Empirical evidence is offered about the change in ownership structure following Initial Public Offerings (IPOs) and its impact on the long-term stock performance of family-owned firms in Germany. The data analyzed include 105 IPOs of founding family-owned firms floated between January 1970 and...

Recent research has documented that family-controlled firms are very common around the world. This paper provides new evidence on the accounting and market performance of this type of companies. The empirical investigation is conducted on a market in which family firms are well-established and...