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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2024.9
- 수록면
- 46 - 58 (13page)
- DOI
- 10.17549/gbfr.2024.29.8.46
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초록· 키워드
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Purpose: This study analyzes the interaction effect of family ownership and product market competition on firm performance.
Design/methodology/approach: The sample consists of 47 family firms listed on the Ho Chi Minh City Sotck Exchange (Vietnam) during 2010 - 2022. This research employs the capital approach to define a family firm.
This research uses the Fixed Effect Model for panel data to analyze the relationship between family ownership and firm performance. To address the issues of heteroscedasticity and autocorrelation, this study employs the Huber-White estimator for the variance of the estimates.
Findings: This study finds a nonlinear correlation between family ownership and firm performance. It also observes that competition in the product market inversely affects firm performance. The complementary effect emerges when competition is combined with family ownership, suggesting that competition serves as a motivator for family members to enhance firm performance. The market’s evaluation indicates that competition does not supplant the governance mechanisms of firms, and family members may prioritize the interests of the firm over those of the family.
The involvement of additional family members can lead to more democratic business decisions, which in turn can boost performance.
Research limitations/implications: These results can only be generalized for large-size firms. In addition, product market competition is measured using estimation methods, which are limited by certain assumptions and application contexts.
Therefore, in subsequent studies, it could be beneficial to expand the measurement of competition using other methods.
Originality/value: This research is the premier exploration of the combined influence of family ownership and product market competition on firm performance. While competition in the product market is a well-established research direction in corporate governance mechanisms, previous studies have primarily concentrated on analyzing the influence of competition on firm performance without considering family ownership and its complementary or substitution effects.
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