Hodnocení vlivu zastoupení rodiny ve vlastnické a řídící struktuře firem na jejich finanční výkonnost pomocí metody zkoumání shody párů

Evaluating the Impact of Family Presence in Ownership and Management on Financial Performance of Firms Using Matched-Pair Investigation

Ondřej Machek and Jiří Hnilica

Politická ekonomie, 2015, vol. 2015, issue 3, 347-362

Abstract: The role of family businesses in management theory has been getting a topic of interest of academics and practitioners. This paper deals with the analysis of performance and financial structure gaps between Czech family and nonfamily firms. Using surname matching definition, we created a sample of 890 Czech large and medium-sized family businesses. Then we used the matched-pair investigation to determine the major gaps in profitability, labor productivity, liquidity and leverage between family and nonfamily firms. The results suggest that Czech family businesses are more profitable in terms of return on assets, profit margin and absolute values of earnings. Czech family businesses also have higher labor productivity and capital intensity, however, the asset turnover appears to be lower. Another important finding is that the overall level of debt is lower in the case of family companies which is accompanied by a higher level of liquidity and working capital.

Keywords: performance gaps; matched-pair investigation; family business (search for similar items in EconPapers)
JEL-codes: L22 M10 M16 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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DOI: 10.18267/j.polek.1007

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