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¿Determina La Propiedad Familiar Diferencias En Las Relaciones Entre Preferencias, Comportamiento Y Resultados En Las Empresas Españolas Cotizadas

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  • CARMEN GALVE-GÓRRIZ

    (Universidad de Zaragoza)

  • VICENTE SALAS-FUMÁS

    (Universidad de Zaragoza)

Abstract

Este trabajo investiga las diferencias en comportamiento y resultados de las empresas familiares y no familiares españolas que cotizan en bolsa. Para ello, se examinan las relaciones entre forma de propiedad, función objetivo y restricciones de la empresa, que determinan las decisiones de asignación de recursos y, finalmente, los resultados económicos. La hipótesis general del trabajo es que las fuertes preferencias por mantener el control de la empresa en el seno de la familia, restringen las decisiones de maximización del beneficio de las empresas familiares, de manera que, en entornos competitivos, la viabilidad económica de la empresa familiar requiere un nivel de eficiencia productiva superior al de la no familiar. La evidencia empírica para el caso español muestra que las empresas familiares operan bajo una restricción de tamaño, producen con mayor nivel de eficiencia pero finalmente obtienen resultados económicos similares a los de las no familiares.

Suggested Citation

  • Carmen Galve-Górriz & Vicente Salas-Fumás, 2011. "¿Determina La Propiedad Familiar Diferencias En Las Relaciones Entre Preferencias, Comportamiento Y Resultados En Las Empresas Españolas Cotizadas," Revista de Economia Aplicada, Universidad de Zaragoza, Departamento de Estructura Economica y Economia Publica, vol. 19(3), pages 5-34, Winter.
  • Handle: RePEc:rev:reveca:v:19:y:2011:i:3:p:5-34
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    More about this item

    Keywords

    propiedad familiar de la empresa; productividad total de los factores; rentabilidad;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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