Working Paper
Why Do Family Business Groups Expand by Creating New Public Firms? The Role of Internal Capital Markets
We document a new channel through which a family business group's internal capital market supports its members. Using data from 44 countries, we provide...
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Inside the Family Firm: The Role of Families in Succession Decisions and Performance
This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of...
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Singapore’s Puzzling Embrace of Shareholder Stewardship: A Successful Secret
In the wake of the 2008 Global Financial Crisis, the UK created the first stewardship code which was designed to transform its rationally passive...
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Employment and Wage Insurance within Firms: Worldwide Evidence
If unemployment insurance is more generous, workers should demand less implicit insurance from their employers: firm- and government-provided...
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Family Business Groups and Organizational Structure: A Study of Bank Pyramidal Ownership in Thailand
This paper investigates how banks and finance companies operate in a family business group. Using uniquely detailed ownership data from Thailand, we...
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Earnings Management around Founder CEO Re-appointments and Successions in Family Firms
This paper studies CEO re-appointment and succession events in listed family firms with an incumbent family CEO in France, Germany and the UK over...
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The Family Behind the Family Firm Premium: Agency Conflicts and Personal Financial Constraints
We relate the personal characteristics of the controlling family to the difference between the return on assets of all Norwegian family firms and...
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