Hegemonic Model of Stakeholders Interest Conflict o in Family-Owned Companies: The Theory of Caudilloism in Corporate Governance

Subject Areas : Management Accounting

mohsen  Sharififard ¹ (PhD Student, Department of Accounting, Islamic Azad University, Ahwaz, Iran)
Ahmad  Kaabomeir ² (Assistant Professor, Accounting Department, Ahvaz Branch, Islamic Azad University, Ahvaz, Iran)
Ali  Mahmoodi ³ (PhD in Accounting, Department of Accounting, Islamic Azad University, Ahwaz, Iran)
Fatemeh  Mehrabani ⁴ (PhD in Economics, Department of Economics, Islamic Azad University, Ahwaz, Iran)

Received: 2022-05-09 Accepted : 2022-09-12 Published : 2023-02-20

Keywords: The Power Hegemonic Structure, Stakeholders Interest Conflict, Caudilloism in Corporate Gover,

Abstract :

Meeting stakeholder expectations is an integral part of governance structures, so the presence of effective functions in governance structures reduces the conflict of interest of external stakeholders with the company due to the existence of effective oversight. However, family ownership structures, as part of corporate governance, always face the premise that they may simply seek to meet the expectations of those in power in the corporate structure by ignoring the interests of other shareholders. Therefore, this study seeks to provide a hegemonic model of creating a conflict of interest between stakeholders in family-owned companies by developing the theory of Caudilloism. In this research, which is considered as a methodology of development and composition, an attempt was made to identify the components of the hegemonic structure of family-owned companies in terms of creating conflicts of interest with stakeholders, relying on meta-hybrid and Delphi analysis processes in the qualitative part of the research. Then, in a quantitative method, interpretive ranking analysis and Mick Mac used to identify the most influential component of the hegemonic structure of family-owned companies in terms of creating conflicts of interest with stakeholders. The statistical population in the qualitative section was 13 specialists and experts in the field of accounting at the university level, and in the small section benefited from the participation of 20 managers of family-owned companies in the capital market who had both knowledge and experience was taken. The basis for sample selection was the use of homogeneous method. The results of the research in the qualitative section, after screening the content of 10 approved studies, indicated the existence of seven components of the hegemonic structure of family-owned companies in terms of creating conflicts of interest with stakeholders. These components evaluated through Delphi analysis and the results of this section showed that all seven components analyzed individually. The results in the quantitative part of the research showed that from the total impact based on the pair scale between research components, the percentage of impact of the non-independence component of the board is higher than other components of hegemonic structure in family owned companies, which means to implement the approach. The hegemonic structure of family-owned companies at the level of capital market companies, the disclosure of information about the functions of the board of directors is more effective than other components.

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