Family owners monitor managers, attenuating principal–agent conflicts and improving firm performance. However, family owners also appropriate resources, creating principal–principal conflicts that harm firm performance. Although these effects occur simultaneously, research does not explain...

The scarce research on the sale of family businesses suggests that business-owning families take different factors into account than non-family owners when evaluating a business sale. This paper builds on a utility-oriented framework and analyses literature to identify the key factors that...

This article examines the long-run stock market performance of German and Spanish initial public offerings (IPOs) between 1990 and 2000. We distinguish between family- and nonfamily-owned business IPOs by using the power subscale of the F-PEC. Buy-and-hold-abnormal returns (BHAR) are calculated...