Does internationalization and board diversity affect family firms' sustainable performance? Empirical evidence from an emerging economy

IF 4.8 Q1 BUSINESS Business Strategy and Development Pub Date : 2024-04-15 DOI:10.1002/bsd2.365
Madhura Godbole, Manogna R. L.
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Abstract

The purpose of this study is to examine the relation between internationalization and firm sustainable performance on a set of listed Indian family firms belonging to mid-cap and large cap categories and listed on NIFTY 500. This paper aims to explore the heterogeneity among internationalization and a set of defined variables, namely, female representation on the board, firm size, firm age, industry type, leverage, corporate social responsibility (CSR) and the number of female executives in influencing the firm performance. We aim to incorporate corporate governance, the factors influencing decisions related to it and gender diversity in understanding the relationship between internationalization and firm performance in the context of Indian family firms. The Generalized Method of Moments (GMM) and panel data regression models are both used in the study's empirical methodology. In order to examine the relationship between internationalization, as indicated by the percentage of foreign ownership, and family firm performance, as indicated by Return on Equity (ROE), the study uses the data from 2014 to 2023 for analysis, totaling 16,586 firm-year observations. The findings indicate that internationalization, measured in this study by the investments the companies make abroad, positively affects the performance of the family firms. Age, women on board and number of female executives are seen to have positive associations with the performance of family firms. However, it is seen that firm size for family firms negatively impacts the performance while CSR and leverage seem to have no significant impact.

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国际化和董事会多样性会影响家族企业的可持续绩效吗?来自新兴经济体的经验证据
本研究的目的是通过一组在 NIFTY 500 指数上市的印度中型和大型家族企业,研究国际化与企业可持续绩效之间的关系。本文旨在探讨国际化与一系列定义变量(即董事会中的女性代表、公司规模、公司年龄、行业类型、杠杆率、企业社会责任(CSR)和女性高管人数)之间在影响公司绩效方面的异质性。我们的目标是将公司治理、影响相关决策的因素和性别多样性纳入印度家族企业国际化与企业绩效关系的理解中。本研究的实证方法采用了广义矩量法(GMM)和面板数据回归模型。为了研究以外资持股比例为指标的国际化与以净资产收益率(ROE)为指标的家族企业绩效之间的关系,研究使用了 2014 年至 2023 年的数据进行分析,共计 16586 个企业年观测值。研究结果表明,国际化(在本研究中以公司的海外投资来衡量)对家族企业的绩效有积极影响。年龄、董事会中的女性人数和女性高管的人数与家族企业的绩效有正相关关系。然而,研究发现,家族企业的公司规模对业绩有负面影响,而企业社会责任和杠杆作用似乎没有显著影响。
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来源期刊
Business Strategy and Development
Business Strategy and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
5.80
自引率
6.70%
发文量
33
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