Large Blockholders: Do Families Differ from Others
AbstractUsing a matched-pairs methodology, I compare the impact of two different types of blockholders on the performance of the firms they control. The results reveal that independent family firms perform better than similar subsidiaries of Belgian financial holding companies over a 14-year period. Even when ultimate ownership is controlled for, the results still hold. Family-owned firms will also prefer labor intensive production to avoid the loss of control. In sum, families seem to have capabilities that are not easily replicated by other blockholders.
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Bibliographic InfoPaper provided by Hogeschool-Universiteit Brussel, Faculteit Economie en Management in its series Working Papers with number 2009/22.
Length: 26 page
Date of creation: Sep 2009
Date of revision:
Family Firms; Performance; Productivity; Subsidiaries; Financial blockholders;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
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