiar (CF2 e CF3) não há indicativos estatísticos de diferença entre os resultados. Através destes achados, pode-se supor que o controle acionário familiar não majoritário, a divisão do controle da empresa em várias famílias e a ausência do laço da família fundadora com a companhia, prejudique o desempenho das empresas familiares. Na análise dos níveis de alavancagem, os resultados indicam que apenas as empresas familiares em que a família fundadora ainda possua grande influência (CF3) são mais alavancadas. Para a métrica de despesas administrativas, as empresas familiares sob o conceito amplo (CF1) apresentaram maiores gastos em relação as não familiares, evidenciando maior conflito de agência entre os acionistas controladores e minoritários nestas empresas. O modelo de gestão mais eficiente em termos de valor de mercado, para as empresas familiares, é a Gestão Familiar do Fundador. Todos os resultados descritos são confirmados nas análises de Robustez. / The present research investigated if traded family firms, from the period of 2005 to 2012, have creating value, operating performance, leverage and administrative costs differentiated in comparison to non-family firms. Besides it was investigated differences in performance among the family firms in different management models. The results for the variables of value and performance demonstrated sensitivity depending on the concept of family firms used. For family firms under the wider concept (CF1), the results for creating value and operating performance are lower than private non-family companies. For other concepts of family firms (CF2 and CF3) there is no statistical difference between the results. Through these findings it is assumed that the family non majority equity control, the division of the company control in several families and the absence of the founding family in the company, lower the performance of family firms. In the analysis of leverage levels the results indicate that only the family firms where the founding family (CF3) still has great influence are more leveraged. Regarding for the metric of administrative expenses the family firms under the wider concept (CF1) reported higher expenses in relation to the non-family, showing greater agency conflicts between controllers and minority shareholders in these companies. The more efficient model of management in terms of market value for family firms is the Family Management Founder. All results are confirmed in the Robustness analyzes.

研究顯示，家族企業之數量與經濟影響力在全球企業環境中迅速成長並占有一席之地，成為具競爭力的存在，本研究以我國2001至2008年的上市（櫃）公司為樣本，探討財務分析師針對家族與非家族企業在預測行為上之差異，本研究之迴歸模型以分析師預測誤差、追蹤意願及預測離散程度三種特性分析財務分析師的預測行為，研究顯示相較於非家族企業，分析師對家族企業之預測意願較低，追蹤數量明顯較少，在預測結果上，家族企業會使分析師的預測產生較大的誤差，且各分析師間預測結果的差異程度也較大，本研究藉此結果推論家族企業中控制股東與其他股東代理問題的存在，及家族成員擔任管理者或董事等重要職位導致董事會喪失監督職能，在資訊揭露的數量與品質上表現較差。 / Prior research shows that family firms have grown rapidly and played an important role in the global corporate environment. This study examines the relation between family firms and financial analysts’ earnings forecast behaviors in Taiwan from year 2001 to 2008. I use several analysts forecast attributes: forecasts error, number of analysts following, and forecast dispersion. The results indicate that family firms generally have less analysts following, greater analysts’ forecast errors and greater forecast dispersion. These findings support the argument that the existence of conflict between majority and minority shareholders and that family members serving as managers or members of the board may weaken the disclosure of the quantity and quality of firm-specific information.

Der Anteil der externen Nachfolge bei eigentümergeführten bzw. Familienunternehmen nimmt stetig zu. Eine Möglichkeit ist dabei ein Management-Buy-In, bei dem ein externer Manager die Position des Altinhabers übernimmt. In einer solchen Situation kann die Nachfolge in Form einer Relay Succession erfolgen, eine zeitlich gestaffelte Übergabe vom alten an den neuen Inhaber. In dieser Arbeit werden die Relay Succession, ihre Vor- und Nachteile, relevante Einflussfaktoren und Prozessempfehlungen in qualitativen Fallstudien untersucht.

Submitted by Luana Rodrigues (luana.rodrigues@fgv.br) on 2014-10-06T13:58:03Z No. of bitstreams: 1 Master Thesis_Brazil_Carsten.pdf: 1041207 bytes, checksum: be0ab8e8761b1f2995b5a94413d81e6a (MD5) / Approved for entry into archive by Luana Rodrigues (luana.rodrigues@fgv.br) on 2014-10-06T14:07:00Z (GMT) No. of bitstreams: 1 Master Thesis_Brazil_Carsten.pdf: 1041207 bytes, checksum: be0ab8e8761b1f2995b5a94413d81e6a (MD5) / Made available in DSpace on 2014-10-06T14:26:06Z (GMT). No. of bitstreams: 1 Master Thesis_Brazil_Carsten.pdf: 1041207 bytes, checksum: be0ab8e8761b1f2995b5a94413d81e6a (MD5) Previous issue date: 2014-08-08 / In this study, I analyze the performance of family and non-family firms in Europe between 2001 to 2013 with special attention given to the 2008-09 financial crisis. Twelve years of data have been collected and analyzed by two models: the market adjustment model and a panel estimation technique. Contrary to the hypothesis, results show that family firms do not significantly outperform non-family firms during the overall period -- before-, during-, and after the crisis. However, in terms of beta, significant differences are clearly discernible. One could say that family firms are in general less volatile and show extremely low volatility in the crisis compared to the market. / Neste estudo, analiso o desempenho de empresas familiares e não-familiares na Europa, entre 2001 e 2013, com uma especial atenção ao período da crise financeira de 2008 e 2009. Doze anos de dados foram recolhidos e analisadosusando dois modelos: o modelo de ajustamento do mercado e uma técnica de estimativa de painéis. Ao contrário das expectativas, os resultados mostram que as empresas familiares não têm resultados significativamente superiores às empresas não familiares durante o período em análise, inclusive antes, durante, e depois da crise. No entanto, considerando o valor do beta, existem diferenças significativas. É possível concluir que as empresas familiares são, em geral, menos voláteis e que durante a crise apresentaram uma volatilidade extremamente baixa comparativamente com o mercado.JEL

O objetivo deste estudo foi analisar os condicionantes das decisões de investimento das empresas familiares. Para tanto, utilizou-se de um referencial teórico baseado em conceitos como estrutura de propriedade e controle familiar, heterogeneidade das empresas familiares, choques exógenos causados por crises econômicas e situação de restrição financeira. Esses conceitos foram empregues com o propósito de dimensionar seus impactos nas decisões de investimento das empresas familiares listadas em bolsa nos períodos entre 2006-2016. Em termos teóricos, os investimentos foram separados em dois tipos: investimentos em CAPEX e capital circulante líquido. Embora nem todos tenham sido utilizados em todas as fases da pesquisa, esses dois tipos de investimento foram o cerne e a variável dependente da pesquisa. Outras variáveis importantes foram Empresa Familiar, bem como suas outras sete configurações, e as variáveis de interação como idade, grau de maturidade, tamanho, tangibilidade e situação financeira. Outro ponto considerado pela pesquisa foi o impacto do cenário macroeconômico sobre as decisões de investimento. Os resultados encontrados mostraram que as empresas familiares investem menos do que as empresas não familiares em CAPEX, ocorrendo o inverso para o capital circulante líquido. Isso corrobora com as análises teóricas promovidas por Anderson, Duru e Reeb (2012) e Chrisman e Patel (2012) sobre os ideais de autopreservação e aversão ao risco aos quais as empresas familiares estão sujeitas. Quanto aos períodos de choques de liquidez, as empresas familiares apresentaram quedas severas para investimentos em CAPEX e quedas menos acentuadas para o capital circulante líquido. Por fim, em relação à situação de restrição financeira e os resultados financeiros passados evidenciou-se que empresas familiares com maior tangibilidade e com resultados passados positivos investem mais do que as empresas não familiares, o que também está de acordo com a teoria sobre autoconfiança e busca pela perenidade em empresas de controle familiar. / The objective of this study was to answer the following research problem: what are the determinants of the investment decisions of family companies? To do so, the research used a theoretical framework based on concepts such as family ownership and control, the heterogeneity found in the various types of family businesses, exogenous shocks caused by economic crises and the situation of financial constraint of the companies. These concepts were used to understand how each of them impacted the investment decisions of listed companies in the period between 2006-2016. In conceptual terms, the investments were divided into two types: investments in CAPEX and working capital ratios. Although not all were used at all stages of the research, these three types of investment were at the heart and the research-dependent variable. In addition to this variable, other important variables were both the Family Enterprise variable (as well as its other seven configurations) and the variables of interaction with age, maturity level, size, tangibility and financial situation. Another point considered by the research consisted in analyzing how the macroeconomic scenario impacted investment decisions. The results found that family firms invest less than non-family firms (in all configurations) in CAPEX. However, the opposite occurs for the working capital ratios. This corroborates theoretical analyzes promoted by Anderson, Duru and Reeb (2012) and Chrisman and Patel (2012) on the ideals of self-preservation and risk aversion to which family firms are subject to making decisions involving risks and uncertainties. Comparing the results in periods of liquidity shocks, the results of the family companies showed severe declines for investments in CAPEX and less declines in working capital index. Finally, the results found when considering the situation of financial constraint and the past results provided that family companies with greater tangibility and with positive past results invest more than non-family companies, which is also in accordance with the theory on self-preservation and search for perpetuity in family businesses.

博士（経済学） / 甲第98号 / xiii, 148p / Hitotsubashi University

Background: It has become increasingly important for all corporations to make environmentally friendly decisions and consider environmental CSR. Previous studies have shown that effective corporate governance and diversity of BoDs and TMTs can affect sustainability reporting positively. However, prior literature has been underrepresented regarding SMEs. It is currently voluntary for these types of firms to report on sustainability, but new requirements are underway. Additionally, family-owned firms differ in the context of environmental CSR reporting due to the interests of the family, and that these types of firms tend to not consider the diversity as much as non-family-owned firms.    Purpose: The purpose of this study is to investigate how the diversity of BoDs and TMTs in Swedish stock-listed SMEs impacts environmental CSR reporting. Additionally, how family firms moderate this relationship.     Methodology: This study adopts a positivistic view, follows the deductive approach, and uses a quantitative methodology. The collected data was gathered through databases, annual reports, and other sources to get information about the diversity aspects and sustainability reporting. This was analyzed by using the Spearman correlation matrix and multiple linear regressions.    Findings: The findings of this study only partially support the relationship between the diversity of BoDs and environmental CSR reporting. There was no support regarding the relationship between the diversity of TMTs and environmental CSR reporting. Family firms as a moderating factor to this, could also not be supported.

O objetivo deste estudo foi responder ao seguinte problema de pesquisa: o que faz os conselhos de empresas familiares serem efetivos em decisões estratégicas? Para tanto, foi adotada a abordagem configuracional, uma vez que existem múltiplas formas de se chegar à efetividade nas decisões estratégicas. Em termos conceituais, as decisões estratégicas foram consideradas efetivas quando alcançaram ou superaram os resultados previamente estabelecidos pelos tomadores de decisão. Em relação às empresas familiares, estas foram definidas a partir da riqueza sócioemocional (SEW) que consiste na importância atribuída pelos tomadores de decisão aos benefícios não econômicos gerados à família a partir da empresa. As dimensões da SEW combinadas com os papéis e processos psicossociais dos conselhos de administração geram diferentes configurações que levam à efetividade nas decisões estratégicas. Para demonstrar esse argumento, foram coletados dados de 59 empresas familiares no Brasil por meio de uma pesquisa do tipo survey. Os respondentes foram conselheiros que participaram de uma decisão estratégica nessas empresas. Os resultados mostram que existem múltiplas formas de se chegar à efetividade nas decisões estratégicas. Dentre os fatores preponderantes, o papel de controle e mediação são condições necessárias, assim como o uso de conhecimento e habilidade dos conselheiros e o conflito congnitivo. Também é possível identificar três diferentes perfis de empresa a partir da SEW. A primeira atribui pouca importância à continuidade da família no negócio em suas decisões; a segunda não atribui importância à proeminência familiar; e a terceira considera todos os atribuitos da SEW em suas decisões. Mesmo com pontos de referência diferentes, essas empresas conseguem ser efetivas em suas decisões estratégicas. Esta pesquisa tem implicações teóricas e práticas, especialmente, por reforçar a tese de que não existe uma única forma de se chegar a um resultado e que a efetividade dos conselhos de administração vai além do desepenho das funções de controle e serviço, estando ligada à capacidade de tomar decisões efetivas. / The objective of this study was to answer the following research question: What do make the board of directors of family firms be effective in strategic decisions? Therefore, the configurational approach was adopted, since there are multiple ways of achieving effectiveness in strategic decisions. Conceptually, strategic decisions were considered effective when reached or exceeded the results previously established by the decision makers. In relation to family firms, they were defined based on sociometional wealth (SEW), which consists of the importance attached by decision-makers to the non-economic benefits generated to the family from the company\'s operations. The dimensions of SEW combined with the roles and psychosocial processes of boards of directors generate different configurations that lead to effectiveness in strategic decisions. To demonstrate this, a survey with 59 family firms was carried out in Brazil. The respondents were board members who participated in a strategic decision-making in these firms. The results show that there are multiple ways to achieve effectiveness in strategic decisions. Among the core factors, the roles of control and mediation are necessary conditions, as well as the use of knowledge and skills and cognitive conflict. It is also possible to identify three different family business profiles from SEW. The first attaches little importance to family continuity in the business in their decisions, the second does not give importance to family prominence, and the third considers all SEW atributes in their decisions. Even with different reference points, these firms can be effective in their strategic decisions. This research has theoretical and practical implications, especially for reinforcing the argument that there is no single way to achieve a result, and the effectiveness of boards of directors goes beyond the control and service functions, being linked to the strategic decision effectiveness

This thesis contains three self-contained chapters, covering different subjects but using similar methods: The Effect of Foreclosure Laws on Securitization: Evidence from U.S. States shows that mortgage loans are less likely to be securitized in states with costlier foreclosure procedures. I interpret this in light of prior literature showing a higher foreclosure risk for securitized loans, due to unwillingness to renegotiate by the agents working on behalf of investors. Moreover, the magnitude of the effect increases for loans with higher risk of default, and disappears for loans where state foreclosure laws usually do not apply. Do daughters make family firms more sustainable? studies listed companies with a family owning a large block of shares, and asks how the family composition affects the company’s policies. Creating a novel Swedish data set, I find that environmental performance improves when the family has more daughters. The effect does not seem to operate through more adult daughters leading to more female CEOs or board members, or through the appointment of family members as CEOs. Bank taxes, leverage and risk uses staggered changes in US state-level bank taxation, and documents an increase in leverage when taxes are raised. Banks partly dampen the effect by adjusting their Tier 2 capital (a lower-quality form of regulatory capital that is less able to absorb losses), and by reducing the risk on the asset side of the balance sheet as measured by regulators. / <p>Diss. Stockholm :  Stockholm School of Economics, 2015. Introduction together with 3 papers</p>