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The Influence Of National Culture And Institutional Voids On Family Ownership Of Large Firms: A Country Level Empirical Study, Subrata Chakrabarty
The Influence Of National Culture And Institutional Voids On Family Ownership Of Large Firms: A Country Level Empirical Study, Subrata Chakrabarty
Subrata Chakrabarty
There is considerable variation across countries in both the extent to which large publicly listed firms are family-owned and the dominance of such family-owned firms in stock markets. The literature presents competing theoretical viewpoints on what influences such country-level variation. On one hand, institutional economists suggest that institutional voids can have a strong influence. On the other hand, cultural sociologists suggest that a country's culture can have a strong influence. One type of institutional void is a lack of institutional norms and regulations needed for monitoring contracts (which can discourage owners from hiring professional agents for top management positions in …