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Founding-family firms and the creation of value: Swedish evidence
Norwegian School of Economics, Bergen, Norway.
Norwegian School of Economics, Bergen, Norway.
Norwegian School of Economics, Bergen, Norway.
2013 (English)In: Managerial Finance, ISSN 0307-4358, E-ISSN 1758-7743, Vol. 39, no 10, p. 963-978Article in journal (Refereed) Published
Abstract [en]

Purpose

The purpose of this paper is to investigate the extent to which founding‐family firms create value. In particular, the paper investigates how agency costs and monitoring capabilities influence the value creation process.

Design/methodology/approach

The empirical analysis relies on unique hand‐collected ownership data that has been collected for all Swedish publicly listed firms in the years 2001 to 2010 (2,128 observations). The research design employs level regression specifications and they are tested using pooled cross‐sectional regressions with controls for year and industry fixed effects.

Findings

The paper confirms previous studies that firms with founding family ownership have a higher value (Tobin's Q) and higher performance (RNOA). In contrast to prior studies, the paper finds that firm value and performance is significantly higher when ownership is concentrated the most. The paper also shows that firm value and performance is significantly lower for long‐term non‐founding‐family ownership.

Originality/valueThis is one of the largest single‐country analyses of founding family owner effects on value and performance in publicly listed firms. The paper confirms known associations between ownership and performance in a unique institutional setting. The paper extends previous research findings by identifying differences in value and performance between founding family owners and long‐term non‐founding‐family owners.

Place, publisher, year, edition, pages
Emerald , 2013. Vol. 39, no 10, p. 963-978
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hig:diva-38241DOI: 10.1108/MF-11-2012-0228OAI: oai:DiVA.org:hig-38241DiVA, id: diva2:1647128
Available from: 2018-04-27 Created: 2022-03-25 Last updated: 2022-03-25Bibliographically approved

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Hamberg, Mattias

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CiteExportLink to record
Permanent link

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Citation style
  • apa
  • harvard-cite-them-right
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • sv-SE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • de-DE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf