Ownership Concentration of Family and Non-Family Firms and the Relationship to Performance

Guillermo Acuña, Jean Sepulveda () and Marcos Vergara ()
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Marcos Vergara: School of Business and Economics, Universidad del Desarrollo

No 3, Serie Working Papers from Universidad del Desarrollo, School of Business and Economics

Abstract: This paper analyzes whether family enterprises perform better than non-family enterprises, as found in previous studies on Chilean companies, based on the ownership structure of the business, which is an important factor in the literature on corporate governance that had not been taken into account. The analysis confirmed that family enterprises performed better than non-family enterprises and that the effect of ownership concentration on business performance depends on the type of enterprise, regardless of whether it is family-owned. Lastly, the results suggest that performance is better when there is a concentrated ownership, comprised both of shareholders who are family members and others who are not, than with other schemes of corporate governance.

Keywords: Family-Owned Firms; Performance; Ownership Concentration (search for similar items in EconPapers)
JEL-codes: G20 G32 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2014-01, Revised 2014-12
New Economics Papers: this item is included in nep-bec
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http://repositorio.udd.cl/bitstream/handle/11447/22/wp03.pdf?sequence=1 First version, 2007 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:dsr:wpaper:03

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