Neste trabalho examinamos os efeitos do controle e governança familiar nas decisões de fusões e aquisições (M&A). Analisamos 420 empresas não-financeiras listadas na BM&FBovespa entre 1997 e 2007 e encontramos que empresas controladas por famílias empresarias por meio de excesso de direitos de voto são mais propensas a se engajar em atividades de M&A. Encontramos também que empresas cujo presidente do conselho de administração é um membro da família controladora, a probabilidade de crescimento via M&A diminui. Finalmente, encontramos que as atividades de M&A em empresas controladas por famílias prejudicam o desempenho operacional de longo prazo. Em conjunto, mecanismos de excesso de controle parecem atenuar a restrição de recursos financeiros das famílias para perseguir o crescimento via M&A, entretanto, esta estratégia de crescimento gera resultados operacionais inferiores. Estes resultados têm importantes implicações para a literatura de governança e para a prática empresarial em países emergentes como o Brasil. / We examine the effect of family control and governance on merge and acquisitions (M&A) decisions. We analyze 420 Brazilian non-financial firms from 1997 to 2007 and found that family-controlled firms with excess of control rights are more likely to engage in M&A transactions. We unravel that family chairman reduces the likelihood of family firms to grow through M&As. We also find that M&A activities in family controlled firms are detrimental to their operational performance in the long-run. Overall, family control enhancing mechanism seems to attenuate family limited resources to expand through M&A, where institutions are weak and the capital market is not developed, but this growth strategy leads to poor operational performance. Altogether, these results have important implications for corporate governance research and practice in emerging economies like Brazil.

L'objet de la thèse est de comprendre comment et par quels mécanismes les entreprises familiales multi-générationnelles se régénèrent. Les recherches sur les entreprises familiales, et plus généralement dans l’entrepreneuriat, répondent à des débats qui ont émergé depuis quelques années. L'ancrage théorique vient de l'imbrication dans deux corpus théoriques rarement associés, l’entreprise familiale et la régénération stratégique. Le travail s’est focalisé spécialement sur l’entreprise familiale multi-générationnelle pour ce qu’elle offre comme potentiel d’étude de la dimension familiale et l’importance de l’aspect générationnel dans le comportement stratégique. De ce fait, certains concepts clés de la régénération stratégique ont émergé conduisant à la pérennité de l'entreprise familiale. Par une approche historique et narrative, nous avons analysé les processus de régénération stratégique dans quatre entreprises familiales centenaires. Les résultats obtenus ont permis de comprendre le rôle de la famille dans le processus de régénération stratégique et de proposer un modèle intégrateur de la régénération stratégique de l'entreprise familiale / The purpose of this research is to understand how and by which mechanisms multi-generational family firms may renew and thrive across generation. The theoretical anchor just nesting in two theoretical corpus rarely involved: the family firm and strategic renewal. The work has focused especially on multi-generational family firm for what it offers as a potential study of family dimension and the importance of generational aspect in the strategic behavior. Therefore, some key concepts of strategic renewal have emerged leading to the sustainability of the family firm. By a historical and narrative approach, we analyzed the strategic renewal process in four century-old family firm. The results allowed us to understand the role of the family in the strategic renewal process and to propose an integrative model of strategic renewal of the family firm.

Background/Problem: The financial crisis in 2008 affected the whole economy and the CEO's compensation was one of the factors causing this crisis. Although, it is now years after the onset of the financial crisis, the CEO’s compensation is still an ongoing topic of debate and, for this reason, vital to study. According to literature, non-family CEOs are more likely to emphasize financial performance rather than socioemotional objectives and returns. On the contrary, family CEOs are more motivated by socioemotional wealth and non-financial goals. Taking these viewpoints into consideration, this study examines how CEOs in family firms view and value compensation and rewards. Purpose: This study aims to explore how family CEOs view and value compensation and rewards, in comparison to non-family CEOs in family firms. Method: This study is conducted using a qualitative method and utilizing semi-structured interviews. Five family firms participate in this study and they comprise of 4 family CEOs and 1 non-family CEO. Conclusion: The findings of this study support the idea that family CEOs view and value compensation and rewards in other terms than just financial value. Moreover, the evidence points to that the non-family CEO is more connected to financial factors. Weighing together the evidence from this study there is a difference regarding how family CEOs and non-family CEOs view and value compensation and rewards. Additionally, based on this research, SEW exists within family firms. The findings in this study contribute to the current knowledge in designing compensation packages for CEOs in family firms. Moreover, this study is the first step towards enhancing our understanding of how CEOs view and value compensation and rewards.

Le coût du capital est la pierre angulaire de la théorie financière. Pourtant,pour la forme d’organisation la plus ancienne et la plus répandue dans le monde qu’est l’entreprise familiale non cotée (EFNC), les modèles traditionnels d’estimation du coût du capital sont d’une très faible utilité. Ces modèles s’inscrivent, pour la plupart, dans le cadre de la théorie de l’utilité espérée. Ils ne considèrent que le risque de l’investissement et son lien avec la rentabilité espérée. La présente étude, contrairement à l’approche traditionnelle fondée sur la maximisation de la valeur de marché, adopte une approche comportementale fondée sur l’utilité, afin de pouvoir prendre en compte les spécificités qui caractérisent l’EFNC. Des modèles spécifiques de détermination du coût du capital sont développés puis testés sur 12043EFNC françaises. L’étude met particulièrement en évidence l’importance des motivations non financières, notamment celle de la pérennité, de l’indépendance financière et du métier de l’entreprise, dans la formation du coût du capital, et leurs impacts sur le comportement financier de l’EFNC. / The Unlisted Family Business (UFB) is the oldest and most widespread organizational form in the world. However, traditional models for estimating the cost of capital are interested only in large listed companies and do not not take into account the specificities of the UFB. Most of those models are constructed within the expected utility framework. They consider only the investment risk and its association with the expected return. This study, in contrast to the traditional approach based on market value maximization, adopts a behavioral approach based on utility, in order to take into account the specificities that characterize UFBs. Specific models for estimating the cost of capital are developed and tested. The study is based on a sample made up of 12,043 French UFBs from the Diane database covering a period of 8 years (2004-2011). It particularly highlights the importance of non-financial incentives, including that of long term survival, financial independence and the company's industry, in the formation of the cost of capital, and their impacts on the financial behavior of the UFB.

This study investigates whether family ownership impacts firms’ dividend payout policies by examining firms publicly listed on the Stockholm Stock Exchange (OMX Stockholm) during the years 2013–2018 (1,363 firm-year observations). The investigation is made by performing multiple regression analyses including the dependent variable DIVIDEND PAYOUT. The findings reveal that family firms distribute higher dividend payouts than non-family firms, suggesting that dividends are used as a corporate governance mechanism to mitigate agency problems. Family firms without a second blockholder present have the highest dividends. A family second blockholder appears to collude with the controlling family resulting in lower dividends. A separation between ownership and control results in higher dividends as it implies a worse corporate governance structure. In sum, the results imply that family ownership positively impacts firms’ dividend payout policies in Sweden.

Background: Over the last 30 years, Sweden's agricultural industry has changed significantly, with land prices rising and the number of agricultural firms steadily declining as they are replaced by larger farms. In the near future, there will be a considerable increase in the number of ownership transfers initiated in Sweden, this since in 2020 one-third of agricultural entrepreneurs with sole proprietorships were 65 or older. Purpose: The purpose of this study is twofold: (1) to identify factors influencing family farm succession intentions, as well as (2) to address the theoretical deficit within family farm research by establishing the two implicit economic and emotional paradigms with a theoretical foundation, and ultimately contribute towards determining which theoretical approach is best for explaining succession in family farms. Method: The researchers used a positivist research philosophy in conjunction with a deductive research approach. The quantitative technique was utilized to collect data, with the researchers employing a questionnaire. The questionnaire was distributed to Swedish farmers. Pearson correlation and binary logistic regression tests were used to further analyze the data. Conclusion: The findings show that family farm exposure is significant for intra-family succession in Swedish family farms; a factor derived from intergenerational solidarity theory. This implies that a theory from another domain is applicable to family farm research, and that the emotional perspective has a greater influence on farmer succession intentions than the economic perspective.

Föreliggande uppsats avser bidra till att fylla gapet till den svenska forskningen om utdelningspolitiken för familjeföretag i Sverige. Studier om utdelningspolitik i familjeföretag och vilka faktorer som påverkar den är förhållandevis marginell. Studien analyserar familjeföretag listade på OMX Stockholm under tidsperioden 2005-2018. Ett urval om 25 företag har inkluderats i studien och bortfallen summeras till 11 företag.   Ett av studiens t-test fördelade familjeföretagen i två grupper, de som ägde över och under 50 procent av de röstberättigade aktierna. t-testet undersöker hypotes 1. Resultatet visar att det inte är statistiskt säkerställt att majoritetsägande påverkar utdelningsnivån. Hypotes 2 undersöks genom ett t-est. Vid genomförandet av t-testet utformades subgrupper till de två ovannämnda grupperna. Subgrupperna ställdes mot varandra för att undersöka en skillnad i utdelningsnivå. Hypotes 1 och 2 accepterades för båda t-testen som undersöktes med en signifikansnivå på 5 procent. Utöver t-testen har det genomförts en multivariat analys. Med hjälp av den multivariata analysen identifierades ett negativt samband mellan ägarkoncentration och utdelningsnivå, samt ett positivt samband mellan lönsamhet och utdelningsnivå. / This paper seeks to fill the gap in Swedish research about dividend policy. Studies about which key numbers that affect the dividend policy in family firms are marginal. The study involves family firms listed on OMX Stockholm between 2005 til 2018.   One of the studies t-tests examine families that have majority positions and minority positions. The result is not statistical reliable. Therefore the t-test cannot show a difference in the average dividend payout ratio with a significance level at 5 percent. A Multivariate analysis has been made. It shows a negative correlation between ownership and dividend payout ratio. The variables profit and dividend payout ratio has a positive correlation.

This study investigates whether family ownership influences firms’ accounting and market-based performance as measured by ROA respectively Tobin’s Q. The Swedish market is especially interesting due to its unique corporate governance system, and because previous studies based on a Swedish sample present contradictory findings on the family-performance relationship. Furthermore, we explore whether the stake, the active involvement of family members, and the presence of other blockholders, can be connected to firm performance. The results suggest that family firms are related to superior accounting performance as compared to non-family firms, and that actively involved family members are related to the positive relation. The evidence on market performance shows that families are awarded lower valuations as compared to non-family firms. The market results seem to be driven by extensive control in terms of voting rights or the combined monitoring powers of multiple blockholders, as family firms with a moderate stake of 20-50%, and firms without other blockholders, are not related to market discounts. Connecting to agency theory, the findings suggest that family ownership is related to reduced agency costs type I, thus increasing the profitability, but may be associated with higher type II costs if their control is too extensive.

Background: Family firms represent the majority of firms worldwide, and are regarded as a crucial part of the global economy. Despite that, there is little known about their objectives of financial reporting i.e how they use, produce and value their financial reports. In accounting literature two objectives of financial reporting are presented, a stewardship objective and a decision usefulness objective. Previous research within family business have found that family firms differ from non-family firms and that family firms utilize socioemotional wealth protection as a main reference point when making decisions.  Purpose: This study aims to provide an understanding of how family firms perceive the objective of their financial reporting and how this is shaped by SEW. Method: The study was conducted using a qualitative method and implemented through semi-structured interviews. Nine family firms participated in the study, where eight family members were interviewed and two non-family members.  Conclusion: The result suggest that four out of the five FIBER dimensions (of SEW), family influence and control, identification of family members with the firm, binding social ties and emotional attachment influence the family firm's objective of their financial reports. Meanwhile, for the fifth dimension, renewal of family bonds to the firm through dynastic succession, our study suggests that future successions do not have an influence on the family firm's perceived objective of financial reporting.

Internationalisation theories and other aspects of this phenomenon have been investigated by researchers to a large extent with respect to MNCs, MNEs and SMEs. However not very much attention has been devoted to the study of the internationalisation of family firms and factors influencing this process. Specifically, in the current era of the third wave of internationalisation, where firms from emerging country markets are internationalising, there has not been sufficient research to investigate, how, when, and why family firms from an emerging country market such as South Africa internationalise. Family firms in South Africa contribute significantly to the economic developments of their nation. They form 80% of businesses within the country and 60% of the firms listed on the Johannesburg Stock Exchange. Therefore, research into the internationalisation of these family firms will not only be beneficial to the South African family businesses investigated, but it will also add valuable knowledge and insight to the internationalisation phenomenon with respect to the nation’s family firms. This study sets out to fill this gap by examining and explaining the internationalisation of South African family firms, and identifying the possible lessons that could be learnt from the internationalised South African family firms by their not yet internationalised counterparts. This research was conducted through a qualitative case study of six South African family firms, out of which three have internationalised and three are yet to internationalise. Face-to-face interviews conducted with the owners and managers, as well as secondary sources of data formed the base of the empirical data analysed. The interview questions were grouped under the concepts of family impact, decision-making, business networks and culture. These concepts were examined and their impact on internationalisation explained. The researchers conclude that chance played the most important role in the internationalisation of the firms. The chance to internationalise however, was made available to these firms through their business networks.