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2. Family Business
According to Bennedsen, M., Gonzalez, F. P. and Wolfenzon, D. 2010, A “family firm” is herein defined as an organization that shares four common traits:
1. Family. Two or more members of the same family blood or marriage are direct participants in the firm’s formal governance institutions such as management and the
board of directors. 2. Ownership.
The family owns a “significant” fraction of the shares in the firm. Using classic portfolio theory as a benchmark, a significant threshold is defined as an
investment exceeding the firms’ share in the overall market portfolio. In other words, this threshold is not necessarily related to a fraction of shares held.
3. Control rights. Members of the family exert “significant” control rights in the firm,
where the control threshold is at least as large as the fraction of ownership rights held. 4. Preference for within firm inter-generational transfers. Families attach value to
retaining their ownership and control rights within the family firm across generations.
a. Type of Ownership in Companies According to the classical theory of managerial Firm Baumol,1959; Galbraith
1967; Sep-ris,1964; Williamson,1964 as quoted by Gόrriz and Fumás 1996, in general
the type of ownership and control of a company is divided into two, 1 the company owned by many shareholders and controlled by management, 2 is owned and controlled
by the company. Both types have different effects on the performance of each company. Kang and Sorensen 1999 stated that the type of ownership and control of the company
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not only divided into two, there is a some type of ownership Another in a modern company. In modern enterprises, there shareholders in a large number of shares in which
their behavior different from each other. The shareholders in a large number of these have significant impact on the decisions taken by the company so ultimately affect overall
company performance. Several large companies dominated ownership by some shareholders who have a number of shares that a lot and usually sit in the companys
leadership seat, several other companies owned by shareholders who retain ownership for a long time. In addition, there are companies whose ownership is dominated by family
particular. Several other types of ownership is ownership by the company government, corporate employee ownership ESOP, ownership by board corporate executives,
ownership by the debtor, ownership by the Supplier, ownership by the buyer, ownership by institutional investors in the form, ownership by debt buyers, and ownership by venture
capital venture capital. Ownership by employees of the company proven to increase productivity,
efficiency and performance of the company Blasi et al, 1996, whereas for the ownership by corporate executives only found little evidence that this type of ownership improves
firm performance Kang and Sorensen 1999. Moreover, ownership by venture capital also significantly improves the performance of companies Sahlman 1990, Black Gilson,
1998, Mikkelson et al 1997. still in the same post, not all types of ownership can improve performance company this happens on the type of ownership by suppliers and buyers
Porter 1992, As for the type of ownership of research results in the form institutional
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