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| Author: | Barontini, R. Caprio, L. |
| Title: | The effect of family control on firm value and performance: Evidence from Continental Europe |
| Journal: | European Financial Management
2006 : NOV, VOL. 12:5, p. 689-723 |
| Index terms: | management financial management corporate governance performance appraisal family firms |
| Freeterms: | ownership structure |
| Language: | eng |
| Abstract: | Using data from 675 publicly traded corporations in 11 continental European countries, this paper examines the relation btw. ownership structure (here as: o-str.) and firm performance (here as: perf). Although family-controlled companies (as: f-c-cs.) show larger separation btw. control and cash-flow rights, the results do not support the hypothesis that family control complicates firm perf. Valuation (as: val.) and operating perf. are significantly higher in founder-controlled corporations and in companies controlled by descendants (as: desc./descs.) sitting on the board as non-executive directors. When a desc. takes the position of CEO, f-c-cs. do not statistically stand out from non-family firms in terms of val. and perf. |
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