This paper investigates how family ownership, control and management affect firm investment performance. We use the identity of the CEO and the COB to establish under what management the firm is: founder, descendent or external management. The analysis shows that founder management has no effect...

Evidence from around the globe shows that family firms are enduring, resilient forms of profit-seeking and not an archaic, transient form that will inevitably disappear. Social science research has tended to characterize the family values of these firms as producing "efficiency distortions" that...

We find that ownership changes much less over time in private firms than in public firms. The average largest shareholder in private (public) Norwegian firms keeps the same stake in 82% (14%) of two consecutive years. In private firms past ownership dominates ownership determinants proposed in...