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Ownership Concentration, Family Control and Performance of Firms

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  • Malika Hamadi

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    (Luxembourg School of Finance, University of Luxembourg)

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    Abstract

    This paper explores the relationship between firm performance, measured by Tobin's Q and very powerful controlling shareholders in a sample of Belgian listed firms. The paper shows that overall the largest shareholders have a negative effect on firm performance. Nevertheless, in family firms the effect of large controlling shareholders on performance is positive except when they are organized in voting blocks. Firms related to coordination centers display higher performance associated with large shareholders. The paper shows that the presence of a second shareholder in the firm has no significant effect.

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    Bibliographic Info

    Paper provided by Luxembourg School of Finance, University of Luxembourg in its series LSF Research Working Paper Series with number 10-03.

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    Date of creation: 2010
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    Handle: RePEc:crf:wpaper:10-03

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    Related research

    Keywords: Ownership concentration; family firms; voting blocks; Tobin's q;

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    Cited by:
    1. Garcia-Castro, Roberto & Casasola, Mª José, 2011. "A set-theoretic analysis of the components of family involvement in publicly listed and major unlisted firms," Journal of Family Business Strategy, Elsevier, vol. 2(1), pages 15-25, March.
    2. Basco, Rodrigo, 2013. "The family's effect on family firm performance: A model testing the demographic and essence approaches," Journal of Family Business Strategy, Elsevier, vol. 4(1), pages 42-66.

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