Founding Family Controlled Firms: Performance, Risk, and Value
基于代理理论框架，检验创始家族控制对企业绩效、资本结构和价值的影响，发现家族控制企业价值更高、运营更高效、负债更少。
An agency theory framework is used to test the effects of founding family control on firm performance, capital structure, and value. Both the finance and management literatures regarding the relationship between firm control and firm value are explored. Controlling for size, industry, and managerial ownership, the results suggest that firms controlled by the founding family have greater value, are operated more efficiently, and carry less debt than other firms.