Семейная собственность и финансовая результативность: пример автомобильной промышленности

It is believed that public companies with family ownership perform worse than companies with other ownership structures. However, numerous studies tend to support opposite point of view. Moreover, family ownership is common phenomenon for the developed markets. Such companies as Bosch, Toyota, Volkswagen, Suzuki, Maersk, Carrefour, Michelin, Bridgestone, LVMH, Hermes are family-owned for numerous generations. I have no doubts that the majority of these giants is familiar to general public. But do these well-known companies really perform worse than other non-family-owned companies in the world? Let’s pay attention to some eye- catching facts: 30% of S&P500 index comprises for the companies with presence of family ownership (Anderson, 2003). 37,5% of German companies are family-owned (Andres, 2008). Japan has 43% family-owned companies (Allouche, 2008). 70% of Indian and Brazilian companies are family owned (Dow, 2016). 58,7% of Chinese companies are family-owned one (Tang, 2017). At the current moment there are 920 large family-owned companies in the world with capitalization of 1 billion USD and with family-stake of minimum 20% (Anderson, 2003). Concerning some examples from luxury market, Forbes put Louis Vuitton (LVMH), Gucci (Kering) and Hermes in the top-100 world most valuable brands, in these companies the largest stake is hold by the family (Forbes, 2020). Some scholars evaluate family in the ownership structure as an advantage as family ownership could bring some benefits to the companies, enhance financial performance via family goals, relationships, and resources (Mazzi, 2011). Others are convinced that family just follows its own interest which contradicts with main goal of business to maximize profit. One argues that family-management follows preservation, strengthening, provision standards that allows to create better product without chasing short-term goals. Other believe that great results could be achieved only by pressure and short-term goals reinforced by the professional management.
I should highlight that the topic is very challenging as the family ownership is not a case of frequent occurrence in Russia at the moment. But most probably it is due to the fact that the Russian market economy is still very young. Someday Russia will also become an experienced economy leading to creation of prerequisite for appearance of huge number of listed companies with family ownership. That means that the knowledge from western market would become applicable.
The goal of this master thesis is to identify the relationship between family ownership and financial performance of the listed companies from automotive industry. For the execution of the research following objectives were resolved:
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• To study the theoretical background of the relationship between family ownership and corporate performance;
• To develop conceptual model of impact of family ownership on financial performance and to test methodology;
• To collect the data;
• To investigate empirically the relationship between family ownership and financial
performance;
• To develop practical implications and recommendations.
As part of this work, a study of family ownership and other family variables was carried out. The result of this work is creation of two regression model which consisted of 5 family variables and 3 control variables. Over all two regression models were created: the first one with dependent variable return-on-assets, the second one with dependent variable Tobin’s Q. Both of which showed significance and good explanatory power.
The thesis consists of two chapters. The first chapter presents extensive literature review on influence of family ownership structure on accounting and market performance. Moreover, the first ever family business index FBI500 which was developed by the EY and St.Gallen University is presented in details. Furthermore, main family challenges which are usually discussed by public are explained in details. The second chapter describes the process of building a conceptual model, the rationale for the choice of its components and industry. Furthermore, the pilot test model, detailing of the sample and the statistical methods used are presented. Besides, the practical implication is discussed. In addition, the work contains a bibliography consisting of 94 sources and 8 appendices.
This master thesis is valuable because it provides industry specific research whereas the majority of the scholars conduct research on country-based samples. Industry specific research seems to be more valuable to end-users of the information since the results from different industries could not be applicable to specific industry. Moreover, this research will contribute to the development of family ownership studies which at the moment are limited in number.
For the execution of this work, academic, professional, foreign literature was used on the ownership structure, family enterprises and its performance. For the research, the primary data is obtained from Orbis database and open sources such as annual reports of the companies.