Family Ownership and Firm Performance: A Closer Look at the Evidence from Public Companies in Chile

Claudio Bonilla, Mariela Carvajal and Jean Sepulveda ()
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Mariela Carvajal: Universidad de Chile

No 8, Serie de Documentos de Trabajo from Superintendencia de Valores y Seguros

Abstract: We revisit the evidence presented in Martinez et al. (2007) using new data and estimation techniques that take into account unobserved firm heterogeneity. The results of the earlier study are found to be robust to the new procedures since performance of family firms continues to be superior to non-family firms. We then add the risk dimension to the earlier analysis using a risk-adjusted ROA variable, and family firms again performed better. A test of the standard deviations of ROA for both firm categories revealed that family firms not only perform better but also show less volatility in their returns.

Keywords: Family firms; performance. (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2010-02
New Economics Papers: this item is included in nep-eff
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