Founding family ownership, stock market ...
Type de document :
Compte-rendu et recension critique d'ouvrage
Titre :
Founding family ownership, stock market returns, and agency problems
Auteur(s) :
Titre de la revue :
Journal of Banking & Finance
Pagination :
105600
Date de publication :
2019-10
ISSN :
0378-4266
Mot(s)-clé(s) en anglais :
Family firm
Ownership structure
Abnormal returns
Performance
Earnings surprise
Ownership structure
Abnormal returns
Performance
Earnings surprise
Discipline(s) HAL :
Sciences de l'Homme et Société/Gestion et management
Résumé en anglais : [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 ...
Lire la suite >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.Lire moins >
Lire la suite >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.Lire moins >
Langue :
Anglais
Vulgarisation :
Non
Collections :
Source :
Fichiers
- http://doc.rero.ch/record/305896/files/WP_SES_490.pdf
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