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Int. J. Financial Stud., Volume 2, Issue 3 (September 2014), Pages 220-314

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Research

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Open AccessArticle Socio Emotional Wealth Preservation in the REIT Industry: An Exploratory Study
Int. J. Financial Stud. 2014, 2(3), 220-239; doi:10.3390/ijfs2030220
Received: 4 May 2014 / Revised: 20 June 2014 / Accepted: 23 June 2014 / Published: 2 July 2014
Cited by 1 | PDF Full-text (298 KB) | HTML Full-text | XML Full-text
Abstract
Our study uses the Socio Emotional Wealth Perspective (SEW) to test our contention that Real Estate Investment Trust (REIT) founders are more inclined to satisfy first their non-economic goals rather than satisfying the economic goals of REIT shareholders. We test our hypotheses [...] Read more.
Our study uses the Socio Emotional Wealth Perspective (SEW) to test our contention that Real Estate Investment Trust (REIT) founders are more inclined to satisfy first their non-economic goals rather than satisfying the economic goals of REIT shareholders. We test our hypotheses with an unbalanced panel dataset that includes an average of 66 publicly-traded equity REITs from 1999–2012 that produced 921 REIT-year observations. Our exploratory results provide evidence of SEW preservation as REITs led by founders’ successors tend to underperform; however, the family identification with the REIT affects performance positively. This is one of the first studies that merge the REIT and the family business streams of research. Future directions are suggested. Full article
(This article belongs to the Special Issue Performance and Behavior of Family Firms)
Open AccessArticle The Corporate Social Responsibility of Family Businesses: An International Approach
Int. J. Financial Stud. 2014, 2(3), 240-265; doi:10.3390/ijfs2030240
Received: 4 May 2014 / Revised: 19 June 2014 / Accepted: 23 June 2014 / Published: 9 July 2014
Cited by 2 | PDF Full-text (280 KB) | HTML Full-text | XML Full-text
Abstract
This study analyzes the links between listed family businesses and social responsibility. On the theoretical level, it establishes a relationship between socioemotional wealth, proactive stakeholder engagement, and the social responsibility of family businesses. On a practical level, our results (obtained from a [...] Read more.
This study analyzes the links between listed family businesses and social responsibility. On the theoretical level, it establishes a relationship between socioemotional wealth, proactive stakeholder engagement, and the social responsibility of family businesses. On a practical level, our results (obtained from a sample of 363 companies) show that family businesses do not differ from non-family businesses in many dimensions of social responsibility. Moreover, family businesses have statistically significant lower ratings for four sub-dimensions of “corporate governance”, namely “balance of power and effectiveness of the Board”, “audit and control mechanisms”, “engagement with shareholders and shareholder structure”, and “executive compensation”. Full article
(This article belongs to the Special Issue Performance and Behavior of Family Firms)
Open AccessArticle Capital Asset Pricing Model Testing at Warsaw Stock Exchange: Are Family Businesses the Remedy for Economic Recessions?
Int. J. Financial Stud. 2014, 2(3), 266-279; doi:10.3390/ijfs2030266
Received: 16 April 2014 / Revised: 8 July 2014 / Accepted: 11 July 2014 / Published: 22 July 2014
Cited by 1 | PDF Full-text (233 KB) | HTML Full-text | XML Full-text
Abstract
In this article, we test the capital asset pricing model (CAPM) on the Warsaw Stock Exchange (WSE) by measuring the performance of two portfolios composed of construction firms: family-controlled and nonfamily controlled. These portfolios were selected from the WIG-Construction (WIG—Warszawski Indeks Giełdowy—Warsaw [...] Read more.
In this article, we test the capital asset pricing model (CAPM) on the Warsaw Stock Exchange (WSE) by measuring the performance of two portfolios composed of construction firms: family-controlled and nonfamily controlled. These portfolios were selected from the WIG-Construction (WIG—Warszawski Indeks Giełdowy—Warsaw Stock Exchange Index). The performance of both portfolios was measured in the period from 2006 to 2012 with respect to three sub-periods: (1) pre-crisis period: 2006–2007; (2) crisis period: 2008–2009; and (3) post-crisis period: 2010–2012. This division was constructed in this way to find out how family firms performed in crisis times in relation to nonfamily firms. In addition, the construction portfolio was chosen due to its sensitivity to recessions. When an economy faces a downturn, construction firms are among the first to be exposed to risk. The performance was measured by using the capital asset pricing model with statistical inference. We find that public family firms significantly outperformed non-family peers in the crisis times. Full article
(This article belongs to the Special Issue Performance and Behavior of Family Firms)

Review

Jump to: Research

Open AccessReview Review of Family Business Definitions: Cluster Approach and Implications of Heterogeneous Application for Family Business Research
Int. J. Financial Stud. 2014, 2(3), 280-314; doi:10.3390/ijfs2030280
Received: 24 April 2014 / Revised: 12 July 2014 / Accepted: 15 July 2014 / Published: 23 July 2014
Cited by 2 | PDF Full-text (371 KB) | HTML Full-text | XML Full-text
Abstract
This review article displays several attempts to define family businesses as well as a systematization approach to get new insights about the relationship between family business definitions and their application under different conditions such as legal framework, culture or regional understanding of [...] Read more.
This review article displays several attempts to define family businesses as well as a systematization approach to get new insights about the relationship between family business definitions and their application under different conditions such as legal framework, culture or regional understanding of family. Potential explanations for the ambiguity of what is meant by family firms are revealed by reviewing 267 journal articles. A consensus about the object of investigation would result in a deeper understanding of family firms’ uniqueness, might lead to more reliable comparative studies as well as interdisciplinary work (e.g., finance and family firms) and enables a quicker consolidation of family business research, especially in contrast to research on small and medium-sized enterprises and entrepreneurship. Therefore, the present review contributes to the development of family business research by providing an initial attempt to comprehensively systematized existing family firm definitions which could be used by researchers in family business research. Full article
(This article belongs to the Special Issue Performance and Behavior of Family Firms)

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