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The Value of Marriage to Family Firms

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  • Bunkanwanicha, Pramuan
  • Fan, Joseph P. H.
  • Wiwattanakantang, Yupana

Abstract

This paper presents the first empirical evidence showing that the marriage of a member of the controlling family adds value to public corporations. The results, based on a uniquely comprehensive data set from Thailand, show that the family firm’s stock price increases when the partner is from either a prominent business or a political family. Abnormal returns tend to be higher for firms whose operation depends on extensive networks. In contrast, marriages to ordinary citizens are not associated with any abnormal returns. These findings are generally supportive of the value of networks in general and marriage in particular.

Suggested Citation

  • Bunkanwanicha, Pramuan & Fan, Joseph P. H. & Wiwattanakantang, Yupana, 2013. "The Value of Marriage to Family Firms," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 48(2), pages 611-636, April.
    • Handle: RePEc:cup:jfinqa:v:48:y:2013:i:02:p:611-636_00
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