The Effect of Family Control on Firm Value and Performance: Evidence from Continental Europe
作者： Roberto Barontini , Lorenzo Caprio
DOI: 10.1111/J.1468-036X.2006.00273.X
关键词: Control (management) 、 Monetary economics 、 Business 、 Valuation (finance) 、 Enterprise value 、 Position (finance) 、 Descendant 、 Corporate governance
摘要: We investigate the relation between ownership structure and firm performance in Continental Europe, using data from 675 publicly traded corporations 11 countries. Although family-controlled exhibit larger separation control cash-flow rights, our results do not support hypothesis that family hampers performance. Valuation operating are significantly higher founder-controlled controlled by descendants who sit on board as non-executive directors. When a descendant takes position of CEO, companies statistically distinguishable non-family firms terms valuation
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