Family Firms

Spending Less Time with the Family: The Decline of Family Ownership in the UK

The Determinants of the CEO Successor Choice in Family Firms

This paper studies the factors that influence the CEO succession decision in family firms whose incumbent CEO is a member of the controlling family. The...

Performance and Behavior of Family Firms: Evidence From the French Stock Market

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...

The Role of Institutional Investors in Public-to-Private Transactions

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...

How are U.S. Family Firms Controlled?

In large U.S. corporations, founding families are the only blockholders whose control rights on average exceed their cash flow rights. We analyze how...

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...

Family Business Groups around the World: Costs and Benefits of Pyramids

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...

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...

Corporate Governance and Innovation - Venture Capital, Joint Ventures, and Family Businesses