Dynamism in adversity: A comparative study of trends in the performance of listed family- and non-family-controlled companies in Hong Kong, 1997–2014
Publication in refereed journal

替代計量分析
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其它資訊
摘要This paper addresses the long debate over the superiority of the performance of family- vs non-family-controlled companies from the contesting perspectives of entrepreneurial familism and managerial capitalism. Publicly listed family- and non-family-controlled companies in Hong Kong have been selected for a comparison of their overall performance. The focus is on Hang Seng Index constituent companies in general, and on two cases in particular: one non-family-controlled bank (HSBC), and one family-controlled bank (BEA). We found that family-controlled companies were not necessarily less competitive than non-family-controlled companies. Specifically, when HSBC and BEA were compared, the latter showed no clear inferiority in operating profit margin and return on assets, even though the former enjoys unparalleled advantages, such as an overwhelming superiority in size, the privilege of issuing notes, and status as Hong Kong’s quasi-central bank. Therefore, we argue that entrepreneurial familism seems to be a resilient source of business dynamism, particularly when family-controlled companies have been repeatedly tested by adverse socioeconomic crises. Based on the finding, it is suggested that governments across the world should provide a favorable institutional set-up to facilitate the development of family businesses.
出版社接受日期18.10.2018
著者Victor Zheng, Po-san Wan, Hao Gao
期刊名稱East Asia
出版年份2018
月份12
卷號35
期次4
出版社Springer
頁次359 - 378
國際標準期刊號1096-6838
語言英式英語
關鍵詞Economic dynamism, Entrepreneurial familism, Family firms, Financial performance, Hong Kong, Managerial capitalism

上次更新時間 2020-26-11 於 00:26