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en,1999; Goldstein et al,1994). Coles et al (2008) studied the relationship on the sample of 8165 observations on Execucomp firm from 1992 to 2001 and found that in complex firms ( those that are highly diversified across industries, large in size or have high leverage) Tobin Q increases in the increase in the board size while for small fims there is a negative relationship between board size and financial performance. Adam & Mehran (2005) tested this relationship on the sample of 35 banks from 1959-1999 and found a positive relationship between board size and financial performance. Bennedsen et al (2008) studied this relationship on the sample of 7000 closely held small medium corporations and found no performance effect when varying the board size at levels below six directors and they found a significant negative effect when increasing size of board with six or more members. Jackling and Johl (2009) tested this relationship on 180 top Indian companies and found positive relation between board size and firm performance as suggested by Dalton et al (1999) and Berghe and Levarau (2004).

As evident from the past studies a rigid conclusion can't be drawn about the dependency of firm performance on board size. Various studies conducted in different geographical locations for diversified group of companies has come with different opinions, even the studies done in same country for different samples has come with different results. We believe that there are different known (firm size, firm age, CEO domination, industry, local governance regulation & corporate culture) and unknown factor that affect the relationship between firm value and board size. This article looks at this relationship in the context of Indian family firms where presence of family members in the board is significant and most of the family businesses are diversified with presence in more than one industry.

家庭的存在和财务表现——Family presence and financial performance

 In this study we have considered family shareholding, promoters in the board, family CEO and family Chair as the factors witnessing family presence in the board. In family firms family has both ownership and control thus reducing agency cost of managing firm. Fama and Jensen (1985) states that managerial decisions for these firms are very different compared to firms where ownership and control are separated. As James (1999) points out that family manager is deemed to have a broader vista in his business perspective as compared to non family manager which helps in resolving problems associated with ownership and control separation. Researchers have responded to this issue in two ways: by studying the impact of ownership structure on performance ( Berle and Means,1932) or by declaring the endogeneity of the relationship between ownership structure and performance ( Demsetz,1983). But the relationship of ownership structure and other governance variables with financial performance is still in dispute. In the past a significant number of researchers have tried to establish a relationship between family ownership and corporate performance but ended up with different conclusions. Anderson and Reeb (2003), Villalonga and Amit (2006b), McConaughy et al. (1998), Miller et al. (2008) report that family firms offer superior performance as compared to other types of firms while other researchers like M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。