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Article
Publication date: 7 February 2018

Per-Olof Bjuggren, Louise Nordström and Johanna Palmberg

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

Abstract

Purpose

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

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

Corporate Governance: The International Journal of Business in Society, vol. 18 no. 2
Type: Research Article
ISSN: 1472-0701

Keywords

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Article
Publication date: 17 July 2007

Kirti Madan

The article seeks to evaluate the capital structure of leading hotel chains of India to examine the role of financing decision in the overall performance of companies. It…

Abstract

Purpose

The article seeks to evaluate the capital structure of leading hotel chains of India to examine the role of financing decision in the overall performance of companies. It aims to analyze the debt‐equity structure of these hotels, try to discover the industry benchmark and scrutinize how capital structure plays a momentous role in the company's overall growth.

Design/methodology/approach

The paper is based on financial data collected on leading hotel chains in India. The consolidated financial results of the hotels have been considered for selecting these hotel companies.

Findings

From the financial perspective, capital structure is one of the most important determinants of a company's sustainable growth. Leverage seems to be working only for a few companies, whilst affecting others negatively. Firms that have been moderately geared have been able to generate a good return on equity.

Practical implications

The paper would be of specific use for top and middle level management of the selected hotel chains to reassess their capital structure for enhanced financial performance. For the hospitality industry in general, it would divulge best financial practices in terms of debt‐equity mix and would assist in fixing on better financing decisions.

Originality/value

The findings of the research are pertinent for the industry, as no explicit study in this area has been conducted in the Indian context. More so, because it focuses on the high turnover segment of the industry which captures the major market share in the business, it would beg the question – “Does being big always mean being better?”

Details

International Journal of Contemporary Hospitality Management, vol. 19 no. 5
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 11 April 2016

Anders Bornhäll, Dan Johansson and Johanna Palmberg

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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

Practical implications

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.

Originality/value

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

Details

Journal of Entrepreneurship and Public Policy, vol. 5 no. 1
Type: Research Article
ISSN: 2045-2101

Keywords

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