Ownership Structure and Stock Returns: Analysis of the Impact of Family Shareholding

36 Pages Posted: 1 Aug 2014 Last revised: 17 Nov 2014

See all articles by Nicolas Eugster

Nicolas Eugster

Catholic University of Lille - IESEG School of Management

Date Written: July 31, 2014

Abstract

This paper examines the relationship between the ownership structure and the stock returns for a sample of 195 companies listed on the Swiss Exchange for the period 2003-2013. The distinction is made between family firms, widely held firms and those owned by another blockholder, as well as between the generation of the family firm and the active involvement of the family in the management of the company. The results of the study show that differences in the ownership structure of companies have a non-negligible influence on the stock value and investment strategies based on the latter provide significant abnormal returns.

Keywords: family firms, widely held firms, founder, descendant, active family, ownership structure, stock returns, abnormal returns

JEL Classification: G11, G32

Suggested Citation

Eugster, Nicolas, Ownership Structure and Stock Returns: Analysis of the Impact of Family Shareholding (July 31, 2014). 27th Australasian Finance and Banking Conference 2014 Paper. Available at SSRN: https://ssrn.com/abstract=2474578 or http://dx.doi.org/10.2139/ssrn.2474578

Nicolas Eugster (Contact Author)

Catholic University of Lille - IESEG School of Management ( email )

3 rue de la Digue
Lille, Lille 59000
France

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