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Value direction – the implementation of shareholder value – the way forward?
Purpose – The paper aims to extend the understanding of the value of quoted family‐controlled businesses (FCBs) and fill gaps in existing research by comparing the performance of such businesses with comparable non‐FCBs. Design/methodology/approach – The research approach adopted compared the share price performance of nine quoted FCBs with nine comparable non‐FCBs, utilising a range of variables designed to consider performance from a shareholder value perspective. Findings – On the basis of the sample, the paper provides insights on the extent of the shareholder value that FCBs provide, indicating that this may be greater than for non‐FCBs. Research limitations/implications – The sample size could be considered a limitation – however, it could be considered that the subdivision by size and industry group mitigates against distortions. Practical implications – The paper has practical implications for investors in considering the ownership dynamics of businesses. Originality/value – The paper contributes to the gap in existing research on FCBs and the notion of family capital.
Journal of Family Business Management – Emerald Publishing
Published: Apr 22, 2011
Keywords: Family business; Performance management; Shareholder value analysis
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