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The Effect of Family Control on Firm Value and Performance: Evidence from Continental Europe

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  • Roberto Barontini
  • Lorenzo Caprio
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    Abstract

    "We investigate the relation between ownership structure and firm performance in Continental Europe, using data from 675 publicly traded corporations in 11 countries. Although family-controlled corporations exhibit larger separation between control and cash-flow rights, our results do not support the hypothesis that family control hampers firm performance. Valuation and operating performance are significantly higher in founder-controlled corporations and in corporations controlled by descendants who sit on the board as non-executive directors. When a descendant takes the position of CEO, family-controlled companies are not statistically distinguishable from non-family firms in terms of valuation and performance." Copyright 2006 The Authors Journal compilation (c) 2006 Blackwell Publishing Ltd.

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    Bibliographic Info

    Article provided by European Financial Management Association in its journal European Financial Management.

    Volume (Year): 12 (2006)
    Issue (Month): 5 ()
    Pages: 689-723

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    Handle: RePEc:bla:eufman:v:12:y:2006:i:5:p:689-723

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