search query: @indexterm Financial theory / total: 142
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| Author: | Burkart, M. Panunzi, F. Shleifer, A. |
| Title: | Family firms |
| Journal: | Journal of Finance
2003 : OCT, VOL. 58:5, p. 2167-2201 |
| Index terms: | Family firms Small business Financial theory |
| Language: | eng |
| Abstract: | The authors present a model of succession in a firm owned and managed by its founder. They asssume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by the legal environment. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European patterns of corporate governance as special cases, and generates additional empirical predictions consistent with cross-country evidence. |
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