Peculiarities Of Financial Management In Family Firms

The majority of firms in market-oriented countries are family-owned. Despite their significant economic importance for these countries, research focusing on family firms is a rather young field within business research, having intensified starting only in the late 1980s. Research regarding the peculiarities of financial management in family firms is especially scarce. Hence, this paper seeks to synthesize existing research and to theoretically analyze the finance and accounting practices and resources of, as well as the role of financial managers in family firms. Using agency theory, stewardship theory, and the resource-based view of the firm, this paper suggests that finance and accounting practices should be adapted to the controlling family’s needs. The paper further suggests that family firms are likely to use fewer short-term-oriented financial-management practices than non-family firms. Moreover, compared to non-family firms, financial managers should play a more traditional role in family firms, focusing on core financial management tasks and on advising the controlling family, while not themselves holding strategic decision-making power. The paper concludes with concrete avenues for further research

Superconductivity in the YIr2Si2 and LaIr2Si2 Polymorphs

We report on existence of superconductivity in YIr2Si2 and LaIr2Si2 compounds in relation to crystal structure. The two compounds crystallize in two structural polymorphs, both tetragonal. The high temperature polymorph (HTP) adopts the CaBe2Ge2-structure type (space group P4/nmm) while the low temperature polymorph (LTP) is of the ThCr2Si2 type (I4/mmm). By studying polycrystals prepared by arc melting we have observed that the rapidly cooled samples retain the HTP even at room temperature (RT) and below. Annealing such samples at 900C followed by slow cooling to RT provides the LTP. Both, the HTP and LTP were subsequently studied with respect to magnetism and superconductivity by electrical resistivity, magnetization, AC susceptibility and specific heat measurements. The HTP and LTP of both compounds respectively, behave as Pauli paramagnets. Superconductivity has been found exclusively in the HTP of both compounds below Tsc (= 2.52 K in YIr2Si2 and 1.24 K in LaIr2Si2). The relations of magnetism and superconductivity with the electronic and crystal structure are discussed with comparing experimental data with the results of first principles electronic structure calculations

Risk governance in organizations

Dieses Buch dokumentiert 10 Jahre Risk-Governance-Forschung an der Universität Siegen. In 50 Beiträgen reflektieren Forscher und Praktiker Risk Governance vor dem Hintergrund ihrer eigenen Forschungen und/oder Erfahrungen und geben jeweils einen Entwicklungsimpuls für die Zukunft der Risk Governance. Das Buch zeigt die große Bandbreite und Tiefe des Forschungsgebietes auf und diskutiert Grundannahmen, Implementierungsfragen, die Rolle der Risk Governance als Transformationsmotor, ihre Wirkung in den verschiedenen betrieblichen Funktionen, Entwicklungsperspektiven und den Beitrag der Risk Governance zu einer nachhaltigen Ausrichtung von Unternehmen.This book documents 10 years of risk governance research at the University of Siegen. In 50 contributions, researchers and practitioners reflect on risk governance against the background of their own research and/or experience and provide a development impetus for the future of risk governance. The book shows the wide range and depth of the research field and discusses basic assumptions, implementation issues, the role of risk governance as transformation engine, its impact in the various operational functions, development perspectives, and the contribution of risk governance to a sustainable orientation of companies

Management control systems and organizational ambidexterity

In recent years, the management literature has increasingly investigated organizational ambidexteritythe ability to balance exploitative and explorative activitiesas an important antecedent to firm survival and performance. Some recent studies indicate that management control systems may be able to foster organizational ambidexterity. The aim of the present short survey paper is to provide an overview of the current literature on organizational ambidexterity and management control systems. Overall, the results of the review show that rather than a single specific management control system, a package of management control systems and various forms of using such systems may be necessary to successfully achieve and manage organizational ambidexterity. In line with this notion, some of the included papers even find a complementary effect of the combined use of opposing management controls to support the achievement of organizational ambidexterity. The paper concludes with several specific ideas for further research.(VLID)342640

Survey Response Rates in Family Business Research

Although family business survey research is growing in volume and publication in highly regarded management journals, we do not yet have evidence on the usual response rates in this research and on the factors that impact these response rates. This paper addresses these voids and finds that the average response rates of family business survey studies published in seven prominent outlets amount to 21%. We also find that the response rates have declined significantly over time and that the size of the survey population and the establishment of contacts with survey addressees before sending out questionnaires are significantly associated with response rates. Such precontacts and reminders seem less fruitful for family respondents than for nonfamily respondents.(VLID)4844379Version of recor

Posición y prácticas del CFO contemporáneo: una reflexión sobre su rol en la historia de Guinness, 1920–1945

Contemporary studies of Chief Financial Officers (CFO) paint a picture of the role pre-1960 as being reflective of a more transactional one. Historical research sheds some doubt on this, and tends not to separate the role from its occupier. We provide an analysis of such a role in a large brewery from about 1920 to 1945. Drawing on the concept of position-practices, our results suggest that a CFO-predecessor role was informed by existing position-practices, which are separately identifiable from the occupier of the role itself. Some of the position-practices are recognizable in contemporary CFO roles. Importantly, focusing on the role as opposed to the occupier, gives our study potential to more broadly inform future research on the contemporary role.Los estudios contemporáneos sobre la figura del «director financiero» (Chief Financial Officer, CFO) lo describen con un papel más transaccional antes de 1960. Las investigaciones históricas arrojan algunas dudas, pero tienden a no separar el rol del sujeto. En nuestro trabajo analizamos dicha figura en el seno de una gran fábrica de cerveza durante el periodo 1920–1945. Basándonos en el concepto de posición-prácticas, nuestros resultados muestran que anteriormente el rol del CFO estaba orientado hacia posiciones-prácticas existentes pero independientes del sujeto que las llevaba a cabo. Algunas posiciones-prácticas se pueden reconocer en los roles del CFO contemporáneo. Es importante destacar que centrarnos en el rol frente al sujeto nos da la posibilidad de orientar de una forma más amplia nuestros futuros trabajos sobre el rol contemporáneo