Entrepreneurial risk taking, financial policy and the influence of outside CEO’s: A study of Norwegian family firms
Master thesis
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http://hdl.handle.net/11250/2577425Utgivelsesdato
2018Metadata
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- Master of Science [1612]
Sammendrag
In this thesis we used a sample of Norwegian firms to investigate the effects on
entrepreneurial risk taking from family ownership, as well as the effects on risk
taking and leverage in family firms from employing an outside CEO. We initially
test across firm variation in line with past research, followed by an analysis of
within firm variation. Results are robustness checked through alternative ownership
definitions and a difference in differences analysis of firms going through CEO
transition. We find no conclusive evidence of outside CEOs causing different levels
of risk or leverage in family firms. We do however find moderate evidence of
family firms taking more entrepreneurial risk than their non-family counterparts,
especially for higher concentrations of ultimate ownership.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2018