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Large Blockholders: Do Families Differ from Others


  • Praet, Alain

    () (Hogeschool-Universiteit Brussel (HUB), Belgium)


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.

Suggested Citation

  • Praet, Alain, 2009. "Large Blockholders: Do Families Differ from Others," Working Papers 2009/22, Hogeschool-Universiteit Brussel, Faculteit Economie en Management.
  • Handle: RePEc:hub:wpecon:200922

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    Family Firms; Performance; Productivity; Subsidiaries; Financial blockholders;

    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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