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| Tekijä: | Anderson, R. C. Duru, A. Reeb, D. M. |
| Otsikko: | Founders, heirs, and corporate opacity in the United States |
| Lehti: | Journal of Financial Economics
2009 : MAY, VOL 92:2, p. 205-222 |
| Asiasana: | family firms PERFORMANCE APPRAISAL markets share ownership USA |
| Kieli: | eng |
| Tiivistelmä: | According to the article, the availability of information about firm activities may vary prominently in case of family ownership, which can increase the risk for minor investors. To test the family shareholders' potential to benefit from firm opacity, the authors create an opacity index to rank the transparency on 2000 US industrial firms. The findings suggest that of large publicity traded firms, founder and heir -controlled firms were substantially less transparent than others, and that this opacity is associated with lower performance. |
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