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Family ownership, corporate governance and performance - the case of portuguese listed non-family firms
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Resumo(s)
The research objective is to study the connections linking firm performance, family ownership
and corporate governance. Board composition and board independence were used to represent
corporate governance characteristics. The research used data for Portuguese listed companies
in Euronext Lisbon Stock Exchange for the period of 2011 to 2021.
The analysis results from the development of multiple linear regressions and multivariable
fractional polynomial regressions. The findings reveal that family ownership is linearly linked
to performance measured in market terms, and non-linearly to performance measured in
accounting terms. Additionally, corporate governance variables impact mostly performance,
measured by Tobin’s Q, and thus market expectations.
Descrição
Palavras-chave
Corporate governance Family business Corporate performance Board structure Board independence