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aury (2006), Barth et al. (2005), Cronqvist and Nilsson (2003) and Claessens et al.(2002) find contrasting results. Morck et al. (1988) discuss two conflicting effects- alignment and entrenchment effect of insider ownership. They argue that market value of firm increases initially as the number of shares occupied by insiders increases but market value have negative impact when shareholding of managers increase after a certain level which lead to entrenchment effect. This non linearity of relationship is also witnessed by Cho (1998), Short and Keasey (1999), Gugler et al. (2004), Thomson and Pedersen (2000) in their studies. The superiority of family firms in terms of performance has also been studied by researchers for different generations, Miller at al (2008), Andres (2008) report that not all family firms but only lone founder businesses are superior performers. They further argue that if lone founder businesses are isolated from the family business groups then evidence of superior performance vanishes. Cucculelli and Micucci (2007) also report after analysing the relationship in Italian family firms that founder- run companies are better performers but inherited management has an adverse impact on the profitability of the company. They further argue that literature available for the establishment of this relationship has two key drawbacks such as research results can't be implied with the same conclusion to other samples from other countries and there is uncertainty about the unanimous definition of family firms.

A number of past researches have compared family CEO with non family CEO on various issues like performance, compensation, strategic and competitive advantage. Anderson and Reeb (2003) find in their empirical study that family CEO improves accounting performance but market performance is positively associated with founder CEO and non family CEO hired for job. They further argue that inherited family CEO don't have any impact on market performance of firm.

研究问题——Research question

As discussed in literature review past researches attempted to correlate family impact on the financial performance of firm has been inconclusive and researchers found different results for different geographical locations. Inconclusive and undefined relationship is a motivation to carry this study in an Indian perspective where family firms dominate both service and manufacturing industry. Our findings contribute to existing literature by studying the impact of family presence in the performance of firm in an emerging economy, moreover this study also analyse in detail about the influence of family CEO/chairman and board operating mode on financial performance of firm. This study aims to analyse following issues-
1.- What is the impact of family shareholding on the financial performance of family firms?
2.- Do family CEO/chairman influence the financial performance of firm?
3.- How does board operating mode affect the financial performance of a family firm.

研究方法和数据选择——Research Methodology & data selection

For the purpose of this study 131 family firms are randomly selected from over 5000 firms listed at Bombay Stock Exchange ( BSE). Financial and corporate governance for the本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。