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Revisiting Family Firms

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  • Parise, Gianpaolo

Abstract

I propose a novel measure to identify family firms based on the number of family links between high-ranking co-workers. Leveraging this measure, I reexamine previous findings in the literature and derive five novel facts: (1) Measures of stock ownership misclassify firms with a large family presence. (2) Family-run firms outperform non-family firms. (3) Differences in valuations between family-run and non-family-run firms are amplified by selection. (4) Family-run firms are more cost-effective. (5) Family managers behave myopically. I conclude that failing to consider family links can lead to highly misleading results in the study of family firms.

Suggested Citation

  • Parise, Gianpaolo, 2023. "Revisiting Family Firms," CEPR Discussion Papers 17822, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17822
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    More about this item

    Keywords

    Family firms; Firm performance; Stock ownership;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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