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Family control influences on divestment stock market performance

Author

Listed:
  • Yosra Meddeb

    (ESPI2R - Laboratoire ESPI2R Research in Real Estate [Marseille] - ESPI - Ecole Supérieure des Professions Immobilières)

  • Majdi Karmani
  • Aymen Habib
  • Imene Zarrouki

    (Nantes Univ - IUT Nantes - Institut Universitaire de Technologie - Nantes - Nantes Université - pôle Sciences et technologie - Nantes Univ - Nantes Université)

Abstract

This paper studies the relationship between family control and the stock market performance of divestitures on a sample of listed firms in France. First, event study methodology was used to compare the short-term stock market performance of divestments made by family firms and their non-family counterparts. Then, linear regression was applied to study the effects of family control on corporate stock performance. The results show that divestments undertaken by family firms generate significantly higher performance than those undertaken by non-family firms. These results are justified by the specificities of companies controlled and managed by family members. Indeed, family firms only divest when the benefits of the operation cover the financial and socio-emotional costs.

Suggested Citation

  • Yosra Meddeb & Majdi Karmani & Aymen Habib & Imene Zarrouki, 2024. "Family control influences on divestment stock market performance," Post-Print hal-05323943, HAL.
    • Handle: RePEc:hal:journl:hal-05323943
    DOI: 10.1504/IJBGE.2024.10065432
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