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Int. J. Financial Stud. 2015, 3(1), 56-74; doi:10.3390/ijfs3010056

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

Family Business Research Center, Universidad de las Americas Puebla, Ex hacienda Sta. Catarina Martir, 728320, San Andrés Cholula, Puebla, Mexico
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Academic Editor: Esra Memili
Received: 1 May 2014 / Revised: 1 January 2015 / Accepted: 10 March 2015 / Published: 19 March 2015
(This article belongs to the Special Issue Performance and Behavior of Family Firms)
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Abstract

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. View Full-Text
Keywords: ownership concentration; family business; corporate governance; market financial performance; Mexico ownership concentration; family business; corporate governance; market financial performance; Mexico
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

San Martin-Reyna, J.M.; Duran-Encalada, J.A. Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance. Int. J. Financial Stud. 2015, 3, 56-74.

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Int. J. Financial Stud. EISSN 2227-7072 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
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