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Norwegian Family Firms and Risk-Taking

Balog, Adam; Lundby, Eivind Berg
Master thesis
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1994915.pdf (3.775Mb)
GRA-19502 Preliminary Master Thesis Report (AB EL).pdf (1.432Mb)
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http://hdl.handle.net/11250/2577151
Utgivelsesdato
2018
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Samlinger
  • Master of Science [1117]
Sammendrag
This study examines the effect of family firms, CEO and ownership composition

on financial and operational risk-taking for 11,157 Norwegian private firms

between 2006 and 2015. First, this study finds clear indications that family firms

take on lower levels of financial risk compared to non-family firms. Furthermore,

the study finds evidence that supports the notion that family firms operate with

lower revenue volatility and hence a lower degree of operational risk. However, we

do not find any evidence indicating that family firms are less risk averse with

respect to their degree of operating leverage. Second, the study finds that the

presence of a family CEO has a negative effect on financial risk and the volatility

of revenues. The composition of fixed and variable costs observed for the

companies in the study is however, not affected by the management of the company.

Third, the study reveals that family firms, where the ultimate ownership exceeds

90 percent, tend to take on less financial risk and have a lower degree of operating

leverage compared to other family firms. We find no evidence that the

concentration of ownership, within family firms, affect the volatility of revenues.

Finally, the study finds that family firms with different ownership structures selfselect

in terms of risk-taking behaviour. Family firms with more concentrated

ownership self-select towards lower risk. In conclusion, our study finds that family

firms take on less risk than non-family firms in Norway.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018
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Handelshøyskolen BI

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