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Family‐controlled businesses and shareholder value

Family‐controlled businesses and shareholder value 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Family Business Management Emerald Publishing

Family‐controlled businesses and shareholder value

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References (44)

Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
2043-6238
DOI
10.1108/20436231111122281
Publisher site
See Article on Publisher Site

Abstract

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

Journal of Family Business ManagementEmerald Publishing

Published: Apr 22, 2011

Keywords: Family business; Performance management; Shareholder value analysis

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