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Do Family-Owned Firms Perform Better than Non-Family-Owned Firms?

Pedersen-Bjergaard, Anders; Dalby, Håvard Mostervik
Master thesis
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Åpne
1990845.pdf (1.909Mb)
GRA 19501 Thesis Proposal.pdf (1.010Mb)
Permanent lenke
http://hdl.handle.net/11250/2577167
Utgivelsesdato
2018
Metadata
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Samlinger
  • Master of Science [1116]
Sammendrag
This thesis examines the performance of family-owned and non-family-owned

firms in Norway from 2000-2015. The performance differences are compared using

return on assets (ROA) as the indicator of firm performance. The thesis also takes

a closer look at performance in family and non-family firms within five different

industries: Retail, shipping, architecture, financial services and IT.

The research is mainly based on OLS panel regression, where the analysis is divided

into four models. To verify the data robustness of the results from the main

specification, two additional robustness checks using the generalized method of

moments (GMM) and panel OLS controlling for industry specific effects are

performed.

On average, family-owned companies tend to perform better than non-familyowned

companies. From the four regression models representing the main

specification, the results show that family ownership does not affect firm

performance for the population as a whole. The robustness check incorporating

GMM also confirms this. The results suggest that the family-owned companies tend

to perform better because they have smaller boards and a higher degree of inside

power, rather than the family ownership itself. Unlike previous research, this thesis

also looks at differences within industries. The results presented find that family

ownership has a positive, significant effect on firm performance within the

architectural industry. For companies within shipping, this relationship is the

opposite, and family ownership is shown to have a significant, adverse effect on

firm performance. This contradicts what we found when analysing the population

as a whole.

Indeed, our results indicate that the effect of family ownership on firm performance

relies on the industry which the firm is located within. The results presented also

suggests that the reason for these results may be due to different industries being

exposed inversely to agency conflicts. Compared to previous studies done on family

firms in Norway, this thesis neither rejects nor confirms previous research and is

best seen as complementary.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018
Utgiver
Handelshøyskolen BI

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