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...
Read moreInside 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...
Read moreSingapore’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...
Read moreEmployment 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...
Read moreFamily 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...
Read moreEarnings 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...
Read moreThe 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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