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Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500
Abstract
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.
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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
Investor protection and equity markets
Shleifer, A., & Wolfenzon, D. (2002) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00149-6 · Cited by 1,077
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Dimensionalizing Cultures: The Hofstede Model in Context
Hofstede, G. (2011) · Online Readings in Psychology and Culture · doi:10.9707/2307-0919.1014 · Cited by 7,250
ESG performance and firm value: The moderating role of disclosure
Fatemi, A., Glaum, M., & Kaiser, S. (2018) · Global Finance Journal · doi:10.1016/j.gfj.2017.03.001 · Cited by 1,611
Corporate immunity to the COVID-19 pandemic
Ding, W., Levine, R., Lin, C., & Xie, W. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.03.005 · Cited by 1,484
Founding Family Ownership and Earnings Quality: founding family ownership
WANG, D. (2006) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2006.00213.x · Cited by 1,121
Are Busy Boards Effective Monitors?
Fich, E. M., & Shivdasani, A. (2012) · Corporate Governance · doi:10.1007/978-3-642-31579-4_10 · Cited by 1,051
Metadata
- Authors
- Anderson, R. C., & Reeb, D. M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2003-05-06
- Volume
- 58
- Issue
- 3
- Pages
- 1301-1328
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2111558694
- Cited by
- 5,122
- References
- 2
- FWCI
- 115.04
- Type
- journal article
- Language
- en
- Open access
- closed
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- Anderson, R. C., & Reeb, D. M. (2003). Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance. https://doi.org/10.1111/1540-6261.00567
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
