We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- 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