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Financial performance of privately held family firms

abstract The present text examines how the organizational input variable “family” and the financial output variable “return” are interrelated. This question is crucial since there are serious doubts brought forward by Schulze et al. (2003) whether family firms really exhibit the ideal precondition of low agency costs as hypothesized by Fama and Jensen (1983a and 1983b).
Schulze et al. (2003) find that family firms suffer from costly agency conflicts induced by altruism between family principals (e.g. parents) and family agents (e.g. children). Hence there is a need for research that examines the question whether family influence on a firm is boosting or hampering the financial performance.
   
type conference paper (English)
   
keywords family business; performance;
   
project Value and Performance in Family Firms
name of conference Rencontres de St-Gall (Wildhaus)
date of conference 18-9-2006
title of proceedings Understanding the Regulatory Climate for Entrepreneurship and SMEs
publisher KMU Verlag HSG (St. Gallen)
review internal review
   
citation Zellweger, T., Halter, F., & Frey, U. (2006). Financial performance of privately held family firms. In Understanding the Regulatory Climate for Entrepreneurship and SMEs. St. Gallen: KMU Verlag HSG.