We study 288 family firms included in the NSE CNX 500 index of the National Stock Exchange of India. We find an … entrenchment-alignment-entrenchment relationship between family ownership and firm value. We show that family CEO has a negative … moderating effect on the relationship between family ownership and firm value. When the interaction effect of Family CEO on …

Family-owned companies occupy a large proportion of enterprises all over the world. It is meaningful for people to … understand how family ownership may affect firms’ financing strategies. This paper tends to summarize the results of previous … studies. However, different scholars reach different results of the correlation between family ownership and debt levels. Some …

This research examines the effectiveness of Family Constitution or Family Protocol agreements in mitigating each type … of agency conflict in family firms. We performed a qualitative analysis, through a case study, and found that the … succession process is the main driver for implementing this family governance mechanism. Our findings also show that a family …

The benefits of family ownership and control of firms are at the center of the family firm debate. Previous studies … have used either family ownership or management as proxies for control. Both indicators are off the mark, as they do not … of family ownership, control and management on financial firm performance, while controlling for goal heterogeneity of …

This paper studies the relationship between ownership concentration, family ownership, management, and market and …-shaped relationship between ownership concentration and market performance, present in family and non-family firms, pointing out an … entrenchment effect or excessive risk aversion of the controlling group. The effect is worsened for family firms. The presence of …

Building on the theory of Burkart et al. (2003) that family ownership and control of firms mitigate the twin conflicts … and informal governance within controlling families helps mitigate conflicts among family members, a third type of agency … problem unique to family firms. We analyze the internal governance of firms' controlling families and its effects on corporate …

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 firms after adjusting the returns for different firm characteristics and …

We find that the difference between the mean return on assets of all Norwegian family firms and nonfamily firms is 1 ….4 percentage points and positive every year over twenty years. This family firm premium increases when the family as a whole owns a … increases when the family has less personal wealth, less diversified wealth, and less liquid shares. This evidence suggests that …

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 …