shareholders far removed from the firm's day-to-day operations; and delegated management, which opens up the possibility for … trade-offs resulting from the interaction of investor ownership with delegated management. It describes the use of …

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 on investment performance in family firms, whereas descendant management …