The Impact of Corporate Governance Mechanisms on Value Creation in Family Firms: Evidence from an Emerging Economy




family business, corporate governance mechanism, value creation, emerging economy


Corporate governance (CG) is a system by which firms are directed and controlled. Through its mechanisms, it ensures optimal levels of efficiency, exploits opportunities, and prevents conflicts of interest between directors, shareholders, and stakeholders. The studies do show a positive relationship between CG and performance, but they are conducted in developed countries with stable legal and economic environments. Thus, CG contributes to the value creation (VC) of the firms. But in family firms, the concentration of power resulting from the overlapping of its subsystems (family, business, and ownership) influences the functioning of CG, and probably, VC. Setting goals, monitoring results, or controlling performance can be some of its forms. But we do not know the influence in emerging countries.
The aim of the study is to empirically analyze the financial contribution of CG mechanisms to the VC of listed family firms in a Latin American economy. The results show the importance of the size of the board of directors, the participation of independent directors, and the duality of the chief executive officer. All the latter are important, considering the high representation of the family firms, their traditional concentration of power, the level of legal or regulatory weakness level, the uncertainty and instability of market conditions. The study is relevant due to the lack of evidence in emerging markets.


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Author Biographies

José Luis Esparza Aguilar, Universidad Autónoma del Estado de Quintana Roo

José Luis Esparza Aguilar received a PhD from Universidad de Cantabria (Spain). Currently, he is a professor at Universidad de Quintana Roo, in the College of Political and Economics Sciences. He has ample experience working in public and private sectors. He has collaborated in multiple academic tasks, including graduate program and grant proposal evaluations for CONACYT. He is a member of the National Research System (SNI, Level 2) of the CONACYT, an honorary member of the State Research System (COQCYT). He has also participated in different academic networks, including RCEA (CONACYT) and Expert Committee Reviews (COQCYT). He is responsible for coordinating the Economic, Business, and Strategic Studies Research Group (CAEEEyE) and the Business and Economic Observatory (OBSEEE). His main research interests include family businesses, entrepreneurship, business management and development, public administration, and local development.

Argentina Soto Maciel, Universidad Anáhuac México

Argentina Soto Maciel received a PhD and a Master from Université de Lyon III Jean Moulin (France). Currently, she is a professor at Anáhuac University, México, in the Business and Economics School. She has collaborated in multiple academic tasks on a national and international level. She is a member of the National Research System (SNI, Level 1) of the CONACYT. Her main research interests include family businesses, entrepreneurship, business management and local development.


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How to Cite

Esparza Aguilar, José Luis, and Argentina Soto Maciel. 2024. “The Impact of Corporate Governance Mechanisms on Value Creation in Family Firms: Evidence from an Emerging Economy”. Journal of Evolutionary Studies in Business 9 (1):33-56.