IMPACTO DE LA IMPLICACIÓN FAMILIAR Y DE OTROS ACCIONISTAS DE REFERENCIA EN LA CREACIÓN DE VALOR

Abstract

This study explores the effects of different levels of family ownership and involvement on family firms' value. The sample used was built from an international database (Bureau Van Dijk) with listed firms from 15 European Union countries for the period 2004-05. Results show that family who sits in the board creates value. On the other hand, those family firms managed by a founder-descendant destroy firm value, while no significant effect was found for founder managed firms. Finally, the existence of other blockholders jointly with the family ownership moderates the relationship between family firm and performance: mutual and pension funds contribute to create value, whereas other companies as the second blockholders destroy value.

Keywords

• Family firm
• value creation
• blockholders