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Performance and Behaviour of Family Firms: Evidence from the French Stock Market
Sraer, David; Thesmar, David - C.E.P.R. Discussion Papers - 2004
We look at the corporate performance of family firms listed on the French stock exchange between 1994 and 2000. On the French stock market, approximately one third of the firms are widely held, another third are founder controlled and the remaining third are heir-controlled family firms. We find...
Persistent link: https://www.econbiz.de/10005124284
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Endogenous Firm Objectives
Renström, Thomas I; Yalcin, Erkan - C.E.P.R. Discussion Papers - 2002
We analyse the behaviour of a monopolistic firm in general equilibrium when the firm’s decision are taken through shareholder voting. We show that, depending on the underlying distribution, rational voting may imply overproduction as well as underproduction, relative to the efficient level....
Persistent link: https://www.econbiz.de/10005789161
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Family Control and Executive Compensation
Palmberg, Johanna - Ratioinstitutet - 2012
This paper examines the effect of family ownership and control on executive compensation in listed firms during the … more often. The econometric analysis shows that family control and ownership concentration reduce CEO compensation whereas …
Persistent link: https://www.econbiz.de/10009651234
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The Performance Effects of Corporate Board of Directors
Palmberg, Johanna - Ratioinstitutet - 2012
This paper examines the relationship between the board-member independence, family control, and financial performance …
Persistent link: https://www.econbiz.de/10009651235
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Managerial Incentives and Collusive Behaviour
Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2004
I characterize the effects of empirically observed managerial incentives on long-run oligopolistic competition. When managers have a preference for smooth time-paths of profits – as revealed by the empirical literature on ‘income smoothing’ – manager-led firms can sustain collusive...
Persistent link: https://www.econbiz.de/10005667065
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Ownership Structure, Board Composition and Investment Performance
Eklund, Johan; Palmberg, Johanna; Wiberg, Daniel - Ratioinstitutet - 2009
In this paper the relation between ownership structure, board composition and firm performance is explored. A panel of Swedish listed firms is used to investigate how board composition affects firm performance. Board heterogeneity is measured as board size, age and gender diversity. The results...
Persistent link: https://www.econbiz.de/10005642418
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Ownership Structure, Control and Firm Performance: The Effects of Vote Differentiated Shares
Bjuggren, Per-Olof; Eklund, Johan; Wiberg, Daniel - Ratioinstitutet - 2005
This paper contributes to the literature on ownership, control and performance by exploring these relationships for … negative impact on investment performance and firm value when control instruments that separate votes from capital share are …
Persistent link: https://www.econbiz.de/10005642406
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After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry
Earle, John S; Estrin, Saul - C.E.P.R. Discussion Papers - 1997
This paper analyses the ownership structure emerging from the Russian privatization process, using information from a … programme was completed. The Russian ownership structure calls for a new approach to the analysis of corporate control because … privatization methods for ownership structure, on the incidence of non-voting and voting shares, and on the extent of concentration …
Persistent link: https://www.econbiz.de/10005136416
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Defensive and Strategic Restructuring in Central European Enterprises
Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995
This paper interprets the existing evidence on enterprise restructuring in Poland, Hungary and the Czech Republic. Despite differences in restructuring policies, the pattern of observed restructuring appears similar in the three countries. Contrary to initial expectations, managers of SOEs have...
Persistent link: https://www.econbiz.de/10005662184
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Family Ownership and Returns on Investment – Founders, Heirs, and External Managers
Eklund, Johan E.; Palmberg, Johanna; Wiberg, Daniel - Ratioinstitutet - 2010
This paper investigates how family ownership, control, and management affect firms’ investment performance. We use the …
Persistent link: https://www.econbiz.de/10008563369