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dc.contributor.authorAudretsch, David B.en_US
dc.contributor.authorHülsbeck, Marcelen_US
dc.contributor.authorLehmann, Erik E.en_US
dc.description.abstractThe benefits of family ownership and control of firms are at the center of the family firm debate. Previous studies have used either family ownership or management as proxies for control. Both indicators are off the mark, as they do not measure decision control as intended by the theory of the firm. This is the first study investigating the direct influence of family ownership, control and management on financial firm performance, while controlling for goal heterogeneity of different stakeholders. Our results clearly show that family control is beneficial for all stakeholders, while neither family ownership nor management influences financial performance. Monitoring behavior of families is the central component and essence of family firms and can be used as a point of departure for the development of a unified theory of family firms.en_US
dc.publisherUniv., Wirtschaftswiss. Fak., Lehrstuhl für Unternehmensführung und Organisation Augsburgen_US
dc.relation.ispartofseriesUO Working Paper Series 05-10en_US
dc.subject.keywordCorporate Governanceen_US
dc.subject.keywordFamily Businessen_US
dc.subject.keywordOwnership and Controlen_US
dc.titleThe benefits of family ownership, control and management on financial performance of firmsen_US
dc.typeWorking Paperen_US
Appears in Collections:Unternehmensführung und Organisation Working Papers, Universität Augsburg

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