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Ownership Concentration of Family and Non-Family Firms and the Relationship to Performance

Author

Listed:
  • Guillermo Acuña
  • Jean P. Sepulveda
  • Marcos Vergara

    (School of Business and Economics, Universidad del Desarrollo)

Abstract

This paper analyzes whether family enterprises perform better than non-family enterprises, as found in previous studies on Chilean companies, based on the ownership structure of the business, which is an important factor in the literature on corporate governance that had not been taken into account. The analysis confirmed that family enterprises performed better than non-family enterprises and that the effect of ownership concentration on business performance depends on the type of enterprise, regardless of whether it is family-owned. Lastly, the results suggest that performance is better when there is a concentrated ownership, comprised both of shareholders who are family members and others who are not, than with other schemes of corporate governance.

Suggested Citation

  • Guillermo Acuña & Jean P. Sepulveda & Marcos Vergara, 2014. "Ownership Concentration of Family and Non-Family Firms and the Relationship to Performance," Serie Working Papers 03, Universidad del Desarrollo, School of Business and Economics, revised Dec 2014.
    • Handle: RePEc:dsr:wpaper:03
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    More about this item

    Keywords

    Family-Owned Firms; Performance; Ownership Concentration;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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