How does family control affect stock price synchronicity

被引：9
|
作者：
Barka, Zeineb [1 ]
Benkraiem, Ramzi [2 ,3 ]
Hamza, Taher [1 ,4 ]
Lakhal, Faten [5 ]
机构：
[1] Univ Carthage, PRESTIGE Labo, IHEC, Carthage, Tunisia
[2] Audencia Business Sch, EQUIS, AACSB, Nantes, France
[3] AMBA, Nantes, France
[4] Normandie Business Sch, Metis Lab, Le Havre, France
[5] Univ Paris Est, Res Ctr, Leonard de Vinci Pole Univ, IRG,Paris Def, F-92916 Paris, France
来源：
FINANCE RESEARCH LETTERS | 2022年 / 49卷
关键词：
Stock price synchronicity; Family control; Corporate governance; Information environment; Financial crisis; FIRM PERFORMANCE; OWNERSHIP; INFORMATION; SHAREHOLDERS; GOVERNANCE;
D O I：
10.1016/j.frl.2022.103092
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper examines the effect of family control on the degree of stock price synchronicity. The results reveal that family control has a negative effect on stock price synchronicity, supporting the socioemotional wealth perspective. The results also show that this negative effect of family control on stock price synchronicity is prevalent only for family firms with high analyst coverage and a large institutional investor stake. These results suggest that families disclose more specific information to enhance their reputation and alleviate minority investors' fears of being expropriated when the firm has less information asymmetry and is well monitored.
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收藏
页数：7
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