Financial characteristic of family-run companies
Journal Title: Debiuty Naukowe Studentów Wyższej Szkoły Bankowej - Year 2015, Vol 15, Issue
Abstract
The aim of this paper is to make an attempt to establish similarities and differences in the range of chosen financial characteristics of family-run companies with reference to nonfamily operated companies working in the same sector. Four positive hypotheses have been verified: family-run companies show a lower state of indebtedness (hypothesis 1), they manage a net working capital more conservatively (hypothesis 2), and both the return on sales and the return on equity are lower than the profitability of non-family operated companies (hypothesis 3 and 4). Financial rates from 12 business entities listed on the Warsaw Stock Exchange have been used in this study. The financial data come from the entities’ annual financial reports from 2011-2013 which have been published on the company websites. Based on the research, the third and the fourth hypotheses have been positively verified, and the remaining hypotheses (1 and 2) have not been confirmed by the results obtained by the research.
Authors and Affiliations
Justyna Wieczorek, Anna Wyzuj
Keywords
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