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odel. Third and last part analyse regression model, discuss results obtained, and compare it with previous researchers' findings. This part also concludes the findings of this study and discusses limitations and scope of further researches on this topic.

家族企业:定义——Family firm: definition

Generally, family firm refers to those firms where a family has significant control over fabrication and formulation of policies and management of company. Family control over firm is reflected by large family shareholding or top management position occupied by family members. Literature available for family firm definition is widely diversified and there is no consensus on the definition of family firms among researchers. Colli (2003, p.6) states that it is very hard to find useful definition of family firm despite its relevance in business world. Researchers have considered factors such as family shareholding, voting rights, presence of family members in the board and family CEO. Anderson and Reeb (2003, 2004), Anderson et al.(2003) consider fractional equity ownership of founding family, family members in board, founder or descendent of the founder CEO. Ang et al. (2000) characterise a firm as family firm if a single family controls more than 50% of the company's share while Barth et al. (2005) proposes at least 33% control. Barontini and Caprio (2005) classify a firm as family firm if the largest shareholders have more than 10% of ownership rights and control over more than 51% of voting rights. They also consider issues such as family COO, family members on board, family founder etc. while Gomez-Mejia et al (2003) consider control of at least 5% of voting rights and family relationship of two or more directors in the board. La porta et al. (1999) consider control of more than 20% of indirect and direct voting rights. Fahlenbrach (2009) and McConaughly et al.(1998) consider founder or cofounder or family CEO. Other researchers like Morck et al (1988) and Classens et al. (2000) look for top positions held by family members or those having having blood or marriage relation with dominant family to define a firm as family firm. Villalonga and Amit (2006) characterise a firm as family firm if founder or member of founding family is an officer or director or an owner with more than 5% of firm equity. Miller et al. (2007) define a firm as family firms where numbers of members from same family are involved in the firm as managers or owners during the same period of time or over time. Kaito (2008) define a firm as family firm if founder or descendent is president or chairman and/or the family has largest shareholding in the firm.

As evident from above discussion that different researchers have applied different definitions of family firms in their studies to find relationship between family involvement and its impact on financial performance. Although prima facie these approaches look different but in depth, most of these approaches are similar, as they consider dominance of family in different ways, e.g. shareholding, voting rights, presence in board, holding dominant positions in the firm. For the purpose of this study we follow the approach of Miller et al (2007), Kaito (2008) and define a family firm as those in which founder or descendent or theirblood or marriage relationship is chairman or chairman emeritus or CEO or Promoter (s) and/or f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。