The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
How Are U.S. Family Firms Controlled?
Abstract
In large U.S. corporations, founding families are the only blockholders whose control rights on average exceed their cash-flow rights. We analyze how they achieve this wedge, and at what cost. Indirect ownership through trusts, foundations, limited partnerships, and other corporations is prevalent but rarely creates a wedge (a pyramid). The primary sources of the wedge are dual-class stock, disproportionate board representation, and voting agreements. Each control-enhancing mechanism has a different impact on value. Our findings suggest that the potential agency conflict between large shareholders and public shareholders in the United States is as relevant as elsewhere in the world. The Author 2008. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.
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Cites
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure
Jensen (Deceased), M. C., & Meckling, W. H. (1998) · doi:10.2139/ssrn.94043 · Cited by 2,749
Cited by
The Ability and Willingness Paradox in Family Firm Innovation
Chrisman, J. J., Chua, J. H., De Massis, A., Frattini, F., & Wright, M. (2015) · Journal of Product Innovation Management · doi:10.1111/jpim.12207 · Cited by 566
Masulis, R. W., Pham, P. K., & Zein, J. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr052 · Cited by 523
Family Control of Firms and Industries
Villalonga, B., & Amit, R. (2010) · Financial Management · doi:10.1111/j.1755-053x.2010.01098.x · Cited by 394
Self-citationDual Class Ownership and Tax Avoidance
McGuire, S. T., Wang, D., & Wilson, R. J. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1761994 · Cited by 341
O'Boyle, E. H., Pollack, J. M., & Rutherford, M. W. (2012) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2011.09.002 · Cited by 311
Metadata
- Authors
- Villalonga, B., & Amit, R.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-08-26
- Volume
- 22
- Issue
- 8
- Pages
- 3047-3091
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123222636
- Cited by
- 484
- References
- 4
- FWCI
- 40.36
- Type
- journal article
- Language
- en
- Open access
- closed
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