PUBLICACIONES

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

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

2017 - Journal of Family Business Strategy - Vol. 8. Issue 2. Pp. 99-108

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

Keywords

¿Quieres seguir leyendo? [Accede a la publicación completa]

Profesor Pedro Leiva expuso en el Seminario SUSESO-ISTAS 21

El pasado 19 de abril, el Director del Observatorio de Gestión de Personas de la Facultad de Economía y Negocios de la Universidad de Chile, Profesor Pedro Leiva participó como...

Profesora Soledad Etchebarne participo en Seminario de Educación Financiera en Jóvenes Chilenos: Evidencia y Desafíos.

El pasado 14 de marzo de 2018, se llevo a cabo en el auditorio del Banco Central el Seminario de “Educación Financiera en Jóvenes Chilenos: Evidencia y Desafíos”. E...

Todos los Derechos © 2014 | Departamento de Administración - Facultad de Economía y Negocios - Universidad de Chile - Diagonal Paraguay 257, torre 26, oficina 1101, piso 11, Santiago, Chile.