<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422018000200010</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2018.1214</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Financial performance in Mexican family vs. non-family firms]]></article-title>
<article-title xml:lang="es"><![CDATA[Desempeño financiero de empresas familiares vs. empresas no familiares en México]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Watkins Fassler]]></surname>
<given-names><![CDATA[Karen]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Popular Autónoma del Estado de Puebla  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2018</year>
</pub-date>
<volume>63</volume>
<numero>2</numero>
<fpage>0</fpage>
<lpage>0</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422018000200010&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422018000200010&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422018000200010&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper analyses the effects of family ownership on Mexican firm performance. Annual data for 89 non-financial companies that quoted in the Mexican Stock Market during 2001-2015 (including the 2008-2009 crisis period) is employed. The relationship between family proprietorship and firm performance is empirically studied through GMM estimations. Results show that family firms outperform non-family businesses, while higher performance is appreciated in family corporates directed by family members rather than by outside CEOs. Firm size, Board independency, and company´s age have a negative effect on return on assets, while ownership concentration is positively related with performance. There is no unanimity in the literature regarding the business opportuneness of family control and management, particularly differentiating between normal times and crisis periods. Even though there are quite a few papers on the topic for developed markets, studies for Latin American economies are rare. This paper adds to the scarce literature on the Latin American context with the Mexican case.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo analiza los efectos de la propiedad familiar en el desempeño empresarial mexicano. Para este fin se utilizan datos anuales de 89 firmas no financieras, que cotizaron en la Bolsa Mexicana de Valores durante el período 2001-2015 (el cual incluye el episodio de crisis 2008-2009). La relación entre propiedad familiar y desempeño empresarial se estudia empíricamente a través de estimaciones GMM. Los resultados muestran que las empresas familiares son más rentables que las no familiares. Asimismo, se aprecia un mejor desempeño en aquellas empresas familiares dirigidas por miembros de las mismas familias, en comparación con aquellas lideradas por CEOs externos. El tamaño de las firmas, la independencia del Consejo de Administración y la edad de la empresa tienen un efecto negativo en el rendimiento sobre los activos; en cambio, la concentración de la propiedad se asocia positivamente con el desempeño financiero. No hay unanimidad en la literatura con respecto a las ventajas de las empresas familiares, particularmente diferenciando entre períodos normales y de crisis financieras. Aunque hay una serie de artículos relacionados para mercados desarrollados, los estudios que involucran economías latinoamericanas son escasos. Este artículo aporta a la literatura para el contexto de América Latina, con el caso mexicano.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Corporate Governance]]></kwd>
<kwd lng="en"><![CDATA[Mexico]]></kwd>
<kwd lng="en"><![CDATA[Ownership Concentration]]></kwd>
<kwd lng="en"><![CDATA[Family Firms]]></kwd>
<kwd lng="en"><![CDATA[Firm Performance]]></kwd>
<kwd lng="en"><![CDATA[G31]]></kwd>
<kwd lng="en"><![CDATA[G34]]></kwd>
<kwd lng="es"><![CDATA[Gobierno Corporativo]]></kwd>
<kwd lng="es"><![CDATA[México]]></kwd>
<kwd lng="es"><![CDATA[Concentración de la Propiedad]]></kwd>
<kwd lng="es"><![CDATA[Empresas Familiares]]></kwd>
<kwd lng="es"><![CDATA[Desempeño Empresarial]]></kwd>
<kwd lng="es"><![CDATA[G31]]></kwd>
<kwd lng="es"><![CDATA[G34]]></kwd>
</kwd-group>
</article-meta>
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