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

被引：25
|
作者：
Bjuggren, Per-Olof [2 ]
Palmberg, Johanna [1 ]
机构：
[1] Jonkoping Int Business Sch, Dept Econ, SE-55111 Jonkoping, Sweden
[2] Ratio Inst, Stockholm, Sweden
来源：
FAMILY BUSINESS REVIEW | 2010年 / 23卷 / 04期
关键词：
corporate governance; family firms; dual-class shares; investments; firm performance; AGENCY COSTS; CORPORATE GOVERNANCE; MARGINAL-Q; OWNERSHIP; MANAGEMENT; ENTREPRENEURSHIP; RETURNS; ISSUES;
D O I：
10.1177/0894486510379001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：327 / 340
页数：14
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