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Thomas Zellweger
Title
Prof. Dr.
Last Name
Zellweger
First name
Thomas
Email
thomas.zellweger@unisg.ch
ORCID
Phone
+41 71 224 71 00
Google Scholar
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1 - 10 of 13
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PublicationThe outperformance of family firms: the role of variance in earnings per share and analyst forecast dispersion on the Swiss marketRecent studies provide empirical evidence that family firms are outperforming their non-family counterparts in terms of stock market performance. For the Swiss stock market we find that family firms indeed outperform their non-family counterparts after controlling for firm size and beta. In addition, our data shows that family firms display more stable earnings per share in contrast to their non-family counterparts. Furthermore we find that the variance of earnings per share positively affects analyst forecast dispersion. According to anomaly literature, lower analyst forecast dispersion has been found to induce higher excess return, which our data supports for the Swiss stock market. By linking variance of earnings per share, analyst forecast dispersion and stock performance we provide an insightful explanation for the excess stock market returns of family firms. In addition, our text extends the theory of dispersion effect with an additional empirical element, the variance of earnings per share.Type: journal articleJournal: Financial Markets and Portfolio ManagementVolume: 21Issue: 2
Scopus© Citations 11 -
PublicationSuccession Intentions Across the Globe: The Role of Institutional FactorsWhile succession intentions have received increasing scholarly attention in recent years, there is a lack of knowledge about country-level antecedents and differences. Our paper aims to close this gap by investigating succession intentions of 6,360 students with family business background from 26 countries. More specifically, we blend theory of planned behavior with institutional theory and find that institutional variables such as individualism, uncertainty avoidance, and the level of corruption explain the formation of succession intentions over and above traditional theory of planned behavior elements. In addition, we reveal a U-shaped relationship between a nation's level of economic development and the strength of succession intentions. This indicates the existence of two types of succession intentions: necessity and opportunity succession. These findings add valuable insights to literature on family businesses, succession, theory of planned behavior, and practice.Type: conference paper
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PublicationType: conference paper
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PublicationType: newspaper articleJournal: Schweizer ArbeitgeberIssue: 15
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PublicationStudent Entrepreneurship Across the Globe: A Look at Intentions and ActivitiesWhat are students' entrepreneurial intentions and activities across the world? This question is of highest social and economic relevance. Students represent the entrepreneurs of tomorrow; their entrepreneurial plans and activities will shape tomorrow's societies and the overall economic well-being. Hence, it is of highest interest for different stakeholders such as academics, practitioners, educators, policy-makers, and last but not least students how many students intend to pursue an entrepreneurial career and how those ntrepreneurial intentions come into being. The GUESSS project (Global Universiy Entrepreneurial Spirit Students' Survey) addresses this question on a global level. For that purpose, the 6th data collection wave in the history of GUESSS was conducted in 34 countries at more than 700 universities between October 2013 and March 2014. This led to a dataset with more than 109'000 complete student responses. This report provides an in-depth analysis of this unique dataset, shedding a nuanced light on students' entrepreneurial intentions and concrete activities. We focused in particular on cross-country comparisons, whereby we also consider numerous other relevant aspects, such as gender and specific social and cultural determinants.Type: work report
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PublicationEntrepreneurial Intentions and Activities of Students across the World : International Report of GUESSS 2011The economic and social relevance of entrepreneurship in general and new ventures in particular is well-established across the world. Students, as they could be the entrepreneurs of tomorrow, have attracted considerable scholarly and public attention in the last decades. Despite strong research efforts in the past, many questions are still not sufficiently answered. Which individual, societal, family- and university-related factors enhance students' intention to found their own company? How do students' entrepreneurial intentions and activities compare across a multitude of nations? Are there globally applicable best practices? To generate unique insights and contributions that address these gaps, it is thus imperative to further investigate students' entrepreneurial intentions, activities and their antecedents on a global level. This is the overarching goal of the GUESSS research project (Global Universiy Entrepreneurial Spirit Students' Survey). This report presents the results and insights of the 2011 edition of the GUESSS project on the global level. In Spring 2011, a large-scale quantitative survey was conducted in 26 different countries, addressing more than 1 Million students from 489 Universities, leading to a data set with more than 93'000 responses (N=93'265).Type: work report
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PublicationType: work report