Izvorni znanstveni članak

https://doi.org/10.1080/1331677X.2021.1986673

Founding-family-controlled firms, intergenerational succession, and firm value

Carlos Cid
Pablo San Martín orcid.org/0000-0002-1944-9399
Paolo Saona orcid.org/0000-0002-3151-9855

Sažetak

Using a unique, hand-collected data sample and panel-data
econometric techniques, we analyse the impact of founding-family control and intergenerational succession on the value of
Chilean listed companies. After controlling for firm- and ownership-specific characteristics, we find an inverse U-shaped relationship between a founding family’s degree of ownership and firm
value. Hence, family ownership at first increases firm value.
However, when family ownership exceeds a threshold of about
38 percent of outstanding shares, the family takes advantage of
its power in the firm and extracts wealth from minority shareholders. Further, if the founder of the company is the CEO or chairman of the board, firm value increases. However, family
businesses with a subsequent-generation owner-manager destroy value.

Ključne riječi

Family firms; family control; founding families; intergenerational succession; firm value

Hrčak ID:

302501

URI

https://hrcak.srce.hr/302501

Datum izdavanja:

31.3.2023.

Posjeta: 187 *