Founding-family ownership and firm performance: Evidence from the S&P 500

• 成果类型: Article
• 署名作者: Anderson, RC; Reeb, DM
• 署名单位: American University; University of Alabama System; University of Alabama Tuscaloosa
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/1540-6261.00567
• 发表日期: 2003
• 页码: 1301-1328
• 关键词: corporate-ownership; large shareholders; market valuation; AGENCY COSTS

摘要

We investigate the relation between founding-family ownership and firm performance. We find that family ownership is both prevalent and substantial; families are present in one-third of the S&P 500 and account for 18 percent of outstanding equity. Contrary to our conjecture, we find family firms perform better than nonfamily firms. Additional analysis reveals that the relation between family holdings and firm performance is nonlinear and that when family members serve as CEO, performance is better than with outside CEOs. Overall, our results are inconsistent with the hypothesis that minority shareholders are adversely affected by family ownership, suggesting that family ownership is an effective organizational structure.