Founding family ownership, stock market ...
Document type :
Compte-rendu et recension critique d'ouvrage
Title :
Founding family ownership, stock market returns, and agency problems
Author(s) :
Journal title :
Journal of Banking & Finance
Pages :
105600
Publication date :
2019-10
ISSN :
0378-4266
English keyword(s) :
Family firm
Ownership structure
Abnormal returns
Performance
Earnings surprise
Ownership structure
Abnormal returns
Performance
Earnings surprise
HAL domain(s) :
Sciences de l'Homme et Société/Gestion et management
English abstract : [en]
This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock ...
Show more >This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different firm characteristics and risk factors. Family firms generate an annual abnormal return of 2.8% to 7.1%. We also document that family firms potentially having more agency problems earn higher abnormal returns. Our evidence suggests that outside investors receive a premium for holding shares of these firms as they are exposed to the specific agency problems present in family firms.Show less >
Show more >This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different firm characteristics and risk factors. Family firms generate an annual abnormal return of 2.8% to 7.1%. We also document that family firms potentially having more agency problems earn higher abnormal returns. Our evidence suggests that outside investors receive a premium for holding shares of these firms as they are exposed to the specific agency problems present in family firms.Show less >
Language :
Anglais
Popular science :
Non
Collections :
Source :
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