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The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation
Hsu, Po-Hsuan; Huang, Sterling; Massa, Massimo; Zhang, Hong - C.E.P.R. Discussion Papers - 2015
impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist … institutions that promote innovation. Using a comprehensive sample of U.S. family-owned public firms and patents for the period … from 1998 to 2010, we show that family ownership plays multiple roles in promoting innovation and its influence can be …
Persistent link: https://www.econbiz.de/10011186622
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Green innovations and organisational change: making better use of environmental technology
Hottenrott, Hanna; Rexhäuser, Sascha; Veugelers, Reinhilde - C.E.P.R. Discussion Papers - 2012
The literature on within-firm organizational change and productivity suggests that firms can make more efficient use of certain technologies if complementary forms of organization are adopted. This issue may be of even greater importance for the case of greenhouse gas (GHG) abatement...
Persistent link: https://www.econbiz.de/10011084545
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Large powerful shareholders and cash holding
Anderson, Ronald W.; Hamadi, Malika - C.E.P.R. Discussion Papers - 2009
We study the relationship between liquid asset holding and the pattern of share ownership and control structures within the firm. We explore these issues using a data set of Belgian firms that is particularly well suited to studying the institutions of control oriented finance. The data include...
Persistent link: https://www.econbiz.de/10005041096
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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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Dynastic Management
Caselli, Francesco; Gennaioli, Nicola - C.E.P.R. Discussion Papers - 2003
Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms. It is pervasive around the world, but especially in developing countries. We argue that dynastic management is a potential source of inefficiency: if the heir to the family...
Persistent link: https://www.econbiz.de/10005136641
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Family Firms, Paternalism and Labour Relations
Mueller, Holger M; Philippon, Thomas - C.E.P.R. Discussion Papers - 2006
Using firm-, industry-, and country-level data, we document a link between family ownership and labour relations. Across countries, we find that family ownership is relatively more prevalent in countries in which labour relations are difficult, consistent with firm-level evidence suggesting that...
Persistent link: https://www.econbiz.de/10005114303
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Matching Firms, Managers, and Incentives
Bandiera, Oriana; Guiso, Luigi; Prat, Andrea; Sadun, … - C.E.P.R. Discussion Papers - 2009
We provide evidence on the match between firms, managers and incentives using a new survey designed for this purpose. The survey contains information on a sample of executives' risk preferences and human capital, on the explicit and implicit incentives they face and on the firms they work for....
Persistent link: https://www.econbiz.de/10005662350
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Does Family Control Affect Trade Performance? Evidence for Italian Firms
Barba Navaretti, Giorgio; Faini, Riccardo; Tucci, Alessandra - C.E.P.R. Discussion Papers - 2008
This paper examines whether the export decision of firms is affected by their ownership structure, specifically it looks at whether family control is an obstacle to entering foreign markets. The underlying assumption is that family firms are risk averse. Risk aversion may be an obstacle to...
Persistent link: https://www.econbiz.de/10005666735
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Inheritance Law and Investment in Family Firms
Ellul, Andrew; Pagano, Marco; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2008
Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of...
Persistent link: https://www.econbiz.de/10005666761
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The Performance of Italian Family Firms
Favero, Carlo A.; Giglio, Stefano W; Honorati, Maddalena; … - C.E.P.R. Discussion Papers - 2006
In this paper, we study the performance of Italian listed family firms in the period 1998-2003. We measure their performance by using both accounting and market data. We first study the relative performance of family firms compared to widely held firms. Then we investigate whether performance is...
Persistent link: https://www.econbiz.de/10005666909