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2008 | nr 1200 Zarządzanie finansami firm : teoria i praktyka | 367--374
Tytuł artykułu

Problemy agencji w przedsiębiorstwach rodzinnych - perspektywy badawcze

Warianty tytułu
Agency Problems in Family Firms -Exploratory Challenges
Języki publikacji
PL
Abstrakty
Przedstawiono problematykę agencji w firmach rodzinnych. Opisano specyfikę przedsiębiorstw rodzinnych ze szczególnym uwzględnieniem problematyki sukcesji. Przeanalizowano teorię stewarda w odniesieniu do firm rodzinnych. Zostały zarysowane główne perspektywy badawcze problemów agencji w firmach rodzinnych.
EN
Agency theory would predict a low level of agency costs within family firms because of the fusion of ownership and control. However, many studies challenges this oversimplification and new questions rise whether agency costs are really mitigated. Family members are expected to be altruistic toward each other, which can either increase or decrease performance. Stewardship theory is an alternative perspective to explore family involvement in a business. Another set of questions concerns the agency costs of debt in family-controlled businesses. This is because of the look at the conflict of interests between shareholders and bondholders. The last but not least, a problem of expropriation of minority stockholders rises. It appears especially when a family controls a group of companies. The exploratory results suggest that agency problems in family firms are more complicated than expected as new research perspectives are introduced.(original abstract)
Twórcy
Bibliografia
  • Anderson R.C., Mansi S.A., Reeb D.M., Founding Family Ownership and the Agency Cost of Debt, “Journal of Financial Economics" 2003, vol. 68.
  • Ang J.S., Cole R.A., Lin J.W., Agency Costs and Ownership Structure, „The Journal of Finance" February 2000, vol. 55.
  • Bergstrom T.C., A Fresh Look at the Rotten Kid Theorem and Other Household Mysteries, „Journal of Political Economy" 1989, vol. 97.
  • Chrisman J.J., Chua J.H., Litz R. A., Comparing the Agency Costs of Family and Non-Family Firms: Conceptual Issues and Exploratory Evidence, „Entrepreneurship Theory and Practice" 2004, vol.. 28..
  • Corbetta G., Salvato C., Self-Serving or Self-Actualizing? Models of Man and Agency Costs in Different Types of Family Firms: A Commentary on "Comparing the Agency Costs of Family and Non-•Family Firms: Conceptual Issues and Exploratory Evidence", „Entrepreneurship Theory and Practice" 2004, vol. 28.
  • Davis J.H., Schoorman F.D., Donaldson L., Toward a Stewardship Theory of Management, „Academy of Management Review" 1997, vol. 22.
  • Davis J.H., Tagiuri R., The Influence of Life-Stage on Father-Son Work Relationships in Family Companies, „Family Business Review" 1989, vol. 2(1).
  • Fama E., Jensen M., Separation of Ownership and Control, “Journal of Law and Economics" 1983, vol. 26.
  • Gomez-Mejia L.R., Nunez-Nickel M., Gutierrez, The Role of Family Ties in Agency Contracts, “Academy of Management Journal" 2001, vol. 44.
  • Grinblatt M., Titman S., Financial Markets and Corporate Strategy, 2nd International Edition, McGraw-Hill Irwin, New York 2002.
  • Jensen M., Meckling W.H., Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, “Journal of Financial Economics" 1976, vol. 3.
  • Miller D., Le Breton-Miller I., Family Governance and Family Performance: Agency, Stewardship, and Capabilities, „Family Business Review" 2006, vol. 19.
  • Morck R., Yeung B., Agency Problems in Large Family Business Groups, „Entrepreneurship Theory and Practice" 2003, vol. 27.
  • Morck R, Shleifer A, Vishny R., Management Ownership and Market Valuation: An Empirical Analysis, “Journal of Financial Economics" 1988, vol. 20.
  • Myers 3., The Determinants of Borrowing, “Journal of Financial Economics" 1977, 5, s. 147-175.
  • Schulze W.S., Lubatkin M.H., Dino R.N., Toward a Theory of Agency and Altruism in Family Firms, “Journal of Business Venturing" 2003, vol. 18.
  • Schulze W.S., Lubatkin M.H., Dino R.N., Buchholtz A., Agency Relationship in Family Firms: Theory and Evidence, „Organization Science" 2001, vol. 12.
  • Shleifer A., Vishny R., A Survey of Corporate Governance, “Journal of Finance" 1997, vol. 52.
  • Smith A., The Wealth of Nations, 1776, Cannan Edition (Modern Library, New York, 1937).
  • Smith C., Warner J., On Financial Contracting: An Analysis of Bond Covenants, “Journal of Financial Economics" 1979, vol. 7.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000157363419

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