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an non family CEOs. Miller et al (2008) and Andres (2008) argue that founder CEOs is more effective as compared to descendents. Our sample of Indian family firm have bigger size multinational firms and a large part of our sample is made up of either manufacturing or high tech firm, both of them require professional competence and diversified skills to manage hence needing expert CEOs.

Regression table further reveals that board-operating mode is negatively related to firm performance if stock market performance is taken into consideration. But this relationship disappears when we take accounting performance measures as dependent variables. Results indicate that smaller board, meeting less frequently is positively associated with performance. Effectiveness of smaller board for better performance is also witnesses by researchers such as Lipton and Lorsch (1992) and Jensen (1993) but other researchers like Dalton et al (1998) and Hermalin and Weisbasch (1999) provide find that larger board is more useful when firm size is large and firm is operating in a diversified industry.

Conclusion- This study examines the impact of family governance variables on financial performance of firm. Regression analysis on sample taken for this study suggests that family shareholding is positively associated with performance and family CEO is negatively associated with firm performance. Analysis also suggests that family chairperson has no impact on financial performance and smaller board with less frequent board meetings is positively associated with the financial performance.

Family shareholding is positively associated with Tobin Q but have no impact on accounting performance suggest that market positively responds for family ownership but it is very hard to conclude that market overweighs family firms as compared with other type of corporations in India, so further studies are required which compare family and other corporations in Indian perspective. Moreover, a comparison of founding family ownership and inherited family ownership for their impact on financial performance should be studied in future in Indian context as past researches suggest that founding family ownership is superior as compared to other corporations in terms of both accounting and market performance. Our analysis suggest that family CEO negatively affects both accounting and market performance and family chairperson has no impact on firm performance, this result is in contrast with actual practices followed by family firms. Our statistical analysis of the sample suggests that in a sample of 131 firms, 95 have family CEO, 115 have family chairperson ( 67 as executive chairperson) and in 49 cases CEO is also working as chairperson.So further studies are required to uncover the generation wise influence of CEOs on financial performance and impact of family CEO by controlling family chairperson variable and vice versa should be done in the future. Moreover, this study also reveals that smaller board meeting less frequently is positively associated with accounting and market performance; although this finding is consistent with few past researches but an industry wise, analysis should be done for practical implication of this study.

There are few limitations of this study: firstly, this study covers a small sample of family firms in India, a bigger sample of family firms might reach to a different conclusion. Secondly, this study is mak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。