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When More Is Better: Multifamily Firms and Firm Performance

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  • Patricio Duran
  • Marcelo Ortiz

Abstract

Does the presence of multiple and unrelated family controllers improve firm performance? Drawing on both agency and behavioral agency theories, we argue that multifamily firms outperform single-family firms since families in multifamily firms actively monitor owners’ socioemotional goals. Additionally, we suggest that a balanced distribution of control among the owning families facilitates the monitoring process. Finally, we argue that the focal relationship follows an inverted U-shaped pattern depending on the number of families controlling the firm. We test our hypotheses using a sample of Chilean publicly listed family firms. Our study extends current knowledge of the uniqueness of multifamily firms.

Suggested Citation

  • Patricio Duran & Marcelo Ortiz, 2020. "When More Is Better: Multifamily Firms and Firm Performance," Entrepreneurship Theory and Practice, , vol. 44(4), pages 761-783, July.
    • Handle: RePEc:sae:entthe:v:44:y:2020:i:4:p:761-783
    DOI: 10.1177/1042258719851206
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