ESE - Escuela de Negocios

Título: Family Ownership and Firm Performance: Evidence from Public Companies in Chile Autor(es): Jon Martínez E. Bernhard Stöhr Bernardo Quiroga G. Fecha Publicación: 01 Noviembre 2005 Código ESE Tipo de Publicación: Papers Académicos y Documentos de Trabajo

Reseña:

From a sample of 175 firms listed in the Chilean stock market, we confirmed the results obtained two years ago by Anderson & Reeb with the S&P 500 in the U.S. The group of 100 family-controlled firms performed significantly better than the group of 75 non-family companies over the 10 year period 1995-2004. Three distinct measures of performance: ROA, ROE, and a proxy of Tobin´s Q, were employed to test the differences of means between the two groups of firms. These results were finally confirmed by our multiple regression model. All these findings support our conceptual model that public family firms perform better than non-family firms, because they enjoy additional strengths.