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Founding-family-controlled firms, intergenerational succession, and firm value

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Founding-family-controlled firms, intergenerational succession, and firm value

dc.contributor.author	Cid Aranda, Carlos
dc.contributor.author	San Martín Mosqueira, Pablo
dc.contributor.author	Saona Hoffmann, Paolo
dc.date.accessioned	2023-07-11T09:52:43Z
dc.date.available	2023-07-12T04:45:07Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Carlos Cid, Pablo San Martín & Paolo Saona (2022) Founding-family controlled firms, intergenerational succession, and firm value, Economic Research-Ekonomska Istraživanja, 35:1, 3138-3167.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/88685
dc.description.abstract	Using a unique, hand-collected data sample and panel-data econometric techniques, we analyse the impact of founding-family control and intergenerational succession on the value of Chilean listed companies. After controlling for firm- and ownership-specific characteristics, we find an inverse U-shaped relationship between a founding family’s degree of ownership and firm value. Hence, family ownership at first increases firm value. However, when family ownership exceeds a threshold of about 38 percent of outstanding shares, the family takes advantage of its power in the firm and extracts wealth from minority shareholders. Further, if the founder of the company is the CEO or chairman of the board, firm value increases. However, family businesses with a subsequent-generation owner-manager destroy value.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Taylor & Francis	es_ES
dc.subject	family firms	es_ES
dc.subject	family control	es_ES
dc.subject	founding families	es_ES
dc.subject	intergenerational succession	es_ES
dc.subject	firm value	es_ES
dc.title	Founding-family-controlled firms, intergenerational succession, and firm value	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1080/23311975.2022.2152156	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES