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- Title
Family Ownership and Firm Performance in Chile: A Note on Martinez et al.’s Evidence.
- Authors
Bonilla, Claudio A.; Sepulveda, Jean; Carvajal, Mariela
- Abstract
The authors revisit the evidence presented in Martinez et al. using new data and estimation techniques that take into account unobserved firm heterogeneity. The results of the earlier study are found to be robust to the new procedures because performance of family-controlled firms continues to be superior to that of nonfamily firms. The authors then add the risk dimension to the earlier analysis using a risk-adjusted return on assets (ROA) variable, and family-controlled firms again performed better. A test of the standard deviations of ROA for both firm categories revealed that family-controlled firms not only perform better but also show less volatility in their returns.
- Subjects
CHILE; FAMILY-owned business enterprises; CLOSE corporations; FINANCIAL markets; FAMILY partnership; SMALL business
- Publication
Family Business Review, 2010, Vol 23, Issue 2, p148
- ISSN
0894-4865
- Publication type
Article
- DOI
10.1177/089448651002300204