The Impact of Vote Differentiation on Investment Performance in Listed Family Firms

Author:

Bjuggren Per-Olof1,Palmberg Johanna2

Affiliation:

1. Jönköping International Business School, Jönköping, Sweden, Ratio Institute, Stockholm, Sweden

2. Jönköping International Business School, Jönköping, Sweden,

Abstract

This article investigates the effects of separation of ownership and control because of vote differentiation on listed family firms’ investment performance. The authors study the question of whether family-controlled firms have better investment performance than nonfamily firms and whether this investment performance is negatively affected by a separation of ownership and control because of vote differentiation. Marginal q is used as a performance measure. The empirical analysis shows that family control has a positive impact on investment performance when ownership and control are aligned, whereas separation of ownership and control in terms of vote-differentiated shares reduce investment performance.

Publisher

SAGE Publications

Subject

Finance,Business, Management and Accounting (miscellaneous)

Cited by 39 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Dual-Class Firms: A Systematic Literature Review;SSRN Electronic Journal;2024

2. Determinants of Dividend Payout in Unlisted Spanish Family and Non-Family Firms;European Journal of Family Business;2022-12-14

3. Strategic Behavior in Family Firms;Research Anthology on Strategies for Maintaining Successful Family Firms;2022

4. Corporate Governance and Firm Innovation;Research Anthology on Strategies for Maintaining Successful Family Firms;2022

5. The Effect of Ownership Structure on Disclosure Quality and Credit Ratings in Family Firms: The Moderating Role of Auditor Choice;Family Business Review;2021-12-07

同舟云学术

1.学者识别学者识别

2.学术分析学术分析

3.人才评估人才评估

"同舟云学术"是以全球学者为主线,采集、加工和组织学术论文而形成的新型学术文献查询和分析系统,可以对全球学者进行文献检索和人才价值评估。用户可以通过关注某些学科领域的顶尖人物而持续追踪该领域的学科进展和研究前沿。经过近期的数据扩容,当前同舟云学术共收录了国内外主流学术期刊6万余种,收集的期刊论文及会议论文总量共计约1.5亿篇,并以每天添加12000余篇中外论文的速度递增。我们也可以为用户提供个性化、定制化的学者数据。欢迎来电咨询!咨询电话:010-8811{复制后删除}0370

www.globalauthorid.com

TOP

Copyright © 2019-2024 北京同舟云网络信息技术有限公司
京公网安备11010802033243号  京ICP备18003416号-3