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Corporate Control and Firm Value: The Bright Side of Family Business Groups

ISI: Corporate Control and Firm Value: The Bright Side of Family Business Groups

JUAN PABLO TORRES C., MAURICIO JARA B., FELIX LOPEZ-ITURRIAGA.

2017 - Forthcoming - Journal of Family Business Strategy

Abstract

We analyze the effect of pyramidal ownership levels on the performance of Chilean firms by considering the impact of business groups. Using an unbalanced panel of 1018 firm-year observations from 88 quoted firms for the period from 2000 to 2014, we find that higher levels of separation between control rights and ownership rights decrease performance in family firms that are not part of a business group. This result suggests that too much separation in family firms can result in deviant incentives for family members to extract private benefits. However, we also find that group affiliation reduces the negative impact of the separation of rights in family firms, which corroborates the bright side of internal capital markets for these firms

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