martedì 29 giugno 2010

FOCUS: The Role of Institutional Development in the Prevalence and Value of Family Firms



Download the PDF. Family firms dominate economic activity in most countries, and are significantly different from other companies in their behavior, structural characteristics, and performance. 

But what explains the significant variation in the prevalence and value of family firms around the world? In this paper, HBS professor Belén Villalonga and coauthors study ownership data from a sample of nearly 1,500 publicly listed firms on the Chinese stock market. 

They conclude that institutional development plays a critical role in the prevalence and value of family firms, and that the differences observed across regions are not attributable to cultural factors.

 

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