Family Firms

Working Paper

01 January 2014

The Determinants of the CEO Successor Choice in Family Firms

This paper studies the factors that influence the CEO succession decision in family firms whose incumbent CEO is a member of the controlling family. The sample includes all such firms from France, Germany and the UK. We propose a...

Iram Fatima Ansari | Marc Goergen | Svetlana Mira
05 August 2019

Bolstering Family Control: Evidence from Loyalty Shares

We study the introduction of a new control-enhancing mechanism in Italy, a country characterized by family-controlled firms and growing shareholders’ protection by institutional investors. Since 2014, Italian firms have been...

Emanuele Bajo | Massimiliano Barbi | Marco Bigelli | Ettore Croci
13 July 2018

When Does the Family Govern the Family Firm?

We find that the controlling family holds both the chief executive officer and chair positions in 79% of Norwegian family firms. The family holds more governance positions when it owns large stakes in small, profitable, low-risk firms....

Øyvind Bøhren | Bogdan Stacescu | Line Almli | Kathrine Sondergaard
31 August 2021

Crises as Opportunities for Growth: The Strategic Value of Business Group Affiliation

We document a novel strategic motive for family business groups to utilize their internal capital markets (ICMs) during financial crises. We find that crisis-period group ICM activity is targeted toward exerting product market...

Ronald Masulis | Peter K. Pham | Jason Zein | Alvin E.S. Ang
01 June 2006

Inside the Family Firm: The Role of Families in Succession Decisions and Performance

This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus on the decision to appoint either a...

Morten Bennedsen | Kasper Nielsen | Francisco Perez-Gonzalez | Daniel Wolfenzon
16 August 2017

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...

Ronald Masulis | Peter Kien Pham | Jason Zein