Family ownership and growth: the case of French SMEs

Anaïs Hamelin and Joseph Trojman

No 07-024.RS, Working Papers CEB from ULB -- Universite Libre de Bruxelles

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.

Pages: 31 p.
Date: 2007-08
New Economics Papers: this item is included in nep-bec, nep-cse and nep-hrm
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Citations: View citations in EconPapers (3)

Published by: Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB)

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