خلاصة:
The main objective of this research is to explain the pattern of family ownership on the performance of companies listed on the Tehran Stock Exchange during the years 1386 to 1390. The impact of family ownership on Return on Assets (ROA) as a measure of company performance has been investigated. Companies are considered family-owned if at least 20% of their shares are held individually or collectively by family members, or if at least one relative or in-law member is a member of the board of directors or an executive manager and actively participates in the company's board of directors. The results of 95 companies during the years 1386 to 1390 at a 95% confidence level show that the level of family ownership has a direct and positive impact on company performance (ROA), and at a level of 50% and above, family ownership has a direct and significant impact on company performance, whereas for lower levels, this impact is not significant. With an increase in the level of family ownership, the coefficient values also increase, meaning that as the level of family ownership rises, its impact on company performance increases. The existence of family ownership has a direct and positive impact on company performance (ROA).
ملخص الجهاز:
Pariush Zahedi * , Seyed Ramin Abolfazli ** , Akbar Mardaneh Khameneh *** Abstract The main objective of this research is to determine the pattern of family ownership on the performance of companies listed on the Tehran Stock Exchange during the years 1386 to 1390.
Research Hypotheses First Hypothesis: The level of family ownership has a positive effect on company performance.
In this research, in order to examine the effect of the level of family ownership on company performance, the percentage of family ownership (FOWN) is entered into the following regression model as an independent variable: (1) i indicates the studied companies, t indicates the year, and εi,t indicates the error term of the regression equation.
189 respectively, which are significant at a 99% confidence level, indicating the confirmation of hypothesis H1; therefore, based on the Hausman test, the fit of the first and second regression models of this research using the panel data model with the fixed effects method will be appropriate.
Findings Analysis According to the statistical tests applied to the first hypothesis, we reached the conclusion that "the level of family ownership has a positive effect on company performance.
131 According to the statistical tests applied to the second hypothesis, we reached the conclusion that "family ownership has an excessive negative effect on company performance.
" According to Table 8, at a 95% confidence level, the coefficient obtained for the family ownership variable 132 Strategic Management Studies - No. 19 - Autumn 2014 (FOWN_DUMMY) is significant in the regression model and, on the other hand, considering the positive sign of the aforementioned coefficient (2.
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