Supervivencia y diversificación de los grupos familiares y no familiares encabezados por una empresa española cotizada en el período 1990-2005

Alejandro Hernández Trasobares and Carmen Galve Górriz
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Alejandro Hernández Trasobares: Universidad de Zaragoza
Carmen Galve Górriz: Universidad de Zaragoza

EKONOMIAZ. Revista vasca de Economía, 2008, vol. 68, issue 02, 182-209

Abstract: This paper analyses the evolution and survival of a collective of family and non-family firms that were listed in the shared market in 1990 during 1990-2005; later we studied the degree of diversification for family and non-family pyramidal groups present in survivor listed companies, where a group is represented by all companies under the effective control of the main shareholder (family or non-family) of listed company. The ultimate purpose of this study is to verify the existence of differences, first, in stock markets permanence rates and in survival rates for family and non-family firms, and secondly, differences in the degree of diversification for family and non-family groups. Empirical analysis shows an increase in the presence of families in stock markets, a higher rate of survival for family firms and few minor differences in the degree of diversification among family and non-family groups (excluding “Contruction”, that is atypical in its evolution).

Keywords: family firm; corporate governance; diversification; corporate survival; ownership structure (search for similar items in EconPapers)
JEL-codes: G32 M13 M21 (search for similar items in EconPapers)
Date: 2008
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