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Influence of Family Ownership and Management on Firm Performance: Evidence from Public Firms in Turkey

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  • Pinar Sener

Abstract

Using a panel of 210 publicly listed Turkish firms from 2007 to 2010, this study examines the influence of family involvement on firm accounting and market performance in an emerging country context. The findings reveal that while moderate levels of family ownership and active family management are positively associated with profitability, family ownership and having a family chairman are negatively related to firm market value. These contradictory results demonstrate that the lack of well-developed legal and regulatory institutions and efficient external corporate control mechanism in emerging countries constitute an impediment to the translation of higher accounting profitability into higher market value. In addition, this study reveals that the use of control-enhancing mechanisms, which is negatively associated with accounting performance, decreases market value if family members serve as CEO or chairman.

Suggested Citation

  • Pinar Sener, 2014. "Influence of Family Ownership and Management on Firm Performance: Evidence from Public Firms in Turkey," Revue de l'Entrepreneuriat, De Boeck Université, vol. 13(3), pages 143-169.
    • Handle: RePEc:cai:rendbu:entre_133_0143
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    Citations

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    Cited by:

    1. Laurent Loic Yves Bossavie & Erkan Duman & Aysenur Acar Erdogan & Mattia Makovec & Sirma Demir Seker, 2024. "Management Practices, Firm Performance, and Work-life Balance in Turkiye," Social Protection Discussion Papers and Notes 193764, The World Bank.
    2. Imad Jabbouri & Rachid Jabbouri, 2021. "Ownership identity and firm performance: Pre‐ and post‐crisis evidence from an African emerging market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 5963-5976, October.
    3. Bahadır Ergün & Ömer Tuğsal Doruk, 2020. "Effect of financial constraints on the growth of family and nonfamily firms in Turkey," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-24, December.

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