Family Control of Firms and Industries
研究发现，创始人及其家族保留控制权是为了获得竞争优势，使所有股东受益；而非创始家族和个体大股东保留控制权则更多是为了获取私人利益。
We test what explains family control of firms and industries and find that the explanation is largely contingent on the identity of families and individual blockholders. Founders and their families are more likely to retain control when doing so gives the firm a competitive advantage, thereby benefiting all shareholders. In contrast, nonfounding families and individual blockholders are more likely to retain control when they can appropriate private benefits of control. Families are more likely to maintain control when the efficient scale is small, the need to monitor employees is high, investment horizons are long, and the firm has dual‐class stock.