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1 – 10 of over 101000Chigozirim Ogubuike, Mofeyisara Oluwatoyin Omobowale and Olukemi K. Amodu
The family, as the most basic social institution, serves as the bedrock of any society. Family structures worldwide have undergone various changes in their forms, nature, and…
Abstract
The family, as the most basic social institution, serves as the bedrock of any society. Family structures worldwide have undergone various changes in their forms, nature, and functioning, including Abia state, Nigeria. The Nigeria Civil war is one of the symbolic events attributable to changes in the Abia family structure. Changes in the family structure could influence conjugal relationships. The study explored the dynamism and changes in the family structure and conjugal relationships at different eras of the family life cycle in Abia society. A qualitative research method was used in this study. Twenty-two participants (4 life history and 18 in-depth interview participants) were recruited in this study with purposive sampling techniques. Using an archival checklist, life histories, and an in-depth guide, information was elicited on family structure and conjugal relationships. The study was subjected to thematic analysis. The findings revealed dynamism and changes in family structure, with polygyny being most prevalent prior to the civil war, the emergence of step-parent and single-parent families during the civil war, and monogamy being most prevalent, with increasing single-parent and step-parent families contemporaneously. The conjugal relationship shifted from having concubines (acceptable and practised covertly) to having side chicks (been practised covertly). The Nigerian civil war had an impact on the observed dynamics in family structure during the civil war and immediate post-civil war. Other factors such as religion, education, civilization, and migration, among others, influenced the contemporary Abia family structure. Understanding family structure dynamics could be useful in solving issues regarding family and conjugal trajectories.
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The purpose of this study was to examine family structure differences in debt types and burdens of American families.
Abstract
Purpose
The purpose of this study was to examine family structure differences in debt types and burdens of American families.
Design/methodology/approach
Data was from the 2016 Survey of Consumer Finances. Eight types of family structures, five specific debts, and two debt burden indicators are examined with multivariate logistic regressions.
Findings
After controlling for several socioeconomic variables, multivariate logistic regression results show that married with children families are more likely than five other family types to have any debt. In terms of specific debt, married with children families are more likely than six other types of families to have mortgages, four other types to have credit card loans, five other types to have to vehicle loans, three other types to have education loans, and one other type to have purchase loans. Married with children families are more likely than three other types of families (childless married couples, single males, and single females) to be late in debt payment for 60 or more days.
Research limitations/implications
The data is limited to one-year cross-sectional data. To gain more insights on this topic, panel data could be used.
Practical implications
The findings can be used for financial service professionals to identify loan demand and risk associated with various family structures and develop effective marketing strategies to serve these clients.
Social implications
The findings are informative for public policymakers to develop family friendly economic policies and for consumer educators who help consumers make effective financial decisions when borrowing various types of loans.
Originality/value
First, this study uses an innovative definition of family structure that counts several nontraditional family structures. Second, this study examines family structure differences in holdings of five specific debts together.
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Maria Jose Parada, Alberto Gimeno, Georges Samara and Willem Saris
Despite agreement on the importance of adopting governance structures for developing competitive advantage, we still know little about why or how governance mechanisms are adopted…
Abstract
Purpose
Despite agreement on the importance of adopting governance structures for developing competitive advantage, we still know little about why or how governance mechanisms are adopted in the first place. We also acknowledge that family businesses with formal governance mechanisms in place still resort to informal means to make decisions, and we lack knowledge about why certain governance mechanisms are sometimes, but not always, effective and functional. Given these research gaps, and drawing on institutional theory, we aim to explore: How are governance structures adopted and developed in family firms? Once adopted, how do family businesses perceive these governance structures?
Design/methodology/approach
Using Mokken Scale Analysis, a method suitable to uncover patterns/sequences of adoption/acquisition over time, we analyze a dataset of 1,488 Spanish family firms to explore if there is a specific pattern in the implementation of governance structures. We complement the analysis with descriptive data about perceived usefulness of such structures.
Findings
Our findings highlight two important issues. Family businesses follow a specific process implementing first business governance (board of directors, then executive committee), followed by family governance (family council then family constitution). We suggest they do so in response to institutional pressures, given the exposure they have to business practices, and their need to appear legitimate. Despite formal adoption of governance structures, family businesses do not necessarily consider them useful. We suggest that their perception about the usefulness of the implemented governance structures may lead to their ceremonial adoption, resulting in a gap between the implementation and functionality of such structures.
Research limitations/implications
Our article contributes to the family business literature by bringing novel insights about implementation of governance structures. We take a step back to explain why these governance mechanisms were adopted in the first place. Using institutional theory we enrich governance and family business literatures, by offering a lens that explains why family businesses follow a specific process in adopting governance structures. We also offer a plausible explanation as to why governance structures are ineffective in achieving their theorized role in the context of family businesses, based on the family's perception of the unusefulness of such structures, and the concept of ceremonial adoption.
Practical implications
There is no single recipe that can serve the multiple needs of different family businesses. This indicates that family businesses may need diverse levels of development and order when setting up their governance structures. Accordingly, this study constitutes an important point of demarcation for practitioners interested in examining the effectiveness of governance structures in family firms. We show that an important pre-requisite for examining the effectiveness of governance structures is to start by investigating whether these structures are actually being used or are only adopted ceremonially.
Originality/value
Our paper expands current knowledge on governance in family firms by taking a step back hinting at why are governance structures adopted in the first place. Focusing on how governance is implemented in terms of sequence is novel and relevant for researcher and practitioners to understand how this process unfolds. Our study uses institutional theory, which is a strong theory to support the results. Our paper also uses a novel method to study governance structures in family firms.
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Shirley Pereira de Mesquita and Wallace Patrick Santos de Farias Souza
The purpose of this paper is to investigate the role of family structure on child labor by comparing children of nuclear families headed by the father with children of…
Abstract
Purpose
The purpose of this paper is to investigate the role of family structure on child labor by comparing children of nuclear families headed by the father with children of single-mother families headed by the divorced mother.
Design/methodology/approach
This paper uses data from Brazilian urban areas provided by the Brazilian Demographic Census of 2010. The empirical approach consists of the estimation of three treatment effect models: the Average Treatment Effect, IV Treatment Effect and Two-Stage Estimator proposed by Lewbel (2012).
Findings
The main findings show that children of single-mother families headed by divorced mothers are more likely to work, compared to children living with both parents. This paper found evidence of a direct effect of family structure parents’ determinant on child participation in labor. The main hypothesis is that the absence of the father paired with exposure to family stress arising from marital dissolution is an indicator toward child labor.
Practical implications
This study implies that in order to combat child labor effectively, it is important to understand deeply its several causes and consider ruptures in family structure, such as divorce, as one of these factors. In addition, location and family’s characteristics also play a role on the decision of child labor. For instance, boys living at metropolis areas have less chance to work. Family’s head education and non-work income affects positively the child well-being by reducing the probability of child labor. On the other hand, the number of siblings increases the chance of child labor. Finally, the results of this study suggest policies to raise awareness among parents about the negative effects of child labor on children during both childhood and adulthood, and that social policies need to act beyond legislation and enforcement, but including family mobilization.
Originality/value
This paper estimates the impact of family structure on child labor using an empirical approach to deal with the endogeneity problem of the treatment.
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The dramatic increase in the fraction of all Afro‐American families headed by single women accounts for approximately two‐fifths of the Afro‐Euro family income gap. Examines the…
Abstract
The dramatic increase in the fraction of all Afro‐American families headed by single women accounts for approximately two‐fifths of the Afro‐Euro family income gap. Examines the empirical objections to the conclusion that family structure is a major factor behind ethnic inequality and found to be largely without merit. Also critically examines the more normative and more important objection that the family structure argument undercuts the struggle to achieve economic justice for Afro‐Americans. Argues that an emphasis on family structure does not absolve society of responsibility for inequality, nor does it imply that government activism is futile. The family structure argument recasts but does not negate the struggle for economic justice for Afro‐Americans.
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Special attention will be given in this part to the process of decline, which is to be seen as antipodal to development, and which nowadays is all too often neglected. By…
Abstract
Special attention will be given in this part to the process of decline, which is to be seen as antipodal to development, and which nowadays is all too often neglected. By “decline” we mean here the decline of a whole society. But this definition is not yet sufficient to provide us with a very clear understanding. The statement that a whole society is in decline remains void of real meaning until we possess some concrete conception of what a “whole society” and the process of “decline” are. Since the meanings of both these terms are problematical, further explanation and closer precision are called for.
Ritch L. Sorenson, G.T. Lumpkin, Andy Yu and Keith H. Brigham
Family is a variable rarely included in organizational research (Dyer, 2003). Chua, Chrisman, and Sharma (1999) argued that one way researchers could bring clarity to the concept…
Abstract
Family is a variable rarely included in organizational research (Dyer, 2003). Chua, Chrisman, and Sharma (1999) argued that one way researchers could bring clarity to the concept of family business would be to distinguish between operational and theoretical definitions. In this paper, we provide a theoretical definition for family business that is based on social capital theory (Coleman, 1988; Nahapiet & Ghoshal, 1998; Lesser, 2000; Portes, 1998; Putnam, 1993). A family business is one in which the social structure of the family overlaps with the social structure of the business. The result is that the social structure in the business takes on some of the characteristics of the family, especially in small businesses. In addition, and importantly, the social structure of the family takes on some characteristics of the business. In this paper, we focus on how the social structure that exists between marriage partners may influence the social structure in family firms.
Lara M. Al-Haddad, Zaid Saidat, Claire Seaman and Ali Meftah Gerged
This study examines the potential impact of capital structure on the financial performance of family-owned firms in Jordan.
Abstract
Purpose
This study examines the potential impact of capital structure on the financial performance of family-owned firms in Jordan.
Design/methodology/approach
Using panel data of 107 listed companies from 2019 to 2021, the authors use a multivariate regression model to empirically examine the role that family firms' capital structure can play in engendering financial performance in the short and long terms.
Findings
This study's evidence indicates that family businesses rely on equity as their primary source of funding. This approach has been proven to be detrimental to their financial performance, as evidenced by the negative impact of capital structure on family firms' financial performance in the current study.
Originality/value
Capital structure-related decisions are essential to a firm's performance. Thus, there have been numerous empirical studies examining the relationship between capital structure and corporate performance in various settings worldwide. However, the findings of these studies are inconclusive. Also, there are relatively few empirical studies investigating the association between capital structure and the performance of family firms in emerging countries, particularly Jordan. This study, therefore, addresses this empirical gap in extant literature.
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Zélia Serrasqueiro, Fernanda Matias and Julio Diéguez-Soto
This paper seeks to analyze the family firm's capital structure decisions, focusing on the speed of adjustment (SOA) as well as on the effect of distance from the target capital…
Abstract
Purpose
This paper seeks to analyze the family firm's capital structure decisions, focusing on the speed of adjustment (SOA) as well as on the effect of distance from the target capital structure on the SOA towards target short-term and long-term debt ratios in unlisted small and medium-sized family firms.
Design/methodology/approach
Methodologically, we use dynamic panel data estimators to estimate the effects of distance on the speeds of adjustment towards those targets. Data for the period 2006–2014 were collected for two research sub-samples: one sub-sample with 398 family firms; the other sub-sample contains 217 non-family firms.
Findings
The results show that the deviation from the target debt ratios impacts negatively on the speeds of adjustment towards target short-term and long-term debt ratios in unlisted family firms. These results suggest that family firms, deviating from target debt ratios, face deviation costs, i.e. insolvency costs, inferior to the adjustment costs, i.e. transaction costs. Therefore, family firms stay away from the target debt ratios for a long time than do non-family firms.
Research limitations/implications
The research sample comprises a low number of family firms, therefore for future research we suggest increasing the size of the sample of family firms to get a deeper understanding of family firms' SOA towards capital structure. Additionally, we suggest the analysis of other potential determinants of the speed of adjustment towards target capital structure.
Practical implications
The results obtained suggest that the distance from the target short-term and long-term debt ratios can be avoided if these firms do not depend almost exclusively on internal finance to adjust towards target capital structure. Moreover, for policymakers, we suggest the creation/promotion of alternative external finance sources, allowing reduced transaction costs that contribute to a faster adjustment of small family firms towards target capital structure.
Originality/value
The most previous research focusing on capital structure decisions have focused on listed family firms. To fill this gap, this study examines the speed of adjustment towards target debt ratios in the context of unlisted family firms. Moreover, transaction costs are a function of debt maturity, therefore this study examines separately the speeds of adjustment towards target short-term and long-term debt ratios. This paper shows that the adjustment costs (i.e. transaction costs) could hold back family firms from rebalancing its capital structure.
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Murad Harasheh, Alessandro Capocchi and Andrea Amaduzzi
There is still an ongoing debate on the value relevance of capital structure and its determinants. Recently the issue has been explored in family firms after being explored in…
Abstract
Purpose
There is still an ongoing debate on the value relevance of capital structure and its determinants. Recently the issue has been explored in family firms after being explored in mature firms. This paper investigates the role of institutional investors and the firm's innovation activity in influencing the firm's decision and ability to acquire debt capital.
Design/methodology/approach
A large sample of 700 privately-held family firms in Italy from 2010 to 2019. Two analysis techniques are used: panel analysis and path analysis. The value of debt and the debt ratio are used as leverage measures. The value of patent (as a proxy for innovation) and institutional investor are the explanatory variables.
Findings
The results show that institutional investors have no relationship with financial leverage measures except when controlling for an interaction variable (Institutional investors × Lombardy region). The patent value is positively correlated with debt; however, the ratio patent-to-asset is negatively related to financial leverage indicating higher risk exposure. The nonlinearity test demonstrates a turning point when the relationship between patent value and debt inverts.
Practical implications
Firms should monitor their innovation activity since excessive innovation increases risk exposure and affects financing opportunities and value. The involvement of institutional investors does not always enhance value.
Originality/value
Existing literature focuses separately on family firm innovations and financial leverage as outcome variables, emphasizing the role of institutional investors in both fields by adopting agency theory and socioemotional wealth framework. In this study, the authors go further by merging both relationships, investigating the dynamics of the institutional-family firm innovation relationship in influencing the firm's capital structure. The authors contribute to the ongoing debate by providing original findings on capital structure, governance and innovation, supported by rigorous methods to enhance family firms' decision-making.
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