We analyze a model of a firm with more than one significant owner (a situation common in close corporations). In particular, we are interested in the optimal ownership structure chosen by the founder of the firm. We show that , by distributing control among several shareholders, the founder...

This paper uses a unique dataset from Denmark to investigate (1) the role of family characteristics in corporate decision making, and (2) the consequences of these decisions on firm performance. We focus on the decision to appoint either a family or an external chief executive officer (CEO). We...