Founding - Family Ownership And Firm Performance : Evidence from The S & P 500  

Oleh:

Anderson, Ronald C. ; Reeb, David M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 3 (2003), page 1301-1328.
Topik: Performance; studies; family owned businesses; financial performance; correlation analysis; hypotheses; statistical analysis
Fulltext: p 1301.pdf (216.52KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We investigate the relation between founding - family ownership and firm performance. We find that family ownership is both prevalent and substantial, families are present in one - third of the S & P 500 and account for 18 percent of outstanding equity. Contrary to our conjecture, we find family firms perform better than non family firms. Additional analysis reveals that the relation between family holdings and firm performance is nonlinear and that when family members serve as CEO, performance is better than with outside CEOs. Overall, our results are inconsistent with the hypothesis that minority shareholders are adversely affected by family ownership, suggesting that family ownership is an effective organizational structure.

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