This paper studies the impact of corporate governance on the firm performance of Unlisted Family Owned Small Firms (UFOSFs) in the relevance of the argument that owner managed firms apart from being guided by the principles of stewardship theory, not only reduce the agency costs of ownership,...

We analyze the relative operating performance of Family Business' list of the largest family-controlled firms versus non-family-controlled firms listed in the S&P 500. Our cross-sectional data includes over 400 firms and eleven years of data. We provide empirical evidence to demonstrate that...

This paper investigates whether the identity of controlling shareholders influences the financing decision of the firm. In particular, we explore the impact of family control on firm debt levels. We also study the effect of family involvement in management on firm leverage. Using a sample of...

It is important for IPO firms to establish legitimacy in the eyes of investors through signaling. The objective of this research is to examine the relationship between signals including governance and management practices and the performance of family firms IPOs. Using IPO data of 129 family...

Research Question/Issue: This paper empirically tests the effect of family governance on intertemporal choice. We contribute to the literature on corporate time horizons by formulating an innovative approach to the measurement of long-term orientation. This approach uses an index that captures...

Family firms are an important phenomenon of the German capital market. We analyse the broadest market segment of the German Stock Exchange, the CDAX, for the years 1998 to 2008. According to a founding-family definition almost half of all CDAX-listed non-financial firms in Germany can be...

This paper evaluates the influence of corporate governance on the risk taking of Japanese firms. We find that family control and ownership concentration are associated with higher idiosyncratic risk, whereas bank control has the opposite consequence. Considering the link between idiosyncratic...

This paper investigates the impact of the founding family's presence on CEO turnover decisions. We find that family firms managed by CEOs outside the founding family (i.e., professional CEO family firms) have higher CEO turnover-performance sensitivity than family firms managed by family members...

This research investigates whether the presence of controlling founders and families has significant impact on the level of cash holdings, and their implications on firm value. The agency cost of cash holdings in founder firms is arguably less severe than family firms, due to founders' economic...

We analyze the propensity to hedge of closely-held family firms and the effect of a CEO's identity in explaining hedging decisions. We find that family involvement in CEO positions positively affects the likelihood of hedging. The effect is stronger when the CEO belongs to the founding family,...