Multiple Blockholder Structures and Family Firm Performance
研究了多重股东结构如何影响家族企业绩效，发现家族与非家族大股东之间投票权的不对称分配会损害企业绩效，且大股东类型越多，这种负面效应越强。
This study examines how multiple blockholder structures affect family firm performance. Building on arguments from both principal–principal agency and familiness perspectives, we suggest that asymmetrical distribution of voting power among family and nonfamily blockholders hurts firm performance. Further, we suggest that the larger the number of blockholder types, the stronger the negative effect of voting-power asymmetry among family and nonfamily blockholders on firm performance. We provide empirical support for our hypotheses using a longitudinal sample of 413 French family firms over the 1992–2012 period.