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Listed Family Firms in Germany (German)

107 Pages Posted: 20 Oct 2009  

Ann‐Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies

Christoph Kaserer

Technische Universität München (TUM)

Tobias Kauf

Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München, TUM Business School

Nina Günther

Technische Universität München - Center for Entrepreneurial and Financial Studies

Markus Ampenberger

Technische Universität München - Center for Entrepreneurial and Financial Studies

Date Written: October 19, 2009

Abstract

Family firms are an important phenomenon of the German capital market. We analyse the broadest market segment of the German Stock Exchange, the CDAX, for the years 1998 to 2008. According to a founding-family definition almost half of all CDAX-listed non-financial firms in Germany can be classified as family firms. They also represent about one third of all listed non-financial firms' market capitalization. Within these firms the founding family is not only the most important shareholder but also participates actively in most of the boards (management and supervisory board). In about 50% of all family firms the founder also serves as CEO. Family firms are smaller, younger and have higher equity ratios compared to their non-family counterparts. They are represented in all industries with a certain concentration in the services sectors. We confirm and extend previous evidence by Jaskiewicz (2006) and Andres (2008) that family ownership and management has a positive impact on a firm's operating performance. Our analysis of stock market performance provides evidence that family firms are more sensitive to market
movements compared to non-family firms.

Keywords: family firms, Germany, performance

JEL Classification: G30, G32, G34

Suggested Citation

Achleitner, Ann‐Kristin and Kaserer, Christoph and Kauf, Tobias and Günther, Nina and Ampenberger, Markus, Listed Family Firms in Germany (German) (October 19, 2009). Available at SSRN: https://ssrn.com/abstract=1490698 or http://dx.doi.org/10.2139/ssrn.1490698

Ann-Kristin Achleitner

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstr. 21
Munich, D-80290
Germany
+49 89 289 25181 (Phone)

Christoph Kaserer

Technische Universität München (TUM) ( email )

Arcisstr. 21
Munich, D-80290
Germany
+49 89 289 25489 (Phone)
+49 89 289 25488 (Fax)

HOME PAGE: http://www.cefs.de

Tobias Kauf (Contact Author)

Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München, TUM Business School ( email )

Arcisstraße 21
München, 80333
Germany

Nina Günther

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstr. 21
Munich, 80333
Germany
+49 89 289 25484 (Phone)

HOME PAGE: http://www.cefs.de

Markus Ampenberger

Technische Universität München - Center for Entrepreneurial and Financial Studies ( email )

Arcisstraße 21
München, 80333
Germany
++49 89 289 25483 (Phone)
++49 89 289 25488 (Fax)

HOME PAGE: http://www.cefs.de

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