TY - JOUR
T1 - Family ties, do they matter :
T2 - family ownership and firm performance in Peru
AU - Benavides Franco, Julián
AU - Mongrut Montalván, Samuel Arturo
AU - González Velasco, Mónica
N1 - Bibliografía: páginas 101-102.
ISSN: 1727-9232 (Print)
PY - 2012
Y1 - 2012
N2 - This paper studies the relationship between ownership concentration, family ownership, management, and market and accounting performance for 59 industrial firms listed in the Lima Stock Exchange during the period of 1999 to 2005. An inverted U-shaped relationship was found between ownership concentration and market performance in both family and non-family firms, pointing out an entrenchment effect or excessive risk aversion of the controlling group. This effect is worsened for family firms. The presence of family members as CEOs, Chairmen and Board Members is also negative for a firm’s performance and family ownership was found to increase the leverage of a firm.
AB - This paper studies the relationship between ownership concentration, family ownership, management, and market and accounting performance for 59 industrial firms listed in the Lima Stock Exchange during the period of 1999 to 2005. An inverted U-shaped relationship was found between ownership concentration and market performance in both family and non-family firms, pointing out an entrenchment effect or excessive risk aversion of the controlling group. This effect is worsened for family firms. The presence of family members as CEOs, Chairmen and Board Members is also negative for a firm’s performance and family ownership was found to increase the leverage of a firm.
KW - Family firms
KW - Ownership concentration
KW - Performance
KW - Family management
U2 - 10.22495/cocv9i4art7
DO - 10.22495/cocv9i4art7
M3 - Artículo de revista
SN - 1810-3057
VL - 9
SP - 96
EP - 107
JO - Corporate Ownership & Control
JF - Corporate Ownership & Control
IS - 4
ER -