Does the Type of Family Control Affect the Relationship Between Ownership Structure and Firm Value?

Martínez, Beatriz and Requejo, Ignacio ORCID: 0000-0002-4071-2489 (2017) Does the Type of Family Control Affect the Relationship Between Ownership Structure and Firm Value? International Review of Finance, 17 (1). pp. 135-146.

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Abstract

<jats:title>Abstract</jats:title><jats:p>Our objective is to disentangle which family business characteristics enable family ownership to be an effective corporate governance mechanism. To this aim, we investigate whether the relationship between ownership concentration and firm value is moderated by the type of family influence. This study shows that family control positively affects performance, primarily when family members serve on the board and when the founder is still influential. Our findings hold when we control for the general blockholder effect and they are robust to a battery of tests. We conclude that the impact of ownership concentration on firm value differs across family firms.</jats:p>

Item Type:	Article
Depositing User:	Symplectic Admin
Date Deposited:	19 Sep 2016 16:16
Last Modified:	31 Oct 2023 03:03
DOI:	10.1111/irfi.12093
Related URLs:	Publisher
URI:	https://livrepository.liverpool.ac.uk/id/eprint/3003370