Large Blockholders: Do Families Differ from Others

Alain Praet ()
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Alain Praet: Hogeschool-Universiteit Brussel (HUB), Belgium

No 2009/22, Working Papers from Hogeschool-Universiteit Brussel, Faculteit Economie en Management

Abstract: Using a matched-pairs methodology, I compare the impact of two different types of blockholders on the performance of the firms they control. The results reveal that independent family firms perform better than similar subsidiaries of Belgian financial holding companies over a 14-year period. Even when ultimate ownership is controlled for, the results still hold. Family-owned firms will also prefer labor intensive production to avoid the loss of control. In sum, families seem to have capabilities that are not easily replicated by other blockholders.

Keywords: Family Firms; Performance; Productivity; Subsidiaries; Financial blockholders (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Pages: 26 page
Date: 2009-09
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