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Non-linearity between family control and firm financial sustainability: moderating effects of CEO tenure and education
Date
2022
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Publisher
Springer Science and Business Media Deutschland GmbH
Abstract
We investigate the non-linearity between family control and firm financial sustainability and the manner in which CEO tenure and education moderate the non-linear relationship. We apply fixed-effects panel regression and several alternative tests, including two-stage least squares, in studying 2844 firm-year observations of Malaysian publicly listed firms during the period 2009–2019. We find a non-linear U-shaped relationship between family control and firm financial sustainability. Specifically, once levels of family control exceed a certain threshold, the relationship between family control and firm financial sustainability becomes positive. Moreover, CEO tenure and education moderate this non-linearity. That is, when family control is at a low (high) level, both moderators lessen (increase) the negative (positive) effects of family control on firm financial sustainability. © 2022, The Author(s) under exclusive licence to Eurasia Business and Economics Society.
Description
This article is not available at CUD collection. The version of scholarly record of this article is published in Eurasian Business Review (2022), available online at: https://doi.org/10.1007/s40821-021-00197-7
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Article
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Keywords
CEO education, CEO tenure, Family control, Firm financial sustainability, Malaysia, Non-linearity
Citation
Ahmad, N., Ting, I. W. K., Tebourbi, I., & Kweh, Q. L. (2022). Non-linearity between family control and firm financial sustainability: Moderating effects of CEO tenure and education. Eurasian Business Review, https://doi.org/10.1007/s40821-021-00197-7