This study examines the moderation effects of corporate governance provisions on the link between family involvement (i.e., family ownership and family management) in publicly-traded firms and firm performance by drawing upon agency theory, with a focus on principal-principal agency issues, and...

This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family...

We examine how ownership by couples affects risk taking in family firms. We find that firms co-owned by couples exhibit significantly lower stock return volatility. This result is robust to a difference-in-differences approach based on a smaller sample and an instrumental variable approach....

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...

Around the world (with the U.S. and U.K. as exceptions) concentrated ownership structures and controlling shareholders are predominant even among listed firms. We provide novel empirical evidence how such controlling shareholders, in particular founding families, affect payout policy decisions....

This study provides empirical evidence on the relationship between dividend payout ratios, executive compensation and agency costs in Italy. Corporate governance in Italy is distinguished by the fact that a large number of Italian firms are family-controlled, which may theoretically reduce...

Using an agency theory perspective, this paper examines the influence of family control on the board size and board independence of Indonesian listed firms. Further, the study also seeks to investigate whether family control explains the association between board structure and firm value. This...

In this paper, we investigate the association between outside board directorships and family ownership concentration. Using a sample of 1091 firm-year observations of non-financial publicly listed firms from Gulf Cooperation Countries (GCC) during the 2005 to 2013 period, we find a positive...

This paper examines the relationship between board of director characteristics and performance in family businesses, providing evidence on whether family firms differ from non-family ones and focusing also on the possibility of asymmetrical effects between periods of stability and economic...