Tác động của sở hữu gia đình đến hiệu quả hoạt động kinh doanh của các công ty gia đình: Trường hợp của Việt Nam
Nội dung chính của bài viết
Tóm tắt
Nghiên cứu đánh giá mức độ ảnh hưởng của sở hữu gia đình đến hiệu quả hoạt động của các công ty gia đình trên thị trường chứng khoán Việt Nam bằng mối quan hệ tuyến tính. Mẫu nghiên cứu bao gồm 230 quan sát được thu thập trong giai đoạn 10 năm (2009-2019) của 23 công ty gia đình. Bằng phương pháp ước lượng GLS, tác giả sử dụng phương pháp hồi quy bội dạng tĩnh trên số liệu bảng để đánh giá ảnh hưởng của sở hữu gia đình đến hiệu quả hoạt động của các công ty gia đình. Kết quả nghiên cứu cung cấp thêm một bằng chứng thực nghiệm về sự ảnh hưởng tích cực giữa tỷ lệ sở hữu cổ phần của các thành viên trong gia đình đến hiệu quả kinh doanh của công ty. Bên cạnh đó, nghiên cứu cũng cho thấy có mối quan hệ tiêu cực giữa tỷ lệ thành viên trong gia đình tham gia vào Hội đồng quản trị và Ban giám đốc, đây cũng là một khám phá mới của nghiên cứu. Kết quả nghiên cứu đã cung cấp thêm những cơ sở khoa học để các nhà quản lý cấp cao trong các công ty gia đình có thêm góc nhìn về quản trị nhân sự trong hoạt động điều hành công ty hướng tới hiệu quả và phát triển bền vững.
Chi tiết bài viết
Từ khóa
Công ty gia đình, Sở hữu gia đình, Quản trị công ty, Hiệu quả hoạt động kinh doanh
Tài liệu tham khảo
Ali, A., Chen, T. Y., & Radhakrishnan, S. (2007). Corporate disclosures by family firms. Journal of accounting and economics, 44(1-2), 238-286.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The journal of finance, 58(3), 1301-1328.
Andres, C. (2008). Large shareholders and firm performance—An empirical examination of founding-family ownership. Journal of corporate finance, 14(4), 431-445.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297.
Barontini, R., & Caprio, L. (2006). The effect of family control on firm value and performance: Evidence from continental Europe. European Financial Management, 12(5), 689-723
Bhattacharya, U., & Ravikumar, B. (2001). Capital markets and the evolution of family businesses. The Journal of Business, 74(2), 187-219.
Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1-3), 237-333.
Basco, R. (2013). The family's effect on family firm performance: A model testing the demographic and essence approaches. Journal of Family Business Strategy, 4(1), 42-66.
Chu, W. (2009). The influence of family ownership on SME performance: evidence from public firms in Taiwan. Small Business Economics, 33(3), 353-373
Chu, W. (2011). Family ownership and firm performance: Influence of family management, family control, and firm size. Asia Pacific Journal of Management, 28(4), 833-851
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of financial Economics, 58(1-2), 81-112.
Daily, C. M., Dalton, D. R., & Rajagopalan, N. (2003). Governance through ownership: Centuries of practice, decades of research. Academy of Management Journal, 46(2), 151-158
De Massis, A., Kotlar, J., Campopiano, G., & Cassia, L. (2013). Dispersion of family ownership and the performance of small-to-medium size private family firms. Journal of Family Business Strategy, 4(3), 166-175
Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64.
Faccio, M., & Lang, L. H. (2002). The ultimate ownership of Western European corporations. Journal of financial economics, 65(3), 365-395.
Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327-349
Franks, J., & Mayer, C. (2001). Ownership and control of German corporations. The Review of Financial Studies, 14(4), 943-977.
Gadhoum, Y., Lang, L. H., & Young, L. (2005). Who controls US?. European Financial Management, 11(3), 339-363.
Gujarati, D. N. (2004). Basic Econometrics, the McGraw-HillCompanies. New York, NY, USA,.
Hermanson, H. M. (2000). An analysis of the demand for reporting on internal control. Accounting Horizons, 14(3), 325-341.
James, H. S. (1999). Owner as manager, extended horizons and the family firm. International journal of the economics of business, 6(1), 41-55
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360
King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32(11), 2423-2432.
Kowalewski, O., Talavera, O., & Stetsyuk, I. (2010). Influence of family involvement in management and ownership on firm performance: Evidence from Poland. Family Business Review, 23(1), 45-59.
Lam, K., Mok, H. M., Cheung, I., & Yam, H. C. (1994). Family groupings on performance of portfolio selection in the Hong Kong stock market. Journal of banking & finance, 18(4), 725-742.
Leung, S., Richardson, G., & Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), 16-31.
Martínez, J. I., Stöhr, B. S., & Quiroga, B. F. (2007). Family ownership and firm performance: Evidence from public companies in Chile. Family Business Review, 20(2), 83-94.
Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2), 321-341.
Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family business review, 19(1), 73-87.
Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella Jr, A. A. (2007). Are family firms really superior performers?. Journal of Corporate Finance, 13(5), 829-858
Muth, M., & Donaldson, L. (1998). Stewardship theory and board structure: A contingency approach. Corporate Governance: An International Review, 6(1), 5-28.
Phung, D. N., & Hoang, T. P. T. (2013). Corporate ownership and firm performance in emerging market: a study of Vietnamese listed firms. In Proceedings of World Business and Social Science Research Conference, 24–25 October 2013, Hotel Novotel Bangkok on Siam Square, Bangkok, Thailand (1-16).
Phạm Quốc Việt (2010). Nghiên cứu ảnh hưởng của các nhân tố điều hành công ty đến hiệu quả hoạt động của công ty cổ phần: Luận án tiến sĩ (Doctoral dissertation, Trường Đại học Kinh tế Tp. Hồ Chí Minh).
Saito, T. (2008). Family firms and firm performance: Evidence from Japan. Journal of the Japanese and International Economies, 22(4), 620-646.
Sciascia, S., & Mazzola, P. (2008). Family involvement in ownership and management: Exploring nonlinear effects on performance. Family Business Review, 21(4), 331-345
Shyu, J. (2011). Family ownership and firm performance: evidence from Taiwanese firms. International Journal of Managerial Finance, 7(4), 397-411.
Sraer, D., & 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.
Tran, T. M., & Duong, H. N. (2011). Managerial ownership and the performance of firms: Evidence from Vietnamese firm listed on HOSE. Science and Technology Development Journal, 14(2), 116-124.
Wild, J. J., Bernstein, L. A., Subramanyam, K. R., & Halsey, R. F. (2004). Financial statement analysis. McGraw-Hill.
Villalonga, B., & Amit, R. (2009). How are US family firms controlled?. Review of Financial Studies, 22(8), 3047-3091.
Wang, D. (2006). Founding family ownership and earnings quality. Journal of accounting research, 44(3), 619-656.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The journal of finance, 58(3), 1301-1328.
Andres, C. (2008). Large shareholders and firm performance—An empirical examination of founding-family ownership. Journal of corporate finance, 14(4), 431-445.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297.
Barontini, R., & Caprio, L. (2006). The effect of family control on firm value and performance: Evidence from continental Europe. European Financial Management, 12(5), 689-723
Bhattacharya, U., & Ravikumar, B. (2001). Capital markets and the evolution of family businesses. The Journal of Business, 74(2), 187-219.
Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1-3), 237-333.
Basco, R. (2013). The family's effect on family firm performance: A model testing the demographic and essence approaches. Journal of Family Business Strategy, 4(1), 42-66.
Chu, W. (2009). The influence of family ownership on SME performance: evidence from public firms in Taiwan. Small Business Economics, 33(3), 353-373
Chu, W. (2011). Family ownership and firm performance: Influence of family management, family control, and firm size. Asia Pacific Journal of Management, 28(4), 833-851
Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of financial Economics, 58(1-2), 81-112.
Daily, C. M., Dalton, D. R., & Rajagopalan, N. (2003). Governance through ownership: Centuries of practice, decades of research. Academy of Management Journal, 46(2), 151-158
De Massis, A., Kotlar, J., Campopiano, G., & Cassia, L. (2013). Dispersion of family ownership and the performance of small-to-medium size private family firms. Journal of Family Business Strategy, 4(3), 166-175
Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64.
Faccio, M., & Lang, L. H. (2002). The ultimate ownership of Western European corporations. Journal of financial economics, 65(3), 365-395.
Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327-349
Franks, J., & Mayer, C. (2001). Ownership and control of German corporations. The Review of Financial Studies, 14(4), 943-977.
Gadhoum, Y., Lang, L. H., & Young, L. (2005). Who controls US?. European Financial Management, 11(3), 339-363.
Gujarati, D. N. (2004). Basic Econometrics, the McGraw-HillCompanies. New York, NY, USA,.
Hermanson, H. M. (2000). An analysis of the demand for reporting on internal control. Accounting Horizons, 14(3), 325-341.
James, H. S. (1999). Owner as manager, extended horizons and the family firm. International journal of the economics of business, 6(1), 41-55
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360
King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 32(11), 2423-2432.
Kowalewski, O., Talavera, O., & Stetsyuk, I. (2010). Influence of family involvement in management and ownership on firm performance: Evidence from Poland. Family Business Review, 23(1), 45-59.
Lam, K., Mok, H. M., Cheung, I., & Yam, H. C. (1994). Family groupings on performance of portfolio selection in the Hong Kong stock market. Journal of banking & finance, 18(4), 725-742.
Leung, S., Richardson, G., & Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: An analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), 16-31.
Martínez, J. I., Stöhr, B. S., & Quiroga, B. F. (2007). Family ownership and firm performance: Evidence from public companies in Chile. Family Business Review, 20(2), 83-94.
Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2), 321-341.
Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family business review, 19(1), 73-87.
Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella Jr, A. A. (2007). Are family firms really superior performers?. Journal of Corporate Finance, 13(5), 829-858
Muth, M., & Donaldson, L. (1998). Stewardship theory and board structure: A contingency approach. Corporate Governance: An International Review, 6(1), 5-28.
Phung, D. N., & Hoang, T. P. T. (2013). Corporate ownership and firm performance in emerging market: a study of Vietnamese listed firms. In Proceedings of World Business and Social Science Research Conference, 24–25 October 2013, Hotel Novotel Bangkok on Siam Square, Bangkok, Thailand (1-16).
Phạm Quốc Việt (2010). Nghiên cứu ảnh hưởng của các nhân tố điều hành công ty đến hiệu quả hoạt động của công ty cổ phần: Luận án tiến sĩ (Doctoral dissertation, Trường Đại học Kinh tế Tp. Hồ Chí Minh).
Saito, T. (2008). Family firms and firm performance: Evidence from Japan. Journal of the Japanese and International Economies, 22(4), 620-646.
Sciascia, S., & Mazzola, P. (2008). Family involvement in ownership and management: Exploring nonlinear effects on performance. Family Business Review, 21(4), 331-345
Shyu, J. (2011). Family ownership and firm performance: evidence from Taiwanese firms. International Journal of Managerial Finance, 7(4), 397-411.
Sraer, D., & 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.
Tran, T. M., & Duong, H. N. (2011). Managerial ownership and the performance of firms: Evidence from Vietnamese firm listed on HOSE. Science and Technology Development Journal, 14(2), 116-124.
Wild, J. J., Bernstein, L. A., Subramanyam, K. R., & Halsey, R. F. (2004). Financial statement analysis. McGraw-Hill.
Villalonga, B., & Amit, R. (2009). How are US family firms controlled?. Review of Financial Studies, 22(8), 3047-3091.
Wang, D. (2006). Founding family ownership and earnings quality. Journal of accounting research, 44(3), 619-656.
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