The life cycle of family ownership: International evidence
Journal
Review of Financial Studies
Subject
Finance
Publishing details
Publication Year
2012
Abstract
We show that in countries with strong investor protection, developed financial markets, and active markets for corporate control, family firms evolve into widely held companies as they age. In countries with weak investor protection, less developed financial markets, and inactive markets for corporate control, family control is very persistent over time. While family control in high investor protection countries is concentrated in industries that have low investment opportunities and low merger and acquisition (M&A) activity, the same is not so in countries that have low investor protection, where the presence of family control in
Available on ECCH
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