Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/205737 
Year of Publication: 
2017
Citation: 
[Journal:] European Research on Management and Business Economics (ERMBE) [ISSN:] 2444-8834 [Volume:] 23 [Issue:] 1 [Publisher:] Elsevier [Place:] Amsterdam [Year:] 2017 [Pages:] 46-54
Publisher: 
Elsevier, Amsterdam
Abstract: 
The study analyses the individual and joint impact of family control and diversification on the perfor-mance of major Spanish corporations, considering the nature of the ltimate owner of non-family groups.The study uses a sample of ninety-nine Spanish corporations, each comprising a parent company listed onthe stock exchange and a set of subsidiaries. Heckman’s two-step correction is used to eliminate selectionbias and the endogeneity of family ownership. Different models are contemplated in which we alysethe impact of both diversification and the family nature of a business on performance, established asTobin’s q-value. The results show how family control has a egative impact on Tobin’s q-value, and thatdifferences are greater between family groups and non-family groups controlled by banks and/or foreignagents. They also show ow diversification does not affect the creation of value either individually orconsidering the possible moderating effect of family ownership.
Subjects: 
Family firm
Business group
Diversification
Performance
Ultimate owner
JEL: 
L25
M21
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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