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The life cycle of family ownership: International evidence.

Abstract:

We show that in countries with strong investor protection, developed financial markets, and active markets for corporate control, family firms evolve into widely held companies as they age. In countries with weak investor protection, less developed financial markets, and inactive markets for corporate control, family control is very persistent over time. While family control in high investor protection countries is concentrated in industries that have low investment opportunities and low merg...

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Publisher copy:
10.1093/rfs/hhr135

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Journal:
Review of Financial Studies
Volume:
25
Issue:
6
Publication date:
2012-01-01
DOI:
URN:
uuid:8bb2f574-5b17-4037-8ea8-f81fd01ee090
Local pid:
oai:economics.ouls.ox.ac.uk:15400
Language:
English

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