Are Entrepreneur-Led Companies Better? Evidence from Publicly Traded U.S. Companies: 1998-2010

Joel M. Shulman
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Joel M. Shulman: Babson College, Babson Park, Massachusetts, USA

JRFM, 2010, vol. 3, issue 1, 1-21

Abstract: Do U.S. publicly-traded companies led by entrepreneurs perform better than nonentrepreneur-led U.S. public companies? Our data suggests they do. We analyze monthly stock returns of U.S. publicly traded companies over the time period 1998-2010 and find compelling evidence demonstrating that irrespective of market capitalization and time period, companies led by U.S. entrepreneurs provide better stock performance than several stock market indices primarily comprised of non-entrepreneur-led U.S. companies.

Keywords: Entrepreneurial companies; publicly-traded companies; high portfolio returns; entrepreneurial indices; risk-adjusted alpha; family ownership (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2010
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