家族企业董事会的群体思维：以机构投资为例

IF 7.8 1区管理学 Q1 BUSINESS Entrepreneurship Theory and Practice Pub Date : 2025-01-06 DOI:10.1177/10422587241302702

Zulfiquer Ali Haider, Douglas J. Cumming, Zhenyu Wu

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引用次数: 0

摘要

本研究探讨了家族企业董事会的群体思维。我们推测，机构投资者在面对委托-委托代理问题时，会受到群体思维的阻碍，从而减少对家族企业的投资。适当的公司治理——董事会更多元化、董事任期更短、董事会更繁忙、财务信息披露更多、股东发言权更大——应有助于缓解机构投资者的担忧。我们研究了标准普尔500指数的公司样本，并找到了与这些主张一致的证据。此外，我们提供的证据表明，家族企业董事会的代际异质性加剧了群体思维。

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Groupthink in the Board of Family Firms: The Case of Institutional Investment

This study explores groupthink on the boards of family firms. We conjecture that institutional investors, in the face of principal–principal agency issues, are discouraged by groupthink and consequently invest less in family firms. Appropriate corporate governance in the form of greater board diversity, lower director tenure, busier boards, more financial disclosure, and bigger shareholder voice should help in alleviating these institutional investor concerns. We examine a sample of firms from the S&P 500 and find evidence consistent with these propositions. Also, we provide evidence that board generational heterogeneity in family firms exacerbates groupthink.

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来源期刊

Entrepreneurship Theory and Practice BUSINESS-

CiteScore

19.00

自引率

12.40%

发文量

期刊介绍： Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense. Article Topics: Topics covered in ETP include, but are not limited to: New Venture Creation, Development, Growth, and Performance Characteristics, Behaviors, and Types of Entrepreneurs Small Business Management Family-Owned Businesses Corporate, Social, and Sustainable Entrepreneurship National and International Studies of Enterprise Creation Research Methods in Entrepreneurship Venture Financing Content: The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.