The Effect of Family Control on Firm Value and Performance: Evidence from Continental Europe

被引：294

作者：

Barontini, Roberto

Caprio, Lorenzo

机构：

[1] Scuola Super Sant Anna, I-56127 Pisa, Italy

[2] Univ Cattolica Sacro Cuore, I-20123 Milan, Italy

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2006年 / 12卷 / 05期

关键词：

ownership structure; corporate governance; family firms;

D O I：

10.1111/j.1468-036X.2006.00273.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the relation between ownership structure and firm performance in Continental Europe, using data from 675 publicly traded corporations in 11 countries. Although family-controlled corporations exhibit larger separation between control and cash-flow rights, our results do not support the hypothesis that family control hampers firm performance. Valuation and operating performance are significantly higher in founder-controlled corporations and in corporations controlled by descendants who sit on the board as non-executive directors. When a descendant takes the position of CEO, family-controlled companies are not statistically distinguishable from non-family firms in terms of valuation and performance.

引用

页码：689 / 723

页数：35

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