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Inside the Family Firm : The Role of Families in Succession Decisions and Performance

Bennedsen, Morten - 2006

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

Persistent link: https://www.econbiz.de/10012466309

Family Firms

Burkart, Mike - 2002

professional manager or leaving management to his heir, as well as on how much, if any, of the shares to float on the stock … intermediate protection, management is delegated to a professional, but the family stays on as large shareholders to monitor the … the family. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European …

Persistent link: https://www.econbiz.de/10012469939

Inter Vivos Transfers of Ownership in Family Firms

Hines, James R, Jr - 2016

This paper examines the determinants of inter vivos (lifetime) transfers of ownership in German family firms between 2000 and 2013. Survey evidence indicates that owners of larger firms, and firms with strong current business conditions, transfer ownership at higher rates than others. When a...

Persistent link: https://www.econbiz.de/10012456374

Business Groups in Canada : Their Rise and Fall, and Rise and Fall Again

Morck, Randall - 2015

Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely gave way to widely held free-standing firms by mid- century. In the 1970s and early 1980s - an era of high inflation, financial reversal,...

Persistent link: https://www.econbiz.de/10012456963

Must Love Kill the Family Firm?

Mehrotra, Vikas - 2010

Family firms depend on a succession of capable heirs to stay afloat. If talent and IQ are inherited, this problem is mitigated. If, however, progeny talent and IQ display mean reversion (or worse), family firms are eventually doomed. This is the essence of the critique of family firms in...

Persistent link: https://www.econbiz.de/10012462316

The Structure and Formation of Business Groups : Evidence from Korean Chaebols

Almeida, Heitor - 2009

In this paper we study the determinants of business groups' ownership structure using unique panel data on Korean chaebols. In particular, we attempt to understand how pyramids form over time. We find that chaebols grow vertically (that is, pyramidally) as the family uses well-established group...

Persistent link: https://www.econbiz.de/10012463666

Trades of the Living Dead : Style Differences, Style Persistence and Performance of Currency Fund Managers

Pojarliev, Momtchil - 2008

We make use of a new database on daily currency fund manager returns over a three-year period, 2005-08. This higher frequency data allows us to estimate both alpha measures of performance and beta style factors on a yearly basis, which in turn allows us to test for persistence. We find no...

Persistent link: https://www.econbiz.de/10012464292

Dynastic Management

Caselli, Francesco - 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 … incidence of dynastic management depends on the severity of asset-market imperfections, on the economy's saving rate, and on the …

Persistent link: https://www.econbiz.de/10012469259

Matching Firms, Managers and Incentives

Bandiera, Oriana - 2011

We exploit a unique combination of administrative sources and survey data to study the match between firms and managers. The data includes manager characteristics, such as risk aversion and talent; firm characteristics, such as ownership; detailed measures of managerial practices relative to...

Persistent link: https://www.econbiz.de/10012461966

Asymmetric Information and Remittances : Evidence from Matched Administrative Data

Joseph, Thomas - 2015

Using new data matching remittances and monthly payroll disbursals, we demonstrate how fluctuations in migrants' earnings in the United Arab Emirates affect their remittances. We consider three types of income fluctuations that are observable by families at home: seasonalities, weather shocks...

Persistent link: https://www.econbiz.de/10012457680