Purpose

Academic research on the transgenerational performance differences among family firms in Bangladesh is still in its infancy. This paper delves into this issue to answer whether the financial performance of family firms run by second-generation family members is different from their predecessors and nonfamily firms.

Design/methodology/approach

The study employs panel data analysis that attempts to conceptualize the performance difference, quantified in terms of profitability and return, between founder- and second-generation-run public companies in Bangladesh. Moreover, cross-sectional regressions extend the research paradigm to investigate and validate whether heir-controlled family firms perform differently than nonfamily firms or firms that are yet to experience ownership succession within a family.

Findings

The study indicates that family firms perform better when founding family members are in control compared to second-generation-run family firms. Moreover, further analysis suggests that heir-controlled family firms do not show a significant difference in performance compared to firms that never had a family succession in its managerial positions. The implications are that there could be nonfinancial family-centric motivations for family business ownership transition.

Practical implications

Family succession of firm ownership is venerated without necessarily a validation of its financial merit. In Bangladesh, this is too often a de facto transfer of leadership within family firms. This study can act as a reference point to understand that family succession of firm ownership in Bangladesh may not necessarily be in the best financial interest of a firm.

Originality/value

The literature on family firms propounds a plethora of vacillating conclusions and opinions. This paper adds this body of empirical literature into an exercise of formal logic. Such an empirical investigation into the financial performance of Bangladeshi family firms, visualized through the lens of leadership transfer to a second-generation family member, has not been extensively studied in contemporary literature.

中文翻译：

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家族继承对财务业绩的影响：来自孟加拉国的经验证据

目的

关于孟加拉国家族企业跨代绩效差异的学术研究仍处于起步阶段。本文就这一问题进行了深入探讨，以回答由第二代家族成员经营的家族企业的财务业绩是否与其前辈和非家族企业不同。

设计/方法/方法

该研究采用面板数据分析，试图将孟加拉创始人和第二代运营的上市公司之间的绩效差异概念化，并根据盈利能力和回报进行量化。此外，横截面回归扩展了研究范式，以调查和验证由继承人控制的家族企业与非家族企业或尚未经历家族所有权继承的企业的表现是否不同。

发现

研究表明，与由第二代经营的家族企业相比，当创始家族成员处于控制之下时，家族企业的表现更好。此外，进一步的分析表明，与从未在管理职位上由家族继承的公司相比，由继承人控制的家族企业在业绩上并没有显着差异。其含义是，家族企业所有权过渡可能存在以家族为中心的非金融动机。

实际影响

公司所有权的家族继承受到尊重，但不一定对其财务价值进行验证。在孟加拉国，这往往是家族企业内部事实上的领导层转移。这项研究可以作为参考点，以了解孟加拉国公司所有权的家族继承不一定符合公司的最佳财务利益。

原创性/价值

关于家族企业的文献提出了大量摇摆不定的结论和观点。本文将这些经验文献添加到形式逻辑的练习中。这种对孟加拉家族企业财务业绩的实证调查，通过将领导层转移给第二代家族成员的视角进行可视化，在当代文献中尚未得到广泛研究。