Ownership and Management Issues Associated With Family Firm Performance and Company Objectives
利用英国私有家族企业数据，通过多元回归分析发现，紧密持股的家族企业绩效并不更优，管理结构而非所有权结构与绩效和非财务目标更相关。
Agency and stewardship theories are used to explore associations between ownership and management profiles and the performance and objectives of family firms. Using data from privately held family firms in the United Kingdom, a range of performance measures and objectives were examined. Multivariate regression analysis detected that closely held family firms did not report superior firm performance. The results show that the management rather than the ownership structure of a family firm was generally associated with selected firm-performance indicators and nonfinancial company objectives. Although family CEOs were associated with lower propensity to export, presented evidence generally fails to suggest that private family firms should avoid employing family members in management roles.