Author
Carmen Galve Górriz
Other affiliations: University of La Rioja
Bio: Carmen Galve Górriz is an academic researcher from University of Zaragoza. The author has contributed to research in topics: Productive efficiency & Capital intensity. The author has an hindex of 11, co-authored 34 publications receiving 488 citations. Previous affiliations of Carmen Galve Górriz include University of La Rioja.
Papers
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TL;DR: In this article, the authors provide evidence in support of the contractual theory of the firm, according to which firms choose their ownership structure maximizing economic value, net of contractual costs, using ownership and performance data from a sample of Spanish family- and non-family-controlled firms.
Abstract: The ‘managerial’ and the ‘contractual’ theories of the firm imply different causes and consequences for the relationship between ownership and performance of firms. This paper provides a test of the two conflicting theories, using ownership and performance data from a sample of Spanish family- and non-family-controlled firms. We find evidence in support of the contractual theory of the firm, according to which firms choose their ownership structure maximizing economic value, net of contractual costs.
142 citations
Posted Content•
70 citations
TL;DR: In this paper, the authors investigated differences in behaviour and performance of listed Spanish family and non family firms and found that family firms grow at a smaller rate, choose less capital intensive productive technologies and are more efficient in production than non families.
Abstract: This paper investigates differences in behaviour and performance of listed Spanish family and non family firms. We find that family firms grow at a smaller rate, choose less capital intensive productive technologies and are more efficient in production than non family firms. However the economic profits, financial structure and cost of capital is the same in family and in non family firms. This evidence, in sharp contrast with other found in samples of listed US firms where family firms outperform in profits to non family ones, is interpreted in the context of institutional differences between the two countries, in particular higher technological capital and better protection of minority shareholders in US than in Spain.
42 citations
TL;DR: In this article, the authors recapitulate the main theories concerning the formation of companies that already exist in the literature and have been most widely publicised, taking into account the economic, psychological and sociocultural factors along with the internal organization of the company.
Abstract: A lo largo del tiempo, numerosas investigaciones se han planteado la cuestion de que es lo que predispone a las personas a ser emprendedores y a constituir su propia empresa. No existe un conjunto unico y universal de razones aplicable a cualquier persona, sino que cada sujeto tiene sus propios motivos, los cuales pueden cambiar a lo largo de su vida. El fenomeno de creacion de empresas es deficiente si se centrase unicamente en las caracteristicas y comportamientos de los empresarios individuales, tambien deben considerarse a estudio otros factores como determinantes a este fenomeno. El objetivo de este articulo es recapitular las principales teorias sobre creacion de empresas existentes en la literatura y que mas difusion han tenido, atendiendo a factores economicos, psicologicos, socioculturales e internos a la organizacion.Over the course of time, many research projects have examined the question of what predisposes people to become entrepreneurs and form their own company. There is no one specific set of universal reasons that can be applied to any individual. It is rather a case of each person having their own motives, which are susceptible to change throughout their lifetime. The phenomenon of setting up companies would be missing something if only the characteristics and behaviours of individual entrepreneurs were focused on; it is essential for other factors to be taken into consideration as having a decisive effect on this phenomenon. The aim of this article is to recapitulate the main theories concerning the formation of companies that already exist in the literature and have been most widely publicised, taking into account the economic, psychological and sociocultural factors along with the internal organisation of the company.
37 citations
Posted Content•
01 Jan 2003
TL;DR: In this article, a study of the empresa familiar in España is presented, with the goal of providing a better conocimiento of its socio-economic situation.
Abstract: La importancia de las empresas familiares en todos los paises, sea cual sea su nivel de desarrollo, contrasta con la escasa atencion que su estudio ha merecido entre los investigadores economicos. Este libro pretende llenar ese vacio investigador y tiene por objetivo aportar bases conceptuales para el analisis de la empresa familiar desde la Economia positiva y, al mismo tiempo, contribuir a un mejor conocimiento de su situacion en Espana. Para los propositos del libro, la empresa familiar se concibe como una institucion para el gobierno de la produccion y el intercambio que otorga los principales derechos de decision a personas con vinculos de parentesco. Dicha especificidad hace susceptible a las empresas familiares de comparacion institucional con otras formas de gobierno, a la vez que permite comprender mejor su papel en las distintas etapas del desarrollo social, aspecto que ha preocupado especialmente a los historiadores de la empresa. El marco conceptual propuesto ayuda tambien a orientar y precisar el estudio empirico centrado en la realidad espanola, utilizando informacion de tres bases de datos sobre la empresa espanola: la de emprendedores, la de empresas manufactureras y la de empresas cotizadas en bolsa. Los resultados obtenidos ponen de manifiesto que la empresa familiar permite reducir costes de transaccion frente a otras formas de gobierno, pero a cambio de frenar el crecimiento y no aprovechar plenamente las ventajas de la dimension. El recurso a tecnologias mas intensivas en trabajo y a una preferencia por los activos intangibles es coherente con la busqueda de ventajas competitivas alrededor de sus puntos fuertes. La evidencia empirica espanola corrobora estas conclusiones. Por tanto, la mayor externalidad social que puede conseguirse con el desarrollo de las empresas familiares proviene de su predisposicion a utilizar recursos ligados a los intangibles y, en particular, a la innovacion.La obra es una referencia imprescindible para el amplio colectivo de investigadores en los ambitos de la Economia de la Empresa, Economia Industrial y, en general, para quienes quieran profundizar en el conocimiento de la empresa familiar espanola y el compromiso que esta adquiriendo para mejorar su competitividad. Provider_Name: Fundacion BBVA / BBVA Foundation
33 citations
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TL;DR: In this paper, the authors use behavioral theory to show that family firms are risk-averse and risk-wary at the same time, and that the predictions of behavioral theory differ depending on family ownership.
Abstract: This paper challenges the prevalent notion that family-owned firms are more risk averse than publicly owned firms. Using behavioral theory, we argue that for family firms, the primary reference point is the loss of their socioemotional wealth, and to avoid those losses, family firms are willing to accept a significant risk to their performance; yet at the same time, they avoid risky business decisions that might aggravate that risk. Thus, we propose that the predictions of behavioral theory differ depending on family ownership. We confirm our hypotheses using a population of 1,237 family-owned olive oil mills in Southern Spain who faced the choice during a 54-year period of becoming a member of a cooperative, a decision associated with loss of family control but lower business risk, or remaining independent, which preserves the family's socioemotional wealth but greatly increases its performance hazard. As shown in this study, family firms may be risk willing and risk averse at the same time.
2,978 citations
TL;DR: In this article, the authors compared the environmental performance of family and non-family public corporations between 1998 and 2002, using a sample of 194 U.S. firms required to report their emissions.
Abstract: This paper compares the environmental performance of family and nonfamily public corporations between 1998 and 2002, using a sample of 194 U.S. firms required to report their emissions. We found that family-controlled public firms protect their socioemotional wealth by having a better environmental performance than their nonfamily counterparts, particularly at the local level, and that for the nonfamily firms, stock ownership by the chief executive officer (CEO) has a negative environmental impact. We also found that the positive effect of family ownership on environmental performance persists independently of whether the CEO is a family member or serves both as CEO and board chair.
1,281 citations
TL;DR: In this paper, the authors examined the impact of ownership structure on company economic performance in 435 of the largest European companies and found a positive effect of ownership concentration on shareholder value (market-to-book value of equity) and profitability (asset returns).
Abstract: The paper examines the impact of ownership structure on company economic performance in 435 of the largest European companies. Controlling for industry, capital structure and nation effects we find a positive effect of ownership concentration on shareholder value (market -to- book value of equity) and profitability (asset returns), but the effect levels off for high ownership shares. Furthermore we propose and support the hypothesis that the identity of large owners—family, bank, institutional investor, government, and other companies—has important implications for corporate strategy and performance. For example, compared to other owner identities, financial investor ownership is found to be associated with higher shareholder value and profitability, but lower sales growth. The effect of ownership concentration is also found to depend on owner identity.
1,252 citations
TL;DR: In this paper, the authors examine diversification decisions of family firms and suggest that on average family firms diversify less both domestically and internationally than non-family firms, and when they do diversify, family firms tend to opt for domestic rather than international diversification, and those that go the latter route prefer to choose regions that are "culturally close".
Abstract: This study examines diversification decisions of family firms and suggests that on average family firms diversify less both domestically and internationally than non-family firms. When they do diversify, family firms tend to opt for domestic rather than international diversification, and those that go the latter route prefer to choose regions that are ‘culturally close’. Lastly, we find that family firms are more willing to diversify as business risk increases. The hypotheses are tested using a sample of 360 firms, 160 of them being family-controlled and the rest (200) non-family-controlled.
937 citations
TL;DR: This article found that family-member CEOs of family-controlled firms receive lower total income than outsider CEOs, increasingly so as family ownership concentration increases At the same time, their pay tends to be mor
Abstract: Family-member CEOs of family-controlled firms receive lower total income than outsider CEOs, increasingly so as family ownership concentration increases At the same time, their pay tends to be mor
694 citations