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| Tekijä: | Jara-Bertin, M. Lopez-Iturriaga, F.J. Lopez-de-Foronda, O. |
| Otsikko: | The contest to the control in European family firms: how other shareholders affect firm value |
| Lehti: | Corporate governance
2008 : MAY, VOL. 16:3, p. 146-159 |
| Asiasana: | family firms company value company control corporate governance shareholders Europe |
| Kieli: | eng |
| Tiivistelmä: | This paper explores the influence of large shareholders on firm value based on a sample of firms from 11 European countries with particular focus on how the existence of a controlling coalition in family-owned firms and the contestability of control of the largest shareholder affect the family-owned firms' value. It is found that increased contestability of the control of the largest shareholder increases the family-owned firms' value. It is also found out that in firms with a family as the largest shareholder, a 2nd family shareholder reduces firm value. Conversely, an institutional investor as 2nd shareholder increases firm value. Likewise, better legal protection of shareholders not members of the controlling coalition increases the family firms' value. |
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