Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 25, 2022 erstellt
Description:
We find that the difference between the mean return on assets of all Norwegian family firms and nonfamily firms is 1.4 percentage points and positive every year over twenty years. This family firm premium increases when the family as a whole owns a higher equity stake, has fewer owning members, and participates more actively in the firm’s governance. The premium also increases when the family has less personal wealth, less diversified wealth, and less liquid shares. This evidence suggests that family firms have governance advantages and financial disadvantages, and that both depend on personal characteristics of the controlling family