We examine stakeholder relations with employees as an important channel through which family firms create value. Using employee relations ratings to construct a proxy for investment in human capital, we find that compared with nonfamily firms, family firms treat their employees better and this better treatment is associated with higher firm value and greater employee productivity. The positive relation between employee treatment and firm value for family firms is robust to controlling for endogeneity bias, and also to using a firm’s inclusion in Fortune’s “100 Best Companies to Work For” list to identify employee-friendly treatment. These findings suggest that employee-friendly policies help family firms create value relative to nonfamily firms.
Keywords: Family Firm, Employee Treatment, Stakeholder Relation, Nexus of Contract, Firm Value, Endogeneity
JEL Classification: G32, G34, M51, M54
자료실
자료실
[2014년 제 4차] Family Business and Firm Value: Evidence from Stake
작성자 : 관리자
조회수 : 1052
게시일 :
2014-12-12