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http://ssrn.com/abstract=1107466
 
 

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Family Control of Firms and Industries


Belen Villalonga


New York University (NYU) - Leonard N. Stern School of Business

Raphael H. Amit


University of Pennsylvania - Management Department

December 2009

Financial Management, Forthcoming

Abstract:     
We test what explains family control of firms and industries and find that the explanation is largely contingent on the identity of families and individual blockholders. Founders and their families are more likely to retain control when doing so gives the firm a competitive advantage, thereby benefiting all shareholders. In contrast, non-founding families and individual blockholders are more likely to retain control when they can appropriate private benefits of control. Families are more likely to maintain control when the efficient scale is small, the need to monitor employees is high, investment horizons are long, and the firm has dual-class stock.

Number of Pages in PDF File: 60

Keywords: Family firms, ownership, control, dual-class stock, corporate governance

JEL Classification: G32, G3

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Date posted: March 25, 2008 ; Last revised: December 21, 2011

Suggested Citation

Villalonga, Belen and Amit, Raphael H., Family Control of Firms and Industries (December 2009). Financial Management, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1107466 or http://dx.doi.org/10.2139/ssrn.1107466

Contact Information

Belen Villalonga (Contact Author)
New York University (NYU) - Leonard N. Stern School of Business ( email )
40 West 4th Street
New York, NY NY 10012
United States
Raphael H. Amit
University of Pennsylvania - Management Department ( email )
The Wharton School
Philadelphia, PA 19104-6370
United States

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