Publication: Say-on-Pay voting dispersion in listed family and non-family firms: a panel data analysis
Authors
Lozano Reina, Gabriel ; Sánchez Marín, Gregorio ; Baixauli Soler, Juan Samuel
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Publisher
Elsevier
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DOI
https://doi.org/10.1016/j.jfbs.2021.100423
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info:eu-repo/semantics/article
Description
© 2022 The Authors. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
This document is the Published Manuscript version of a Published Work that appeared in final form in Journal of Family Business Strategy. To access the final edited and published work see https://doi.org/10.1016/j.jfbs.2021.100423
Abstract
The study of Say-on-Pay (SOP) – a shareholder vote on executive compensation – is a key topic in the corporate
governance field, despite which its influence in the context of family firms has not been studied until now. In
response to this need, this paper pursues a twofold objective: first, to analyze differences in shareholder voting
behavior between family and non-family firms; second, to explore the impact of increasing family ownership on
voting dispersion among family firms, testing the related moderating effects of family involvement in management
and governance on this relationship. Focusing on a sample of large UK listed companies from 2007–2017,
our results show that the distinctive features of family firms lead to more concentrated voting positions regarding
pay packages compared to non-family firms, with this voting concentration tending to be higher as family
ownership increases. Moreover, while this relationship intensifies when the family is involved in management,
we find partial support in the case of family involvement in governance.
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Citation
Journal of Family Business Strategy, 2022, Vol. 13, Issue 1 : 100423
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