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Medientyp:
E-Artikel
Titel:
Revisiting Family Firms
Beteiligte:
Parise, Gianpaolo
Erschienen:
Cambridge University Press (CUP), 2023
Erschienen in:
Journal of Financial and Quantitative Analysis (2023), Seite 1-21
Sprache:
Englisch
DOI:
10.1017/s0022109023000996
ISSN:
0022-1090;
1756-6916
Entstehung:
Anmerkungen:
Beschreibung:
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.