Family Firms

Working Paper

When Heirs Become Major Shareholders: Evidence on Tunnelling and Succession through Related-Party Transactions

In family firms, the succession of controlling equity stake to next generation is an issue of paramount importance. This, however, can be a major challenge in the presence of heavy inheritance or gift tax burden (high tax rate and absence of tax-...Read more

Woochan Kim
01 March 2014

Family Business Groups and Organizational Structure: A Study of Bank Pyramidal Ownership in Thailand

This paper investigates how banks and finance companies operate in a family business
group. Using uniquely detailed ownership data from Thailand, we find that the controlling
families extensively use pyramids to control banks and...Read more

Yupana Wiwattanakantang
01 July 2014

Revisiting Executive Pay in Family-Controlled Firms: Family Premium in Large Business Groups

According to the prior literature, family executives of family-controlled firms receive lower compensation than non-family executives. One of the key driving forces behind this is the existence of family members who are not involved in management...Read more

Woochan Kim
01 September 2014

Why Do Family Business Groups Expand by Creating New Public Firms? The Role of Internal Capital Markets

We document a new channel through which a family business group's internal capital market supports its members. Using data from 44 countries, we provide evidence that groups use internal capital to incubate difficult-to-finance investment...Read more

Ronald Masulis
16 August 2017

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