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The impact of family control on firm's return
Marcelo, José Luis Miralles; Quirós, Maria del Mar Miralles; Lisboa, InêsFamily firm is a field of growing interest. The aim of this article is to understand whether CEOs identity impacts family firm’s stock returns. From a sample of Portuguese and Spanish family firms findings show that who manages the firms result in significantly different risk exposure. Moreover, we find that the abnormal return found by Fahlenbrach (2009) to founder-controlled firms disappear when we use valuew...
Understanding the relationship between insider ownership and performance in Europe
Lisboa, Inês Margarida Cadima; Esperança, José PauloComunicação apresentada na FMA European Conference, Praga, 2008. ; This paper discusses the impact of insider ownership on performance for two European regions: South and Central Europe. To our knowledge, no prior study has made a similar comparison. We confirm that performance increases as the firm’s owner sustains its control because the interests of managers and owners are aligned. Furthermore we find that ...
Does ownership influence performance? Evidence from Europe
Lisboa, Inês Margarida CadimaDissertação de Mestrado apresentada à Escola de Gestão do ISCTE para obtenção do grau de Mestre em Finanças. ; We provide new evidence on the impact of ownership over firm performance, using a panel data of 853 corporate firms from 9 Continental European countries from 2000 to 2004. We confirm that owner-manager is significantly better performer than professional manager, due to the convergence effect. Moreove...
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