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Title:The benefits of family ownership, control and management on financial performance of firms PDF Logo
Authors:Audretsch, David B.
Hülsbeck, Marcel
Lehmann, Erik E.
Issue Date:2010
Series/Report no.:UO Working Paper Series 05-10
Abstract:The 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.
Subjects:Corporate Governance
Family Business
Ownership and Control
JEL:G32
L22
L26
Persistent Identifier of the first edition:doi:10.2139/ssrn.1690963
Document Type:Working Paper
Appears in Collections:Unternehmensführung und Organisation Working Papers, Universität Augsburg

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