Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance

International Journal of Financial Studies

Juan Manuel San Martin-Reyna²  Jorge A. Duran-Encalada¹ 

[1] Family Business Research Center, Universidad de las Americas Puebla, Ex hacienda Sta. Catarina Martir, 728320, San Andrés Cholula, Puebla, Mexico; E-Mail

关键词: ownership concentration;    family business;    corporate governance;    market financial performance;    Mexico;   

DOI  :  10.3390/ijfs3010056

来源: mdpi

【 摘 要 】

This study examines the relationship between ownership structure and performance of public firms in Mexico, considering debt and the structure of the board of directors as contextual and institutional factors. This research seeks to explain the mixed results about the relationship of ownership and performance presented by other relevant studies in family and non-family businesses, mainly in emerging countries. The results confirm the positive association between family ownership concentration and performance, calculated by Tobin’s Q, showing how the participation of inside shareholders on the board and a low debt level contribute to higher performance. However, the association of these variables with performance shows a contrasting effect in the case of family as compared to non-family businesses. The particular corporate legal context in Mexico could be highlighted as one of the main reasons for these results.

【 授权许可】

CC BY   
© 2015 by the authors; licensee MDPI, Basel, Switzerland.