Empresas familiares: revisión de la literatura desde una perspectiva de agencia
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jun 1, 2010
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Resumen
En este artículo se presenta una revisión comprehensiva de la literatura financiera alrededor de los principales estudios relacionados con las empresas familiares. La revisión, hecha desde la teoría de agencia, enmarca la estructura de propiedad familiar dentro de los principales problemas de agencia que surgen entre gerentes y propietarios, gerentes y tenedores de deuda y accionistas mayoritarios y minoritarios. Se revisan tres décadas de artículos relacionados con las empresas familiares y publicados en las principales revistas financieras. Esta mirada a la literatura evidencia un campo de investigación en construcción, poco explorado en América Latina, en el que se hace necesario un mayor contraste empírico para entender la estructura de propiedad familiar alrededor del mundo. Al finalizar se propone una agenda de investigación en empresas familiares fundamentada en temas como el desempeño financiero, el papel de los herederos, la estructura de endeudamiento, la composición de las juntas directivas, el impacto de los costos de agencia sobre el costo de capital y los beneficios privados del control.
Keywords
family businesses, agency problems, corporate governanceempresas familiares, problemas de agencia, gobierno corporativoempresas familiares, problemas de agência, governo corporativo
References
Ali, A.; Chen, T. Y. and Radhakrishnan, S. (2007). Corporate disclosures by family firms. Journal of Accounting and Economics, 44 (1-2), 238-286.
Anderson, R. and Reeb, D. (2003a). Founding-family ownership and firm performance: evidence from the S&P 500. Journal of Finance, 58 (3), 1301-1327.
Founding-family ownership, corporate diversification, and firm leverage. (2003b). Journal of Law & Economics, 46 (2), 653-680.
Anderson, R. and Reeb, D. (2004). Board composition: balancing family influence in S&P 500 firms. Administrative Sciences Quarterly, 49 (2), 209-237.
Anderson, R.; Duru, A. and Reeb, D. (2009). Founders, heirs, and corporate opacity in the United States. Journal of Financial Economics, 92 (2), 205-222.
Anderson, R.; Mansi, S. and Reeb, D. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68 (2), 263-285.
Andres, C. (2008). Large shareholders and firm performance: an empirical examination of founding-family ownership. The Journal of Corporate Finance, 14 (4), 431-445.
Ang, J.; Cole, R. and Lin, J. (2000). Agency costs and ownership structure. Journal of Finance, 55 (1), 81-106.
Baek, J.-S.; Kang, J.-K. and Suh Park, K. (2004). Corporate governance and firm value: evidence from the Korean financial crisis. Journal of Financial Economics, 71 (2), 265-313.
Barclay, M. and Holderness, C. (1989). Private benefits from control of public corporations. Journal of Financial Economics, 25 (2), 371-395.
Barontini, R. and Caprio, L. (2006). The effect of family control on firm value and performance: evidence from continental Europe. European Financial Management, 12 (5), 689-723.
Barth, E.; Gulbrandsen, T. and Schøne, P. (2005). Family ownership and productivity: the role of owner-management. The Journal of Corporate Finance, 11 (1-2), 107-127.
Basu, N.; Dimitrova, L. and Paeglis, I. (2009). Family control and dilution in mergers, Journal of Banking & Finance, 33 (5), 829-841.
Bennedsen, M.; Meisner Nielsen, K.; Perez-Gonzalez, F. and Wolfenzon, D. (2007). Inside the family firm: the role of families in succession decisions and performance. Quarterly Journal of Economics, 20 (2), 647-691.
Berle, A. and Means, G. (1932). The modern corporation and private property. New York: The Macmillan Company. [Reprint (1991), Transaction Publishers, New Brunswick, N. J.]
Bertrand, M. and Schoar, A. (2006). The role of family in family firms. Journal of Economic Perspectives, 20 (2), 73-96.
Bertrand, M.; Johnson, S.; Samphantharak, K. and Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. Journal of Financial Economics, 88 (3), 466-498.
Burkart, M.; Panunzi, F. and Shleifer, A. (2003). Family firms. Journal of Finance, 58 (5), 2167-2202.
Chrisman, J.; Chua, J. and Litz, R. (2004). Comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence. Entrepreneurship, Theory and Practice, 28 (4), 335-354.
Claessens, S.; Djankov, S. and Lang, L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58 (1-2), 81-112.
Claessens, S.; Djankov, S.; Fan, J. and Lang, L. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57 (6), 2741-2771.
Colli, A. and Rose, M. (2003). Family firms in a comparative perspective. En F. Amatori and G. Jones (Eds.), Business history around the world (pp. 339-352). Cambridge: Cambridge University Press.
Cronqvist, H. and Nilsson, M. (2003). Agency costs of controlling minority shareholders. The Journal of Financial and Quantitative Analysis, 38 (4), 695-719.
The choice between rights offerings and private equity placements. (2005). Journal of Financial Economics, 78 (2), 275-407.
Cucculelli, M. y Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. The Journal of Corporate Finance, 14 (1), 17-31.
DeAngelo, H. and DeAngelo, L. (1985). Managerial ownership of voting rights: A study of public corporations with dual classes of common stock. Journal of Financial Economics, 14 (1), 33-69.
Controlling stockholders and the disciplinary role of corporate payout policy: a study of the Times Mirror Company. (2000). Journal of Financial Economics, 56 (2), 153-207.
Demsetz, H. and Lehn, K. (1985). The structure of corporate ownership: causes and consequences. Journal of Political Economy, 93, 1155-1177.
Denis, D.; Denis, D. and Sarin, A. (1997). Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52, 135-160.
Faccio, M. and Lang, L. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65 (3), 365-395.
Young, L. (2001). Dividends and expropriation. American Economic Review, (91), 54-78.
Fahlenbrach, R. (2009). Founder-CEOs, investment decisions, and stock market performance. Journal of Financial and Quantitative Analysis, 44 (2), 439-466.
Fama, E. and Jensen, M. (1983a). Separation of ownership and control. Journal of Law and Economics, 26, 301-325.
Agency problems and residual claims. (1983b). Journal of Law and Economics, 26 (2), 327-349.
Gallo, M. and Vilaseca, A. (2004). Finance in family business. Family Business Review, 9 (4), 387-401.
Gomes, A. (2000). Going public without governance: managerial reputation effects. Journal of Finance, 55 (2), 615-646.
González, M.; Guzmán, A. and Trujillo, M. A. (2010). The role of heirs in family businesses: The case of Carvajal. Innovar Journal, 20 (36), en impresión.
Hauser, S. and Lauterbach, B. (2004). The value of voting rights to majority shareholders: evidence from dual-class stock unifications. The Review of Financial Studies, 17 (4), 1167-1184.
James, H. (1999). Owner as manager, extended horizons and the family firm. International Journal of Economics of Business, 6 (1), 41-55.
Jensen, M. and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Johnson, S.; La Porta, R.; López-de-Silanes, F. and Shleifer, A. (2000). Tunneling. The American Economic Review, 90 (2), 22-27.
Kim, W. S. and Sorensen, E. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21 (2), 131-144.
King, M. and Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32 (11), 2423-2432.
Klein, P.; Shapiro, D. and Young, J. (2005). Corporate governance, family ownership and firm value: the Canadian evidence. Corporate Governance: An International Review, 13 (6), 769-784.
La Porta, R.; López de Silanes, F. and Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54 (2), 471-517.
Machuga, S. and Teitel, K. (2009). Board of director characteristics and earnings quality surrounding implementation of a corporate governance code in Mexico. Journal of International Accounting, Auditing and Taxation, 18 (1), 1-13.
Martikainen, M.; Nikkinen, J. and Vähämaa, S. (2009). Production functions and productivity of family firms: Evidence from the S&P 500. The Quarterly Review of Economics and Finance, 49 (2), 295-307.
Matthews, C.; Vasudevan, D.; Barton, S. and Apana, R. (2004). Capital structure decision making in privately held firms: Beyond the finance paradigm. Family Business Review, 7 (4), 349-367.
Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. The Journal of Corporate Finance, 12 (2), 321-341.
McConaughy, D.; Walker, M.; Henderson, G. and Mishra, C. (1998). Founding family controlled firms: Efficiency and value. Review of Financial Economics, 7 (1), 1-19.
Miller, D.; Le Breton-Miller, I.; Lester, R. and Cannella Jr., A. (2007). Are family firms really superior performers? The Journal of Corporate Finance, 13 (5), 829-858.
Morck, R.; Shleifer, A. and Vishny, R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Myers, S. (1977). The Determinants of Corporate Borrowing. Journal of Financial Economics, 5, 147-176.
Pérez-González, F. (2006). Inherited control and firm performance. The American Economic Review, 96 (5), 1559-1588.
Shleifer, A. and Vishny, R. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
A survey of corporate governance. (1997). The Journal of Finance, 52 (2), 737-783.
Smith, B. and Amoako-Adu, B. (1999). Management succession and financial performance of family controlled firms. The Journal of Corporate Finance, 5 (4), 341-368.
Sraer, D. and Thesmar, D. (2007). Performance and behavior of family firms: evidence from the French stock market. Journal of the European Economic Association, 5 (4), 709-751.
Stein, J. (1988). Takeover threats and managerial myopia. Journal of Political Economy, 96 (1), 61-80.
Efficient capital markets, inefficient firms: a model of myopic corporate behavior. (1989). Quarterly Journal of Economics, 104 (4), 655-669.
Tufano, P. (1996). Who manages risk?: An empirical examination of risk management practices in the gold mining industry. Journal of Finance, 51 (4), 1097-1137.
Ugurlu, M. (2000). Agency costs and corporate control devices in the Turkish manufacturing industry. Journal of Economic Studies, 27 (6), 566-600.
Villalonga, B. and Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80 (2), 385-417.
How are U.S. family firms controlled? (2009). Review of Financial Studies, 22 (8), 3047-3091.
Volpin, P. (2002). Governance with poor investor protection: evidence from top executive turnover in Italy. Journal of Financial Economics, 64 (1), 61-90.
Wiwattanakantang, Y. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7, 371-403.
Anderson, R. and Reeb, D. (2003a). Founding-family ownership and firm performance: evidence from the S&P 500. Journal of Finance, 58 (3), 1301-1327.
Founding-family ownership, corporate diversification, and firm leverage. (2003b). Journal of Law & Economics, 46 (2), 653-680.
Anderson, R. and Reeb, D. (2004). Board composition: balancing family influence in S&P 500 firms. Administrative Sciences Quarterly, 49 (2), 209-237.
Anderson, R.; Duru, A. and Reeb, D. (2009). Founders, heirs, and corporate opacity in the United States. Journal of Financial Economics, 92 (2), 205-222.
Anderson, R.; Mansi, S. and Reeb, D. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68 (2), 263-285.
Andres, C. (2008). Large shareholders and firm performance: an empirical examination of founding-family ownership. The Journal of Corporate Finance, 14 (4), 431-445.
Ang, J.; Cole, R. and Lin, J. (2000). Agency costs and ownership structure. Journal of Finance, 55 (1), 81-106.
Baek, J.-S.; Kang, J.-K. and Suh Park, K. (2004). Corporate governance and firm value: evidence from the Korean financial crisis. Journal of Financial Economics, 71 (2), 265-313.
Barclay, M. and Holderness, C. (1989). Private benefits from control of public corporations. Journal of Financial Economics, 25 (2), 371-395.
Barontini, R. and Caprio, L. (2006). The effect of family control on firm value and performance: evidence from continental Europe. European Financial Management, 12 (5), 689-723.
Barth, E.; Gulbrandsen, T. and Schøne, P. (2005). Family ownership and productivity: the role of owner-management. The Journal of Corporate Finance, 11 (1-2), 107-127.
Basu, N.; Dimitrova, L. and Paeglis, I. (2009). Family control and dilution in mergers, Journal of Banking & Finance, 33 (5), 829-841.
Bennedsen, M.; Meisner Nielsen, K.; Perez-Gonzalez, F. and Wolfenzon, D. (2007). Inside the family firm: the role of families in succession decisions and performance. Quarterly Journal of Economics, 20 (2), 647-691.
Berle, A. and Means, G. (1932). The modern corporation and private property. New York: The Macmillan Company. [Reprint (1991), Transaction Publishers, New Brunswick, N. J.]
Bertrand, M. and Schoar, A. (2006). The role of family in family firms. Journal of Economic Perspectives, 20 (2), 73-96.
Bertrand, M.; Johnson, S.; Samphantharak, K. and Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. Journal of Financial Economics, 88 (3), 466-498.
Burkart, M.; Panunzi, F. and Shleifer, A. (2003). Family firms. Journal of Finance, 58 (5), 2167-2202.
Chrisman, J.; Chua, J. and Litz, R. (2004). Comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence. Entrepreneurship, Theory and Practice, 28 (4), 335-354.
Claessens, S.; Djankov, S. and Lang, L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58 (1-2), 81-112.
Claessens, S.; Djankov, S.; Fan, J. and Lang, L. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57 (6), 2741-2771.
Colli, A. and Rose, M. (2003). Family firms in a comparative perspective. En F. Amatori and G. Jones (Eds.), Business history around the world (pp. 339-352). Cambridge: Cambridge University Press.
Cronqvist, H. and Nilsson, M. (2003). Agency costs of controlling minority shareholders. The Journal of Financial and Quantitative Analysis, 38 (4), 695-719.
The choice between rights offerings and private equity placements. (2005). Journal of Financial Economics, 78 (2), 275-407.
Cucculelli, M. y Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. The Journal of Corporate Finance, 14 (1), 17-31.
DeAngelo, H. and DeAngelo, L. (1985). Managerial ownership of voting rights: A study of public corporations with dual classes of common stock. Journal of Financial Economics, 14 (1), 33-69.
Controlling stockholders and the disciplinary role of corporate payout policy: a study of the Times Mirror Company. (2000). Journal of Financial Economics, 56 (2), 153-207.
Demsetz, H. and Lehn, K. (1985). The structure of corporate ownership: causes and consequences. Journal of Political Economy, 93, 1155-1177.
Denis, D.; Denis, D. and Sarin, A. (1997). Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52, 135-160.
Faccio, M. and Lang, L. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65 (3), 365-395.
Young, L. (2001). Dividends and expropriation. American Economic Review, (91), 54-78.
Fahlenbrach, R. (2009). Founder-CEOs, investment decisions, and stock market performance. Journal of Financial and Quantitative Analysis, 44 (2), 439-466.
Fama, E. and Jensen, M. (1983a). Separation of ownership and control. Journal of Law and Economics, 26, 301-325.
Agency problems and residual claims. (1983b). Journal of Law and Economics, 26 (2), 327-349.
Gallo, M. and Vilaseca, A. (2004). Finance in family business. Family Business Review, 9 (4), 387-401.
Gomes, A. (2000). Going public without governance: managerial reputation effects. Journal of Finance, 55 (2), 615-646.
González, M.; Guzmán, A. and Trujillo, M. A. (2010). The role of heirs in family businesses: The case of Carvajal. Innovar Journal, 20 (36), en impresión.
Hauser, S. and Lauterbach, B. (2004). The value of voting rights to majority shareholders: evidence from dual-class stock unifications. The Review of Financial Studies, 17 (4), 1167-1184.
James, H. (1999). Owner as manager, extended horizons and the family firm. International Journal of Economics of Business, 6 (1), 41-55.
Jensen, M. and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Johnson, S.; La Porta, R.; López-de-Silanes, F. and Shleifer, A. (2000). Tunneling. The American Economic Review, 90 (2), 22-27.
Kim, W. S. and Sorensen, E. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21 (2), 131-144.
King, M. and Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32 (11), 2423-2432.
Klein, P.; Shapiro, D. and Young, J. (2005). Corporate governance, family ownership and firm value: the Canadian evidence. Corporate Governance: An International Review, 13 (6), 769-784.
La Porta, R.; López de Silanes, F. and Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54 (2), 471-517.
Machuga, S. and Teitel, K. (2009). Board of director characteristics and earnings quality surrounding implementation of a corporate governance code in Mexico. Journal of International Accounting, Auditing and Taxation, 18 (1), 1-13.
Martikainen, M.; Nikkinen, J. and Vähämaa, S. (2009). Production functions and productivity of family firms: Evidence from the S&P 500. The Quarterly Review of Economics and Finance, 49 (2), 295-307.
Matthews, C.; Vasudevan, D.; Barton, S. and Apana, R. (2004). Capital structure decision making in privately held firms: Beyond the finance paradigm. Family Business Review, 7 (4), 349-367.
Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. The Journal of Corporate Finance, 12 (2), 321-341.
McConaughy, D.; Walker, M.; Henderson, G. and Mishra, C. (1998). Founding family controlled firms: Efficiency and value. Review of Financial Economics, 7 (1), 1-19.
Miller, D.; Le Breton-Miller, I.; Lester, R. and Cannella Jr., A. (2007). Are family firms really superior performers? The Journal of Corporate Finance, 13 (5), 829-858.
Morck, R.; Shleifer, A. and Vishny, R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Myers, S. (1977). The Determinants of Corporate Borrowing. Journal of Financial Economics, 5, 147-176.
Pérez-González, F. (2006). Inherited control and firm performance. The American Economic Review, 96 (5), 1559-1588.
Shleifer, A. and Vishny, R. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
A survey of corporate governance. (1997). The Journal of Finance, 52 (2), 737-783.
Smith, B. and Amoako-Adu, B. (1999). Management succession and financial performance of family controlled firms. The Journal of Corporate Finance, 5 (4), 341-368.
Sraer, D. and Thesmar, D. (2007). Performance and behavior of family firms: evidence from the French stock market. Journal of the European Economic Association, 5 (4), 709-751.
Stein, J. (1988). Takeover threats and managerial myopia. Journal of Political Economy, 96 (1), 61-80.
Efficient capital markets, inefficient firms: a model of myopic corporate behavior. (1989). Quarterly Journal of Economics, 104 (4), 655-669.
Tufano, P. (1996). Who manages risk?: An empirical examination of risk management practices in the gold mining industry. Journal of Finance, 51 (4), 1097-1137.
Ugurlu, M. (2000). Agency costs and corporate control devices in the Turkish manufacturing industry. Journal of Economic Studies, 27 (6), 566-600.
Villalonga, B. and Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80 (2), 385-417.
How are U.S. family firms controlled? (2009). Review of Financial Studies, 22 (8), 3047-3091.
Volpin, P. (2002). Governance with poor investor protection: evidence from top executive turnover in Italy. Journal of Financial Economics, 64 (1), 61-90.
Wiwattanakantang, Y. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7, 371-403.
Cómo citar
González Ferrero, M., Gúzman Vásquez, A., Pombo Bejarano, C., & Trujillo Dávila, M. A. (2010). Empresas familiares: revisión de la literatura desde una perspectiva de agencia. Cuadernos De Administración, 23(40). https://doi.org/10.11144/Javeriana.cao23-40.efrl
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