Large Blockholders: Do Families Differ from Others
Using 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.
|Date of creation:||Sep 2009|
|Contact details of provider:|| Web page: http://research.hubrussel.be|
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