than non-family firms. Managers differ in their degree of risk aversion and talent. The entry of firms and managers, the …We provide evidence on the match between firms, managers and incentives using a new survey designed for this purpose … managers are heterogeneous. Following the sources of heterogeneity observed in the data, we assume that firms differ by …

ownership, membership in family groups, institutional cross-share holdings, and coordination centers which under Belgian law … pyramids, voting alliances, and participation in family groups. We find that the level of liquid asset holding is positively … associated with ownership concentration and that this effect is particularly marked for family firms. Given the difficulties of …

Dynastic management is the inter-generational transmission of control over assets that is typical of family-owned firms … potential source of inefficiency: if the heir to the family firm has no talent for managerial decision-making, meritocracy fails …

Using firm-, industry-, and country-level data, we document a link between family ownership and labour relations …. Across countries, we find that family ownership is relatively more prevalent in countries in which labour relations are … difficult, consistent with firm-level evidence suggesting that family firms are particularly effective at coping with difficult …

We look at the corporate performance of family firms listed on the French stock exchange between 1994 and 2000. On the … remaining third are heir-controlled family firms. We find that, in cross section, family firms largely outperform widely held …. Finally, we discuss issues related to the endogeneity of performance/family regressions looking both at delisting and …

competition is weak and/or when (b) family-owned firms pass management control down to the eldest sons (primo geniture). European … geniture due to the influence of Norman legal origin and generous estate duty for family firms. We calculate that product … market competition and family firms account for about half of the long tail of badly managed firms and up to two thirds of …

looks at whether family control is an obstacle to entering foreign markets. The underlying assumption is that family firms … may hinder family firms’ decision to enter foreign markets, particularly distant ones. The empirical analysis, based on a … detailed panel data set of Italian firms covering the years from 1995 to 2003, confirms such predictions by showing that family …

stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a …-2006 interval, we find that stricter inheritance law is associated with lower investment in family firms, while it leaves investment … unaffected in non-family firms. Moreover, as predicted by the model, inheritance laws affects investment only in family firms …

In this paper, we study the performance of Italian listed family firms in the period 1998-2003. We measure their … performance by using both accounting and market data. We first study the relative performance of family firms compared to widely … held firms. Then we investigate whether performance is affected by the type of family firm (i.e., whether the CEO is a …

According to conventional wisdom, family ownership, which signals a lack of social capital and trust in an economy, may … impede innovation. This argument, however, fails to recognize that modern family firms can benefit from capitalist … institutions that promote innovation. Using a comprehensive sample of U.S. family-owned public firms and patents for the period …