Corporate governance and performance in public listed, family-controlled firms: an empirical evidence from italian corporate sector

• Autor(a) principal: Rodrigues, Cecília de Jesus Cardoso
• Data de Publicação: 2010
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10400.6/2906
• topic: Corporate governance - Performance; Empresas familiares - Gestão

This paper provides an analysis of the governance-performance relations in public listed and family-controlled firms. After controlling of potential endogeneity problems, by suing GMM estimators, the results show that family firms perform better compared to nonfamily firms. The active family involvement in management positions implies high firm performance. The results also indicate that beside the fact that family management increase efficiency such control does not imply an increase in valuation levels, and thus may not accrue to minority shareholders. Moreover, the results also sustain an incentive alignment effect between the coalition of large shareholders and firm value. Thus, the results confirm that the incentive to collude or monitoring controlling shareholders is affected by the type of blockholder. Additionally, the results support evidence that board dominance is another channel through which families can extract private benefits.