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The effect on firm performance when a dilution of family control occurs in family firms

Volckmar, Morten; Rasmussen, Anna Christine
Master thesis
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URI
http://hdl.handle.net/11250/2443695
Date
2016
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  • Master of Science [1116]
Abstract
This paper investigates how Norwegian family firm’s performance is affected by a

dilution of family ownership control. Family firms hold unique firm

characteristics and we explore if these characteristics change together with

ownership dilution, and can be possible reasons for a change in firm performance

for the firms that go through a family ownership dilution. Lastly we study how

family ownership affect the firm’s survival. We have used data from 2000-2013

gathered from the Centre of Corporate Governance Research. Our findings show

that the family firms that go through a family ownership dilution have lower firm

performance than the family firms that remain family control over the firm during

the whole time period. The typical characteristics of having a family member

CEO, small size of the firm, few owners and higher asset turnover (ATO) are

found to have positive impact on firm performance. No support was found for that

an increased debt-to-equity was associated with lower firm performance, and there

is not enough evidence to say whether the difference in long-term debt ratio had

an impact on return on assets (ROA). However, the firms that dilute family

control are found to have higher probability to survive longer. Our results are

considered overall robust to alternative definitions and measurements.
Description
Masteroppgave(MSc) in Master of Science in Business, Business law, tax and accounting - Handelshøyskolen BI, 2016
Publisher
BI Norwegian Business School

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