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Family ownership and growth: the case of French SMEs

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  • Anaïs Hamelin-Schertzer
  • Joseph Trojman

Abstract

This article aims to analyse the relationship between family ownership and growth in a very large sample representative of French SMEs. Firms are differentiated from each other according to the degree of family ownership, ranging from total control by family members to minority control. The relationship between the degree of control and the firm’s growth takes into account the effect of firm’s size, age, sector, and financial solvency. The objective is to observe if family ownership has an impact on firm growth, and if this impact is not only due to a preference for financial independence. Results show that the more the family controls the firm, the less the firm is prone to sustain a high rate of sales growth, even if the availability of internal financial resources allows sustaining a larger growth rate.

Suggested Citation

  • Anaïs Hamelin-Schertzer & Joseph Trojman, 2007. "Family ownership and growth: the case of French SMEs," Working Papers CEB 07-024.RS, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:sol:wpaper:07-024
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    Cited by:

    1. Cucculelli, Marco & Marchionne, Francesco, 2012. "Market opportunities and owner identity: Are family firms different?," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 476-495.
    2. Sandra M. Leitner, 2015. "Firm growth and financing constraints in the NMS-10 and the Western Balkan countries – a comparative analysis," wiiw Balkan Observatory Working Papers 115, The Vienna Institute for International Economic Studies, wiiw.
    3. Christina E. Bannier & Sabrina Zahn, 2014. "SMEs' Growth Heterogeneity - Evidence from Regional Developments," International Journal of Business Administration, International Journal of Business Administration, Sciedu Press, vol. 5(2), pages 23-49, March.

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