Family Control of Firms and Industries

Financial Management

Volumn 39, Issue 3, 2010, Pages 863-904

  Villalonga, Belén ^a   Amit, Raphael ^b  

^a HARVARD BUSINESS SCHOOL   (United States)

^b UNIVERSITY OF PENNSYLVANIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 78649247082     PISSN: 00463892     EISSN: 1755053X     Source Type: Journal    
DOI: 10.1111/j.1755-053X.2010.01098.x     Document Type: Article

References (45)

1. Anderson, R., A. Duru, and D. Reeb, 2009, "Founders, Heirs, and Corporate Opacity in the U.S., "Journal of Financial Economics 92, 205-222.
2. Anderson, R. and D. Reeb, 2003, "Founding Family Ownership and Firm Performance: Evidence from the S&P 500, "Journal of Finance 58, 1301-1329.
3. Becker, G. and G. Stigler, 1974, "Law Enforcement, Malfeasance, and Compensation of Enforcers, "Journal of Legal Studies 3, 1-18.
4. Berle, A. and G. Means, 1932, The Modern Corporation and Private Property, New York, Harcourt, Brace, & World.
5. BertrM., P. Mehta, and S. Mullainathan, 2002, "Ferreting out Tunneling: An Application to Indian Business Groups, "Quarterly Journal of Economics 117, 1047-1073.
6. BertrM. and A. Schoar, 2006, "The Role of Family in Family Firms, "Journal of Economic Perspectives 20, 73-96.
7. Botticelli, P. and L. Barnes, 1997, "Family Firms in the Newspaper Industry, "in Harvard Business School Case 898-075, Boston, MA, Harvard Business School Publishing.
8. Burkart, M., F. Panunzi, and A. Shleifer, 2003, "Family Firms, "Journal of Finance 58, 2167-2202.
9. Bushman, R., J. Piotroski, and A. Smith, 2002, "Financial Accounting Information and Corporate Governance, "Journal of Accounting and Economics 32, 237-333.
10. Claessens, S., S. Djankov, J. Fan, and L. Lang, 2002, "Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, "Journal of Finance 57, 2741-2772.
11. Claessens, S., S. Djankov, and L. Lang, 2000, "Separation of Ownership from Control of East Asian Firms, "Journal of Financial Economics 58, 81-112.
12. Corwin, S. and J. Harris, 2001, "The Initial Listing Decisions of Firms That Go Public, "Financial Management 30, 35-55.
13. Demsetz, H., 1983, "The Structure of Ownership and the Theory of the Firm, "Journal of Law and Economics 26, 375-390.
14. Demsetz, H. and K. Lehn, 1985, "The Structure of Corporate Ownership: Causes and Consequences, "Journal of Political Economy 93, 1155-1177.
15. Durnev, A., R. Morck, and B. Yeung, 2004, "Value-Enhancing Capital Budgeting and Firm-Specific Stock Returns Variation, "Journal of Finance 59, 65-106.
16. Durnev, A., R. Morck, B. Yeung, and P. Zarowin, 2003, "Does Greater Firm-Specific Return Variation Mean More or Less Informed Stock Pricing? Journal of Accounting Research 41, 797-836.
17. Eisenmann, T., 2000, "The U.S. Cable Television Industry, 1948-1995: Managerial Capitalism in Eclipse, "Business History Review 74, 1-40.
18. Faccio, M. and L. Lang, 2002, "The Ultimate Ownership of Western European Corporations, "Journal of Financial Economics 65, 365-395.
19. Fahlenbrach, R., 2009, "Founder-CEOs, Investment Decisions, and Stock Market Performance, "Journal of Financial and Quantitative Analysis 44, 439-466.
20. Friedman, E., S. Johnson, and T. Mitton, 2003, "Propping and Tunneling, "Journal of Comparative Economics 31, 732-750.
21. Gilson, S. and B. Villalonga, 2007, "Adelphia Communications Corp.'s Bankruptcy, "in Harvard Business School Case 208-071, Boston, MA, Harvard Business School Publishing.
22. Gompers, P., J. Ishii, and A. Metrick, 2010, "Extreme Governance: An Analysis of Dual-Class Firms in the United States, "Review of Financial Studies 23, 1051-1088.
23. Grossman, S. and O. Hart, 1980, "Takeover Bids, the Free Rider Problem, and the Theory of the Corporation, "Bell Journal of Economics 11, 42-69.
24. Jensen, M. and W. Meckling, 1976, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, "Journal of Financial Economics 3, 305-360.
25. Johnson, S., R. La Porta, F. López De Silanes, and A. Shleifer, 2000, "Tunneling, "American Economic Review (Papers and Proceedings) 90, 22-27.
26. La Porta, R., F. López De Silanes, and A. Shleifer, 1999, "Corporate Ownership Around the World, "Journal of Finance 54, 471-517.
27. La Porta, R., F. López De Silanes, A. Shleifer, and R. Vishny, 2002, "Investor Protection and Corporate Valuation, "Journal of Finance 57, 1147-1170.
28. Lease, R., J. McConnell, and W. Mikkelson, 1983, "The Market Value of Control in Publicly-Traded Corporations, "Journal of Financial Economics 11, 439-471.
29. Li, K., H. Ortiz-Molina, and X. Zhao, 2008, "Do Voting Rights Affect Institutional Investment Decisions? Evidence from Dual-Class Firms, "Financial Management 37, 713-745.
30. Meulbroek, L., 2001, "The Efficiency of Equity-Linked Compensation: Understanding the Full Cost of Awarding Executive Stock Options, "Financial Management 30, 5-44.
31. Morck, R., D. Wolfenzon, and B. Yeung, 2005, "Corporate Governance, Economic Entrenchment, and Growth, "Journal of Economic Literature 43, 655-720.
32. Morck, R., B. Yeung, and W. Yu, 2000, "The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements? Journal of Financial Economics 58, 215-260.
33. Nenova, T., 2003, "The Value of Corporate Voting Rights and Control: A Cross-Country Analysis, "Journal of Financial Economics 68, 325-351.
34. Pérez-González, F., 2006, "Inherited Control and Firm Performance, "American Economic Review 96, 1559-1588.
35. Poulsen, A. and M. Stegemoller, 2008, "Moving from Private to Public Ownership: Selling Out to Public Firms versus Initial Public Offerings, "Financial Management 37, 81-101.
36. Rebitzer, J., 1995, "Is There a Trade-Off between Supervision and Wages? An Empirical Test of Efficiency Wage Theory, "Journal of Economic Behavior and Organization 28, 107-129.
37. 2, "Journal of Finance 43, 541-566.
38. Sraer, D. and D. Thesmar, 2007, "Performance and Behavior of Family Firms: Evidence from the French Stock Market, "Journal of the European Economic Association 5, 709-751.
39. Stein, J., 1989, "Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior, "Quarterly Journal of Economics 103, 655-669.
40. Villalonga, B. and R. Amit, 2005, "Kohler Co. (A), "in Harvard Business School Case 205-034, Boston, MA, Harvard Business School Publishing.
41. Villalonga, B. and R. Amit, 2006, "How Do Family Ownership, Control, and Management Affect Firm Value? Journal of Financial Economics 80, 385-417.
42. Villalonga, B. and R. Amit, 2009, "How Are U.S. Family Firms Controlled? Review of Financial Studies 22, 3047-3091.
43. Villalonga, B. and C. Hartman, 2007, "The New York Times Co., "in Harvard Business School Case 207-113, Boston, MA, Harvard Business School Publishing.
44. Wurgler, J., 2000, "Financial Markets and the Allocation of Capital, "Journal of Financial Economics 58, 187-214.
45. Zingales, L., 1995, "What Determines the Value of Corporate Votes? Quarterly Journal of Economics 110, 1047-1073.