Desempeño y habilidades de los directores generales familiares en un contexto de debilidad de las instituciones formales
Contenido principal del artículo
Resumen
Antecedentes: desde la perspectiva de la teoría institucional, este artículo estudia la relación entre las habilidades de los directores generales pertenecientes a la familia y el desempeño financiero de las empresas familiares listadas en un entorno caracterizado por la debilidad de las instituciones formales.
Metodología: la muestra se compone de empresas familiares no financieras listadas en la Bolsa Mexicana de Valores durante el periodo 2001−2014. El análisis econométrico utiliza modelos lineales para datos de panel estimados por mínimos cuadrados ordinarios (mco). Para tomar en cuenta la endogeneidad, las regresiones se corren con el método generalizado de momentos (mgm).
Resultados: según los datos reunidos, se obtienen mejores resultados financieros con los directores generales externos que con los directores generales pertenecientes a la familia, a pesar de que sus habilidades, en términos de experiencia y formación académica, son similares. La relación inversa entre directores generales familiares y desempeño financiero es moderada cuando tienen una gran preparación académica en el área de negocios, lo que les permite adquirir las habilidades y la perspectiva amplia necesarias para lidiar con los más elevados costos de transacción y los mayores riesgos empresariales presentes en ambientes caracterizados por la fragilidad institucional en el plano formal, como es el caso en México.
Conclusiones: en un contexto de debilidad institucional, invertir en educación superior en el área de negocios —de alta calidad y proporcionada en el propio país— es una buena estrategia a largo plazo para empresas familiares que quieran promover a un director general de la familia.
Descargas
Detalles del artículo
Esta obra está bajo una https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es.
Creado a partir de la obra en http://www.eltrimestreeconomico.com.mx/index.php/te/index
Nota: la licencia de creative commons sólo aplica para la sección Artículos, para el contenido de las otras secciones, véase cada texto.
Métricas PlumX
Citas
Anderson, R. C., y Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237.
Anderson, R. C., Duru, A., y Reeb D. M. (2012). Investment policy in family controlled firms. Journal of Banking and Finance, 36(6), 1744-1758.
Andres, C. (2011). Family ownership, financing constraints and investment decisions. Applied Financial Economics, 21(22), 1641-1659.
Arregle, J., Hitt, M., Sirmon, D., y Very, P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44(1), 73-95.
Bantel, K., y Jackson, S. (1989). Top management and innovations in banking: Does the composition of the top team make a difference? Strategic Management Journal, 10, 107-124.
Barontini, R., y Caprio, L. (2006). The effect of family control on firm value and performance: Evidence from continental Europe. European Financial Management, 12, 689-723.
Barro, R., y Lee, J. W. (2010). A new data set of educational attainment in the world, 1950-2010 (working paper No. 15902). National Bureau of Economic Research.
Basco, R. (2015). Family business and regional development – A theoretical model of regional familiness. Journal of Family Business Strategy, 6(4), 259-271.
Bennedsen, M., Nielsen, K. M., Pérez-González, F., y Wolfenzon, D. (2007). Inside the family firm: The role of families in succession decisions and performance. The Quarterly Journal of Economics, 122(2), 647-691.
Berger, A., Kick, T., y Schaeck, K. (2014). Executive board composition and bank risk taking. Journal of Corporate Finance, 28, 48-65.
Bertrand, M., y Schoar, A. (2003). Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics, 118, 1169-1208.
Bertrand, M., Johnson, S., Samphantharak, K., y Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. Journal of Financial Economics, 88(3), 466-498.
Bhagat, S., y Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273.
Bhagat, S., Bolton, B., y Subramanian, A. (2010). CEO education, CEO turnover, and firm performance. SSRN Electronic Journal.
Boubakri, N., Cosset, J. C., y Guedhami, O. (2005). Postprivatization corporate governance: The role of ownership structure and investor protection. Journal of Financial Economics, 76(2), 369-399.
Brammer, S., y Pavelin, S. (2004). Building a good reputation. European Management Journal, 22(6), 704-713.
Brigham, K. H., Lumpkin, G. T., Payne, G. T., y Zachary, M. A. (2014). Researching long-term orientation: A validation study and recommendations for future research. Family Business Review, 27(1), 72-88. doi: 10.1177/0894486513508980.
Butler, A. W., y Gurun, U. (2012). Educational networks, mutual fund voting patterns, and CEO compensation. Review of Financial Studies, 25(8), 2533-2562.
Cabrera-Suárez, M. K., Deniz-Deniz, M. D. L. C., y Martín-Santana, J. D. (2014). The setting of non-financial goals in the family Firm: The influence of family climate and identification. Journal of Family Business Strategy, 5(3), 289-299.
Castañeda, G. (2000). Governance of large corporations in Mexico and productivity implications. Abante, Studies in Business Management, 3(1), 57-89.
Chang, S. J. (2003). Ownership structure, expropriation, and performance of group-affiliated companies in Korea. Academy of Management Journal, 46(2), 238-254.
Che, L., y Zhang, P. (2017). The impact of family CEO’s ownership and the moderating effect of the second largest owner in private family firms. Journal of Management & Governance, 21(3), 757-784.
Chong, A., López-de Silanes, F. (2007). Corporate governance in Latin America (IDB working paper No. 494). Washington, D. C.: Banco Interamericano de Desarrollo.
Christiansen, C., Joensen, J., y Rangvid, J. (2008). Are economists more likely to hold stocks? Review of Finance, 12, 465-496.
Chung, H., y Chan, S. (2012). Ownership structure, family leadership, and performance of affiliate firms in large family business groups. Asia Pacific Journal of Management, 29(2), 303-329.
Claessens, S., Djankov, S., Lang, L. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
Cuervo-Cazurra, A., y Dau, L. A. (2009). Promarket reforms and firm profitability in developing countries. The Academy of Management Journal, 52(6), 1348-1368.
Dalziel, T., Gentry, R., y Bowerman, M. (2011). An integrated agency-resource dependence view of the influence of directors’ human and relational capital on firms’ R&D spending. Journal of Management Studies, 48(6), 1217-1242.
Davidson, W., Xie, B., Xu, W., y Ning, Y. (2007). The influence of executive age, career horizon and incentives on pre-turnover earnings management. Journal of Management and Governance, 11(1), 45-60.
Dehaene, A., De Vuyst, V., y Ooghe, H. (2001). Corporate performance and board structure in Belgian companies. Long Range Planning, 34, 383-398.
Demsetz, H., y Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7, 209-233.
Durán, P., Kammerlander, N., van Essen, M., y Zellweger, T. (2016). Doing more with less: Innovation input and output in family firms. Academy of Management Journal, 59(4), 1224-1264.
Earle, J. S., Kucsera, C., y Telegdy, A. (2005). Ownership concentration and corporate performance on the Budapest stock exchange: Do too many cooks spoil the goulash? Corporate Governance: An International Review, 13(2), 254-264.
Espinoza, T., y Espinoza, N. (2012). Family business performance: Evidence from Mexico. Cuadernos de Administración, 25(44), 39-61.
Estrin, S., y Prevezer, M. (2011). The role of informal institutions in corporate governance: Brazil, Russia, India, and China compared. Asia Pacific Journal of Management, 28(1), 41-67.
Faccio, M., y Lang, L. H. P. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365-395.
Faccio, M., Lang, L. H. P., y Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), 54-78.
Fernando, G. D., Schneible, R. A., y Suh, S. H. (2014). Family firms and institutional investors. Family Business Review, 27(4), 328-345.
Gallego-Álvarez, I., García, I., y Rodríguez, L. (2009). La eficacia del gobierno corporativo y la divulgación de información en Internet. Investigaciones Europeas de Dirección y Economía de la Empresa, 15(1), 109-135.
García-Ramos, R., y García-Olalla, M. (2011). Board characteristics and firm performance in public founder- and nonfounder-led family businesses. Journal of Family Business Strategy, 2(4), 220-231.
Gedajlovic, E., y Shapiro, D. (1998). Management and ownership effects: Evidence from five countries. Strategic Management Journal, 19, 533-553.
Globerman, S., y Shapiro D. (2003). Governance infrastructure and US foreign direct investment. Journal of International Business Studies, 34(1), 19-39.
Goel, S., He, X., y Karri, R. (2011). Family involvement in a hierarchical culture: Effect of dispersion of family ownership control and family member tenure on firm performance in Chinese family owned firms. Journal of Family Business Strategy, 2(4), 199-206.
Goll, I., Johnson N., y Rasheed, A. (2007). Knowledge ability, strategic change, and firm performance: The moderating role of the environment. Management Decision, 45(2), 161-179.
Gómez-Mejía, L., Nuñez-Nickel, M., y Gutiérrez, I. (2001). The role of family ties in agency contracts. Academy of Management Journal, 44, 81-95.
Gottesman, A., y Morey, M. (2006). Does a better education make for better managers? An empirical examination of CEO educational quality and firm performance (documento de trabajo). Recuperado de: http://ssrn.com/abstract=564443
Hambrick, D. (2007). Upper echelons theory: An update. Academy of Management Review, 32, 334-343.
Hambrick, D., y Mason, P. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
Harford, J., y Li, K. (2007). Decoupling CEO wealth and firm performance: The case of acquiring CEOs. The Journal of Finance, 62(2), 917-949.
Henssen, B., Voordeckers, W., Lambrechts, F., y Koiranen, M. (2014). The CEO autonomy-stewardship behavior relationship in family firms: The mediating role of psychological ownership. Journal of Family Business Strategy, 5, 312-322.
Hermalin, B. E., y Weisbach, M. S. (1998). Endogenously chosen boards of directors and their monitoring of the CEO. The American Economic Review, 88(1), 96-118.
Herrmann, P., y Datta, D. (2005). Relationships between top management team characteristics and international diversification: An empirical investigation. British Journal of Management, 16, 69-78.
IEF, y Red de Cátedras de Empresa Familiar (2016). La empresa familiar en España en 2015. Madrid/ Barcelona: Instituto de la Empresa Familiar.
Jalbert, T., Rao, R., y Jalbert, M. (2002). Does school matter? An empirical analysis of CEO education, compensation, and firm performance. International Business & Economics Research Journal, 1(1), 83-98.
Jaskiewicz, P., y Luchak, A. (2013). Explaining performance differences between family firms with family and nonfamily CEOs: It’s the nature of the tie to the family that counts! Entrepreneurship Theory and Practice. doi: 10.1111/etap.12070, 1361-1367.
Jiraporn, P., Kim, Y., y Davidson, W. (2008). Multiple directorships and corporate diversification. Journal of Empirical Finance, 15(3), 418-435.
Karami, A., Analoui, F., y Kakabadse, N. (2006). The CEOs’ characteristics and their strategy development in the UK SME sector. Journal of Management Development, 25(4), 316-324.
Kim, Y. (2005). Board network characteristics and firm performance in Korea. Corporate Governance: An International Review, 13(6), 800-808.
Kim, K. H., Al-Shammari, H., Kim, B., y Lee, S. H. (2009). CEO duality leadership and corporate diversification behavior. Journal of Business Research, 62(11), 1173-1180.
Koufopoulos, D. N., Zoumbos, V., Argyropoulou, M., y Motwani, J. (2008). Top management team and corporate performance: A study of Greek firms. Team Performance Management, 14(7), 340-363.
La Porta, R., López-de Silanes, F., y Shleifer, A. (2006). What works in securities laws? The Journal of Finance, 61(1), 1-32.
La Porta, R., López-de Silanes, F., Shleifer, A., y Vishny, R. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517.
Le Breton-Miller, I., y Miller, D. (2016). Family firms and practices of sustainability: A contingency view. Journal of Family Business Strategy, 7(1), 26-33.
Le Breton-Miller, I., Miller, D., y Bares, F. (2015). Governance and entrepreneurship in family firms: Agency, behavioral agency and resource-based comparisons. Journal of Family Business Strategy, 6, 58-62.
Lien, Y. C., y Li, S. (2014). Professionalization of family business and performance effect. Family Business Review, 27(4), 346-364.
Liu, W., Yang, H., y Zhang, G. (2012). Does family business excel in firm performance? An institution-based view. Asia Pacific Journal of Management, 29(4), 965-987.
Lourenço, I. C., Castelo, M., Curto, J., y Eugénio, T. (2012). How does the market value corporate sustainability performance? Journal of Business Ethics, 108(4), 417-428.
Luo, X. R., y Chung, C. N. (2005). Keeping it all in the family: The role of particularistic relationships in business group performance during institutional transition. Administrative Science Quarterly, 50(3), 404-439.
Luo, Y., y Peng, M. W. (1999). Learning to compete in a transition economy: Experience, environment, and performance. Journal of International Business Studies, 30(2), 269-295.
McCall, M. (2004). Leadership development through experience. Academy of Management Executive, 18, 127-130.
McDonald, M., Westphal, J., y Graebner, M. (2008). Director acquisition experience and acquisition performance. Strategic Management Journal, 29, 1155-1177.
Miller, D., y Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and abilities. Family Business Review, 19(1), 73-87.
Miller, D., Steier, L., y Le Breton-Miller, I. (2003). Lost in time: Intergenerational succession, change, and failure in family business. Journal of Business Venturing, 18(4), 513-531.
Miralles-Marcelo, J. L., Miralles-Quirós, M. M., y Lisboa, I. (2014). The impact of family control on firm performance: Evidence from Portugal and Spain. Journal of Family Business Strategy, 5, 156-168.
Morck, R., Nakamura M., y Shivdasani, A. (2000). Banks, ownership structure, and firm value in Japan. Journal of Business, 73(4), 539-567.
Palia, D. (2000). The impact of regulation on CEO labor markets. The Rand Journal of Economics, 31(1), 165-179.
Peng, M. W. (2003). Institutional transitions and strategic choices. The Academy of Management Review, 28(2), 275-296.
Peng, M. W., y Jiang, Y. (2010). Institutions behind family ownership and control in large firms. Journal of Management Studies, 47(2), 253-273.
Peni, E. (2014). CEO and chairperson characteristics and firm performance. Journal of Management Governance, 18, 185-205.
Pérez-González, F. (2006). Inherited control and firm performance. American Economic Review, 96(5), 1559-1588.
Phan, P., y Hoon, L. (1995). Human capital or social networks: What constrains CEO dismissal? Academy of Management Journal Best Paper Proceedings, 1995(1), 37-41.
Prior, D., Surroca, J., y Tribó, J. A. (2008). Are socially responsible managers really ethical? exploring the relationship between earnings management and corporate social responsibility. Corporate Governance: An International Review, 16(3), 160-177.
Puffer, S. M., McCarthy, D. J., y Boisot, M. (2010). Entrepreneurship in Russia and China: The impact of formal institutional voids. Entrepreneurship Theory and Practice, 34(3), 441-467.
Ramón-Llorens, M., García-Meca, E., y Duréndez, A. (2017). Influence of CEO characteristics in family firms’ internationalization. International Business Review, 26, 786-799.
Rosa, P., Howorth, C., y Discua-Cruz, A. (2014). Habitual and portfolio entrepreneurship and the family in business. En L.
Melin, M. Nordqvist y P. Sharma (eds.), The SAGE Family Business Handbook.
San Martín-Reyna, J. M., y Durán-Encalada, J. A. (2012). The relationship among family business, corporate governance, and firm performance: Evidence from the Mexican stock exchange. Journal of Family Business Strategy, 3, 106-117.
Santiago, M., y Brown, C. J. (2009). An empirical analysis of Latin American board of directors and minority shareholders’ rights. Forum Empresarial, 14(2), 1-18.
Schulze, W. G., Lubatkin, M. H., y Dino, R. N. (2003). Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2), 179-194.
Sciascia, S., y Mazzola, P. (2008). Family involvement in ownership and management: Exploring nonlinear effects on performance. Family Business Review, 21, 331-345.
Sitthipongpanich, T., y Polsiri, P. (2015). Do CEO and board characteristics matter? A study of Thai family firms. Journal of Family Business Strategy, 6(2), 119-129.
Slater, D., y Dixon-Fowler, H. (2010). The future of the planet in the hands of MBAs: An examination of CEO MBA education and corporate environmental performance. Academy of Management Learning & Education, 9(3), 429-441.
Stanley, L. J., y McDowell, W. (2014). The role of interorganizational trust and organizational efficacy in family and nonfamily firms. Journal of Family Business Strategy, 5(3), 264-275.
Steier, L. (2009). Familiar capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in east Asia. Asia Pacific Journal of Management, 26(3), 513-535.
Surroca, J., Tribó, J. A., y Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463-490.
Villalonga, B., y Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial
Economics, 80(2), 385-417.
Virtanen, A. (2012). Women on the boards of listed companies: Evidence from Finland. Journal of Management and Governance, 16(4), 571-593.
Wang, H. C., He, J., y Mahoney, J. T. (2009). Firm-specific knowledge resources and competitive advantage: The roles of economic- and relationship-based employee governance mechanisms. Strategic Management Journal, 30(12), 1265-1285.
Wei, L., y Ling, Y. (2015). CEO characteristics and corporate entrepreneurship in transition economies: Evidence from China. Journal of Business Research, 68, 1157-1165.
World Economic Forum, y Schwab, K. (2015). The global competitiveness report 2015-2016. Geneva: World Economic Forum. Recuperado de: http://reports.weforum.org/global-competitiveness-report-2015-2016
Xiaowei, V. K., y Zhang, J. (2010). The effect of managerial education and firm-ownership structure. Chinese Economy, 43(6), 34-53.
Young, M., Peng, M., Ahlstrom, D., Bruton, G., y Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1), 196-220.