Politická ekonomie 2015, 63(3):347-362 | DOI: 10.18267/j.polek.1007

Hodnocení vlivu zastoupení rodiny ve vlastnické a řídící struktuře firem na jejich finanční výkonnost pomocí metody zkoumání shody párů

Ondřej Machek, Jiří Hnilica
Vysoká škola ekonomická v Praze.

Evaluating the Impact of Family Presence in Ownership and Management on Financial Performance of Firms Using Matched-Pair Investigation

The role of family businesses in management theory has been getting a topic of interest of academics and practitioners. This paper deals with the analysis of performance and financial structure gaps between Czech family and nonfamily firms. Using surname matching definition, we created a sample of 890 Czech large and medium-sized family businesses. Then we used the matched-pair investigation to determine the major gaps in profitability, labor productivity, liquidity and leverage between family and nonfamily firms. The results suggest that Czech family businesses are more profitable in terms of return on assets, profit margin and absolute values of earnings. Czech family businesses also have higher labor productivity and capital intensity, however, the asset turnover appears to be lower. Another important finding is that the overall level of debt is lower in the case of family companies which is accompanied by a higher level of liquidity and working capital.

Keywords: performance gaps, matched-pair investigation, family business
JEL classification: L22, M10, M16

Published: June 1, 2015  Show citation

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Machek, O., & Hnilica, J. (2015). Evaluating the Impact of Family Presence in Ownership and Management on Financial Performance of Firms Using Matched-Pair Investigation. Politická ekonomie, 63(3), 347-362. doi: 10.18267/j.polek.1007
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