Title: Family business and firm performance: evidence from the Mexican Stock Exchange

Authors: Tomás Ignacio Espinoza Aguiló; Nicolás Felipe Espinoza Aguiló

Addresses: Pontifical Catholic University of Chile, Santiago, Chile. ' Republic of Chile General Comptroller's Office, Santiago, Chile

Abstract: This study aims to examine whether there are differences in the performance of family and non-family firms after taking into account the peculiarities of the Mexican corporate system, based on the study of Anderson and Reeb (2003). We propose an analysis that allows us to conduct comprehensive study and comparison between companies with different ownership structures (family vs. non-family firms), distinguished by developed patterns of governance with heterogeneous characteristics. We also analyse the effects on performance depending on the degree of ownership concentration. Moreover, we find evidence of a different relationship between governance mechanisms and performance depending on the type of company being family or non-family. Our results are consistent with Anderson and Reeb (2003).

Keywords: firm performance; family ownership; family firms; ownership concentration; corporate governance; Mexican Stock Exchange; Mexico; non-family firms; corporate systems; ownership structures; governance patterns; heterogeneous characteristics; governance mechanisms; Ronald Anderson; David Reeb; management practice; family businesses; competiveness; business performance.

DOI: 10.1504/IJMP.2012.050312

International Journal of Management Practice, 2012 Vol.5 No.4, pp.304 - 325

Published online: 14 Nov 2012 *

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