Family Ownership and Firm Performance in Chile: A Note on Martinez et al.'s Evidence
用新数据和估计方法重新检验了Martinez等人的发现，证实家族控制企业绩效优于非家族企业，且风险调整后表现更好、收益波动更小。
The authors revisit the evidence presented in Martinez et al. using new data and estimation techniques that take into account unobserved firm heterogeneity. The results of the earlier study are found to be robust to the new procedures because performance of family-controlled firms continues to be superior to that of nonfamily firms. The authors then add the risk dimension to the earlier analysis using a risk-adjusted return on assets (ROA) variable, and family-controlled firms again performed better. A test of the standard deviations of ROA for both firm categories revealed that family-controlled firms not only perform better but also show less volatility in their returns.