Impact of family involvement in ownership management and direction on financial performance of the Lebanese firms

Charbel Salloum (), Elie Bouri () and Georges Samara
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Charbel Salloum: CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine
Georges Samara: USEK - Université Saint-Esprit de Kaslik

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Abstract: The aim of this study is to better understand how family involvement in ownership management and direction affects the financial performance of the Lebanese companies. In order to authenticate our hypotheses, we collected primary data by using a quantitative method. In fact, we performed an inquiry by surveying 75 Lebanese companies through a questionnaire formed by closed and semi-open questions and modulators. While finishing the empirical study, we concluded that family involvement in ownership and management has a positive relationship with the financial performance of the Lebanese company. Moreover, issues like entrenchment and asymmetric altruism did not prove to have a significant relationship with the financial performance. The essential reason to the results previously stated is that family managers in Lebanon act as stewards by considering the success of the company as their own, rather than agents seeking to achieve their personal benefit on the expense of the company.

Keywords: Performance; Family involvement in ownership; Family involvement in management; Agency theory; Stewardship theory; Lebanese firms (search for similar items in EconPapers)
Date: 2013
Note: View the original document on HAL open archive server: https://hal.science/hal-01369728
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Citations: View citations in EconPapers (13)

Published in International Strategic Management Review, 2013, 1 (1-2), pp.30 - 41. ⟨10.1016/j.ism.2013.08.003⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01369728

DOI: 10.1016/j.ism.2013.08.003

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