We investigate the role played by institutional development in the prevalence and value of family firms, while controlling for the potential effect of cultural norms. China provides a good research lab since it combines great heterogeneity in institutional development across the Chinese...

A panel data set on a sample of publicly traded U.S.firms is used to examine the effects of family ownership, control, andmanagement on firm value. The data sample comprises 2,808 observations on 508firms listed on the Fortune 500 between 1994 and 2000. Analysis of the data indicates that family...