haku: @author Reeb, D. M. / yhteensä: 10
viite: 4 / 10
| Tekijä: | Anderson, R. C. Reeb, D. M. |
| Otsikko: | Founding-family ownership and firm performance: evidence from the S&P 500 |
| Lehti: | Journal of Finance
2003 : JUN, VOL. 58:3, p. 1301-1328 |
| Asiasana: | Family firms Chief executive officers Performance appraisal |
| Kieli: | eng |
| Tiivistelmä: | The authors investigate the relation between founding-family ownership and firm performance. They find that family ownership is both prevalent and substantial; families are present in one-third of the S&P 500 and account for 18 % of outstanding equity. Contrary to our conjecture, they find family firms perform better than nonfamily firms. Additional analysis reveals that the relation between family holdings and firm performance is nonlinear and that when family members serve as CEO, performance is better than with outside CEOs. The results are inconsistent with the hypothesis that minority shareholders are adversely affected by family ownership, suggesting that family ownership is an effective organizational structure. |
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