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Title

Revisiting Family Firms.

Authors

Parise, Gianpaolo

Abstract

I propose a novel measure to identify family firms based on the number of family links between high-ranking coworkers. Leveraging this measure, I reexamine previous findings in the literature and derive four novel facts: i) Measures of stock ownership misclassify firms with a large family presence. ii) Family-run firms exhibit value stock characteristics, whereas founder-CEO firms display growth stock characteristics. iii) Family-run firms pay lower costs. iv) Family managers behave myopically. I conclude that failing to consider family links can lead to highly misleading results in the study of family firms.

Subjects

FAMILY-owned business enterprises; CLASSIFICATION; FAMILY relations; STOCK ownership; RETURN on assets; DIVIDENDS; MARKET share

Publication

Journal of Financial & Quantitative Analysis, 2024, Vol 59, Issue 8, p3900

ISSN

0022-1090

Publication type

Academic Journal

DOI

10.1017/S0022109023000996

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