The benefits of family ownership and control of firms are at the center of the family firm debate. Previous studies … have used either family ownership or management as proxies for control. Both indicators are off the mark, as they do not … of family ownership, control and management on financial firm performance, while controlling for goal heterogeneity of …

The role of owner-family members as internal monitors of firm performance has been largely neglected in family business … studies so far. While family management of firms does not lead to clear performance improvements, accounting research has … shown that families are better monitors. In this article we combine these findings and hypothesize that family monitoring …