Search results

The aim of this study is to investigate whether female leaders are more efficient in family firms than in non-family firms.

This paper uses a unique database of ownership and leadership in private Swedish firms that makes it possible to analyze differences in firm performance due to female leadership in family and non-family firms. The analysis is based on survey data merged with micro-level data on Swedish firms. Only firms with five or more employees are included in the analysis. The sample contains more than 1,000 firms.

The descriptive statistics show that there are many more male than female corporate leaders. However, the regression analysis indicates that female leadership has a much more positive impact on the performance of family firms than on that for non-family firms, where the effect is ambiguous.

Comparative studies examining the impact of female leadership on firm-level performance in family and non-family firms are rare, and those that exist are most often either qualitative or focused on large, listed firms. By investigating the role of female directors in family and non-family firms, the study adds to the literature on management, corporate governance and family firms.

The purpose of this paper is to investigate the importance of the entrepreneur’s quest for independence and control over the firm for governance and financing strategies with a special focus on family firms and how they differ from nonfamily firms.

The analysis is based on 1,000 telephone interviews with Swedish micro and small firms. The survey data are matched with firm-level data from the Bureau van Dijks database ORBIS.

The analysis shows that independence is a prime motive for enterprises, statistically significantly more so for family owners. Family owners are more prone to use either their own savings or loans from family and are more reluctant to resort to external equity capital. Our results indicate a potential “capital constraint paradox”; there might be an abundance of external capital while firm growth is simultaneously constrained by a lack of internal funds.

The main limitation is that the study is based on cross-section data. Future studies could thus be based on longitudinal data.

The authors argue that policy makers must recognize independence and control aversion as strong norms that guide entrepreneurial action and that micro- and small-firm growth would profit more from lower personal and corporate income taxes compared to policy schemes intended to increase the supply of external capital.

The paper offers new insights regarding the value of independence and how it affects strategic decisions within the firm.

The level of financial development is a key factor influencing long-term economic growth. A high level of financial development allows for the effective diversification of risk and allocation of capital, which, in the long run, improves the growth prospects of an economy. Schumpeter (1911) was one of the first to highlight the importance of financial development as a determinant of economic growth. Recent empirical work supports this relationship (see Beck & Levine, 2002; Levine, 2004; Mishkin, 2007). For example, Levine (2004) summarizes the empirical evidence on financial development and economic growth and states that “the level of financial development is a good predictor of future rates of economic growth, capital accumulation and technological change” (Levine, 1997, p. 689).² Thus, stock and forward markets spread knowledge about market expectations of factors and changes that are important for economic development (Lachmann, 1978).

In “An Austrian Theory of Spatial Land,” Fred E. Foldvary addresses the disregard of spatial issues in basic Austrian economic theory as formulated by Carl Menger (1871) and elaborated upon by Ludwig von Mises (1940). Foldvary shows that Johann Heinrich von Thünen (1826) and Henry George (1879/1884), in particular, serve to fill these gaps in the classical Austrian theory of the market process. Moreover, a theory that incorporates spatial land leads to the conclusion that Austrian business cycle theory is incomplete: The “malspeculation” that accompanies urbanization whenever capital and labor rather than land are the main sources of tax revenue will have to be added to the malinvestment that is caused by expansionary monetary policies.

The purpose of this paper is to create a conceptual proposal that considers the relevant aspects to guide the promotion and evolution of corporate sustainability performance measurement systems (SPMSs) from a perspective of business process management.

This study is divided into two phases. The first phase is a literature review with the study question was, “Which aspects need to be considered for promoting and evolving SPMS with a focus on business processes?” The second phase involved comparing these approaches and presenting a conceptual proposal with the relevant aspects for promoting and evolving a corporate SPMS.

In the literature review, the following aspects were considered relevant to promoting sustainability: strategy, integration, stakeholders, evolution over time and business processes. The conceptual proposal found each aspect relevant and complementary presented consideration for each, forming one SPMS pentagon.

The comparison between the approaches is conceptual.

This study can help organizations address the evolution of their measurement systems systemically.

The summaries of the main considerations and evaluation issues provide starting points for organizations, researchers and students involved in sustainability-related matters. The discussion presented here can help organizations identify the strengths and weaknesses of their measurement systems and provide a basis for the promotion and implementation of improvements.