Family Versus Nonfamily Firms: Evidence from the Portuguese Stock Market

• Autores: José Luis Miralles Marcelo, Inés Lisboa
• Localización: XI Congreso Hispano-Italiano de Matemática Financiera y Actuarial: Badajoz, 2, 3 y 4 de julio de 2009 / coord. por José Luis Miralles Marcelo, 2009, págs. 1-20
• Idioma: inglés
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• Resumen

  • Most companies in the world are family-owned. This study analyzes the differences in corporate governance, risk taking, and enterprise dynamics between family and nonfamily firms. We aim to verify excess return differences between both type of firms and which factors and variables are more relevant to explain it. Using data from Portuguese publicly traded corporations and factors and variables related with market risk, company size and growth potential, performance persistence and market illiquidity, we find that family firm excess return is different from nonfamily firm one.