Sucesión y desempeño de las empresas familiares listadas en la bolsa mexicana de valores

  1. Karen Watkins-Fassler 1
  2. Guadalupe del Carmen Briano-Turrent 2
  1. 1 Universidad Internacional de La Rioja
    info

    Universidad Internacional de La Rioja

    Logroño, España

    ROR https://ror.org/029gnnp81

  2. 2 Universidad Autónoma de San Luis Potosí
    info

    Universidad Autónoma de San Luis Potosí

    San Luis Potosí, México

    ROR https://ror.org/000917t60

Journal:
Contaduría y administración

ISSN: 0186-1042,  2448-8410

Year of publication: 2019

Issue Title: Especial Gobierno Corporativo

Volume: 64

Issue: 4

Type: Article

DOI: 10.22201/FCA.24488410E.2020.2235 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

More publications in: Contaduría y administración

Abstract

This paper analyzes the impact of Chief Executive Officers´ (CEOs´) turnovers on the profitability of family businesses listed on the Mexican Stock Exchange, during the period 2009-2016. A panel database is built, consisting of 69 non-financial family firms. It is found that financial performance falls once the transfer of command occurs, which is not fully recovered in the years following this change. This shows important weaknesses in the process of succession of family businesses. It investigates the moderating and aggravating effects on business profitability of certain characteristics of these new CEOs. Variables such as the family nature of the new CEO, his age, number of years working in the company, education and presence in business networks are studied. The findings indicate the convenience of hiring non-family CEOs, who have extensive business ties. The education and experience of CEOs have no impact on business profitability, from the moment the transfer of command takes place. This has important implications for succession plans, to increase the chances of success and survival over time of these companies.

Bibliographic References

  • Ahrens, J.P., Uhlaner, L., Woywode, M., y Zybura, J. (2018). ¨Shadow emperor¨ or ¨loyal paladin¨?The Janus face of previous owner involvement in family firm successions. Journal of Family Business Strategy, 9(1), 73-90. https://doi.org/10.1016/j.jfbs.2017.11.003
  • Anderson, R.C., Duru, A. y Reeb, D.M. (2012). Investment policy in family controlled firms. Journal of Banking and Finance, 36(6), 1744-1758. https://doi.org/10.1016/j.jbankfin.2012.01.018
  • Belausteguigoitia, I. y Balaguer, A., (2013). Empresas familiares y no familiares en la Bolsa Mexicana de Valores: Comparación de rendimientos de 2006 a 2012. XVIII Congreso Internacional de Contaduría, Administración e Informática, 1-22.
  • Bantel, K., y Jackson, S. (1989). Top management and innovations in banking: Does the composition of the top team make a difference? Strategic Management Journal 10, 107-124. https://doi.org/10.1002/smj.4250100709
  • Baysinger, B. y Hoskisson, R.E. (1990). The composition of boards of directors and strategic control: Effects on corporate strategy. Academy of Management Review, 15 (1), 72-87. https://doi.org/10.5465/amr.1990.4308231
  • Beckman, C.M., Haunschild, P.R. y Phillips, D.J. (2004). Friends or strangers? Uncertainty, market uncertainty, and network partner selection. Organization Science, 15(3), 259–275. https://doi.org/10.1287/orsc.1040.0065
  • Berrone, P., Cruz, C. y Gómez-Mejía, L.R. (2012). Socioemotional wealth in family firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research. Family Business Review, 25(3), 258-279.
  • Bertrand, M., Johnson, S., Samphantharak, K. y Schoar, A. (2008). Mixing family with business: A study of Thai business groups and the families behind them. Journal of Financial Economics, 88(3), 466-498. https://doi.org/10.3386/w13738
  • Bertrand, M., y Schoar, A. (2006).The role of family in family firms. Journal of Economic Perspectives, 20(2), 73-96. https://doi.org/10.1257/jep.20.2.73
  • Brunello, G., Graziano, C. y Parigi, B.M. (2003). CEO turnover in insider-dominated boards: The Italian case. Journal of Banking and Finance, 27, 1027-1051. https://doi.org/10.1016/s0378-4266(02)00244-3
  • Cabrera-Suárez, M.K., Déniz-Déniz, M.C. y Martín-Santana, J.D. (2015). Family social capital, trust within the TMT, and the establishment of corporate goals related to nonfamily stakeholders. Family Business Review, 28 (2), 145-162.
  • Carlsson,G., y Karlsson,K. (1970). Age, cohorts and the generation of generations. American Sociological Review, 35(4), 710-718. https://doi.org/10.2307/2093946
  • Cerdán, M. y Luis, A. (2009). Análisis del nivel de profesionalización en la empresa familiar. Revista de Estudios Empresariales, 2(2), 80-98.
  • Child, J. (1974). Managerial and organizational factors associated with company performance. Journal of Management Studies, 11(3), 175-189. https://doi.org/10.1111/j.1467-6486.1974.tb00693.x
  • Christiansen, C., Joensen, J., y Rangvid, J. (2008). Are economists more likely to hold stocks? Review of Finance, 12, 465- 496. https://doi.org/10.2139/ssrn.698721
  • Chua, J.H., Chrisman, J.J. y Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship Theory and Practice, 23(1), 19-39. https://doi.org/10.1177/104225879902300402
  • Claessens, S., Djankov, S., y Lang, L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58(1-2), 81-112. https://doi.org/10.2139/ssrn.206448
  • Dalziel,T., Gentry, R., y Bowerman, M. (2011). An integrated agency-resource dependence view of the influence of directors' human and relational capital on firms' R&D spending. Journal of Management Studies, 48(6), 1217- 1242. https://doi.org/10.1111/j.1467-6486.2010.01003.x
  • Dávila, M. y Watkins, K. (2010). Gobierno corporativo y reemplazos de los Presidentes de los Consejos de Administración en México. Panorama Económico, 6(11), 83-113. https://doi.org/10.29201/pe-ipn.v6i11.76
  • Dyck, B., Mauws, M., Starke, F.A., y Mischke, G.A. (2002). Passing the baton: The importance of sequence, timing, technique and communication in executive succession. Journal of Business Venturing, 17(2), 143-162. https://doi.org/10.1016/s0883-9026(00)00056-2
  • European Family Businesses (2012). Family Business Statistics. Bélgica. Disponible en: http://www.europeanfamilybusinesses.eu/publications/5/29/Family-Business-Statistics y Consultado: 04/12/2019
  • Fee, C.E. y Hadlock, C.J. (2004). Management turnover across the corporate hierarchy. Journal of Accounting and Economics, 37, 3-38. https://doi.org/10.2139/ssrn.313381
  • Fich, E.M. y Shivdasani, A. (2006). Are busy boards effective monitors? The Journal of Finance, 61(2), 689–724. https://doi.org/10.1007/978-3-642-31579-4_10
  • Finkelstein, S. y Hambrick, D.C. (1996). Strategic Leadership: Top Executives and Their Effects on Organizations. West, St Paul, MN.
  • Fuentes-Lombardo, G., Vallejo Martos, M.C., y Martínez-Jiménez, R. (2007). Factores a tener en cuenta en la expansión internacional de la empresa familiar. Investigaciones Europeas de Dirección y Economía de la Empresa, 13(2), 75-96.
  • Gallo, M.A. (1998). La sucesión en la empresa familiar. Estudios e Informes. Caja de Ahorros y Pensiones de Barcelona, España.
  • Garza-Ramos, M.I., Medina-Quintero, J.M., Cheín-Schekaibán, N.F., Jiménez-Almaguer, K.P., Ayup-González, J., DíazFigueroa, J.G. (2011). Los valores familiares y la empresa familiar en el Nordeste de México. Cuadernos de Administración, 24 (42), 315-333.
  • Gómez-Mejía, L.R., Haynes, K., Núñez-Nickel, M., Jacobson, K.J.L., y Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52, 106–137. https://doi.org/10.2189/asqu.52.1.106
  • Hamori, M., y Koyuncu, B. (2015). Experience matters? The impact of prior CEO experience on firm performance. Human Resource Management, 54(1), 23-44. https://doi.org/10.1002/hrm.21617
  • Harford, J. y Li, K. (2007). Decoupling CEO wealth and firm performance: The case of acquiring CEOs. The Journal of Finance, 62(2), 917-949. https://doi.org/10.1111/j.1540-6261.2007.01227.x
  • Hassan, M.K., Emmanuel, K.A.J., y Tanko, A.A. (2018). A study of sucession planning among family businesses in Lafia Metropolis, Nasarawa State, Nigeria: An issue for business sustainability. International Journal of Research, 5(12), 3585-3597.
  • Hitt, M., y Tyler, B. (1991). Strategic decision model: Integrating different perspectives. Strategic Management Journal, 12(5), 327-351. https://doi.org/10.1002/smj.4250120502
  • Huson, M.R., Malatesta, P.H. y Parrino, R. (2004). Managerial succession and firm performance, Journal of Financial Economics, 74, 237-275. https://doi.org/10.1016/j.jfineco.2003.08.002
  • Jalbert, T., Rao, R., y Jalbert, M. (2002). Does school matter? An empirical analysis of CEO education, compensation, and firm performance. International Business & Economics Research Journal, 1(1), 83-98. https://doi.org/10.19030/iber.v1i1.3882
  • Lee, J., Song, J., y Yang, J.S. (2016), Network structure effects on incumbency advantage. Strategic Management Journal, 37, 1632–1648. https://doi.org/10.1002/smj.2405
  • Leitterstorf, M.P. y Wachter, M.M. (2016). Takeover premiums and family blockholders. Family Business Review, 29(2), 214–230. https://doi.org/10.1177/0894486515622721
  • Lemmon, M. y Lins, K. (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The Journal of Finance, 58, 1445-1468. https://doi.org/10.2139/ssrn.265108
  • Lozano-Posso, M. (2000). El protocolo en las empresas de propiedad familiar. Estudios Gerenciales, 16(74), 49-67.
  • Martin, G., Gözübüyük, R., y Becerra, M. (2015). Interlocks and firm performance: The role of uncertainty in the directorate interlock-performance relationship. Strategic Management Journal, 36(2), 235–253. https://doi.org/10.1002/smj.2216
  • McCall, M. (2004). Leadership development through experience. Academy of Management Executive, 18, 127-130. https://doi.org/10.5465/ame.2004.14776183
  • McDonald, M., Westphal, J., y Graebner, M. (2008). Director acquisition experience and acquisition performance. Strategic Management Journal, 29, 1155-1177. https://doi.org/10.1002/smj.704
  • Miller, D., Le Breton-Miller, I., Lester, R.H. y Cannella, A.A. (2007). Are family firms really superior performers? Journal of Corporate Finance, 13, 829-858. https://doi.org/10.1016/j.jcorpfin.2007.03.004
  • Miller, D., Steier, L. y Le Breton-Miller, I. (2003). Lost in time: Intergenerational succession, change, and failure in family business. Journal of Business Venturing, 18(4), 513-531. https://doi.org/10.1016/s0883-9026(03)00058-2
  • Peni, E. (2014). CEO and chairperson characteristics and firm performance. Journal of Management Governance, 18, 185- 205. https://doi.org/10.1007/s10997-012-9224-7
  • Pérez-González, F. (2006). Inherited control and firm performance. American Economic Review, 96(5), 1559-1588. https://doi.org/10.2139/ssrn.320888
  • Pfeffer, J. y Salancik, G. (1978). The external control of organizations. Harper & Row, N.Y.
  • Phan, P. y Hoon, L. (1995). Human capital or social networks: What constrains CEO dismissal? Academy of Management Journal Best Paper Proceedings, 37-41.
  • Roman, T. y Maxim, A. (2017). National culture and higher education as pre-determining factors of student entrepreneurship. Studies in Higher Education, 42(6), 993-1014. https://doi.org/10.1080/03075079.2015.1074671
  • Ryan, H.J., y Wiggins, R.I. (2001). The influence of firm -and managerspecific characteristics on the structure of executive compensation. Journal of Corporate Finance, 7(2), 101-123. https://doi.org/10.1016/s0929-1199(00)00021-3
  • San Martín-Reyna, J.M. y Durán-Encalada, J.A. (2016). Sucesión y su relación con endeudamiento y desempeño en empresas familiares. Contaduría y Administración, 61(1), 41-57. https://doi.org/10.1016/j.cya.2015.09.005
  • Sauerwald, S., Lin, Z., y Peng, M. W. (2016). Board social capital and excess CEO returns. Strategic Management Journal, 37, 498–520. https://doi.org/10.1002/smj.2339
  • Schepker, D.J., Kim, Y., Patel, P.C., Thatcher, S.M.B. y Campion, M.C. (2017). CEO Succession, strategic change, and post-succession performance: A meta-analysis. The Leadership Quarterly, 28(6), 701- 720. https://doi.org/10.1016/j.leaqua.2017.03.001
  • Sharma, P., Chua, J.H. y Chrisman, J.J. (2000). Perceptions about the Extent of Succession Planning in Canadian Family Firms. Canadian Journal of Administrative Sciences, 17(3), 233-244. https://doi.org/10.1111/j.1936- 4490.2000.tb00223.x
  • Shepherd, D.A. (2016). An emotions perspective for advancing the fields of family business and entrepreneurship: Stocks, flows, reactions, and responses. Family Business Review, 29(2), 151–158.
  • Sitthipongpanich, T., y Polsiri, P. (2015). Do CEO and board characteristics matter? A study of Thai family firms. Journal of Family Business Strategy, 6(2), 119-129. https://doi.org/10.1016/j.jfbs.2015.01.002
  • Slater, D. y Dixon-Fowler, H. (2010). The future of the planet in the hands of MBAs: An examination of CEO MBA education and corporate environmental performance. Academy of Management Learning & Education, 9(3), 429- 441. https://doi.org/10.5465/amle.2010.53791825
  • Smith, N., Smith, V., y Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569-593. https://doi.org/10.1108/17410400610702160
  • Soto-Maciel, A., Garza-Ramos, M.I., Esparza-Aguilar, J.L., y San Martín-Reyna, J.M. (2015). The influence of family relationships in the sucession. A factorial analysis of Mexican enterprises. Journal of Family Business Management, 5(2), 238-256. https://doi.org/10.1108/jfbm-11-2014-0036
  • Stanley, L.J. y McDowell, W. (2014). The role of interorganizational trust and organizational efficacy in family and nonfamily firms. Journal of Family Business Strategy, 5(3), 264-275. https://doi.org/10.1016/j.jfbs.2013.07.001 Unión Europea (2009). Overview of family-business-relevant issues: research, networks, policy measures and existing studies. Disponible en: https://ec.europa.eu y Consultado: 04/12/2019
  • Unión Europea (2009). Overview of family-business-relevant issues: research, networks, policy measures and existing studies. Disponible en: https://ec.europa.eu y Consultado: 04/12/2019
  • Watkins, K., Briano, G. y Rodríguez, L. (2019). Performance and abilities of family-member CEOs in a context of formal institutional weakness. El Trimestre Económico, 341. https://doi.org/10.20430/ete.v86i341.657
Data source: Dialnet