Corporate governance and profitability in family SMEs
研究了小型非上市家族企业绩效的决定因素，发现家族CEO有正面影响，但家族成员雇佣比例和董事会规模与绩效负相关。
We analyze the determinants of performance in small unlisted family firms and find, in line with previous studies, a positive effect associated with a family CEO. We contribute by bringing in an additional variable, the proportion of family members employed by the firm and find it to be negatively related to firm performance. There is a significant tendency for family CEOs to employ family members, which – given the negative effect of these – should offset some of the positive performance effects of a family CEO. We also analyze the effect of board size in these already small family boards, where the maximum number of board members is six. We find that even here, board size is significantly negatively associated with firm performance.