negatively related to firm leverage. Interestingly, the influence of the second controlling shareholder is only present in non-family …

A stronger long-term orientation is considered a competitive advantage of family firms relative to non-family firms. In … family is involved in the management of the firm is the firm found to invest more in long-term projects relative to a non-family … firm. We also find that investment in long-term projects in family firms is determined less by cash flow variations than …

In January 2010 the Deutsche Börse Group introduced two family firm stock indices. Both indices are calculated as price … and performance indices and extend the number of investment strategy indices of Deutsche Börse Group. The DAXplus Family … is an all-share index whereas the DAXplus Family 30 represents a selection index of the 30 largest and most liquid Prime …

This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle … the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the … founding family. Thereby, we use a unique panel dataset of 660 publicly listed companies (5,135 firm years) in the broadest …

strong family capitalism. We find that family firms exhibit a higher propensity and level for both dividend payments and … total payouts. This result is driven by family ownership rather than family management. Conflicts between the founding … family and non-family controlling shareholders and tensions within the founding family are important determinants of payout …