Family Ownership and Firm Performance: Evidence From Public Companies in Chile
研究了智利上市公司中家族所有权对企业绩效的影响，发现1995-2004年间100家家族控制企业比75家非家族企业表现更好，使用了ROA、ROE和托宾Q代理指标。
We studied the impact of family ownership on firm performance by using a set of data on Chilean firms. From a sample of 175 firms listed on the stock market, the group of 100 family-controlled firms performed significantly better than the group of 75 nonfamily companies over the 10-year period under study (1995—2004). Three distinct measures of performance—ROA, ROE, and a proxy of Tobin's Q—were employed to test the differences of means between the two groups of firms. These results were in line with our multiple regression model. All these findings support our conceptual framework and hypothesis, which states that public family firms perform better than public nonfamily firms.