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LArge shareholders' combinations in family firms: prevalence and effects

dc.contributor.authorSacristán Navarro, María
dc.contributor.authorGómez-Ansón, Silvia
dc.contributor.authorCabeza-García, Laura
dc.description.abstractWhen families are large firm¿s owners, different shareholders¿ combinations may appear. This paper describes Spanish family firms¿ shareholder structures and explains which first-second largest shareholders¿ combinations are most common. The paper shows that the most common combination within our sample is families and individuals as first shareholders plus families and individuals as second largest shareholders, but that other combinations also exist: families and individuals plus banks, families and individuals and non financial firms and even two non-financial firms as largest shareholders. In addition, the paper analyses the impact of different shareholders combinations on firm performance. The results do not support that any shareholders¿ combination influences significantly family firm
dc.description.sponsorshipWe acknowledge the financial support provided by the Spanish Ministry of Science and Innovation, Projects ECO2008-01439 and ECO2009-10358. We acknowledge also all the suggestions made by the reviewers and the chair of the session of the 10th World Family Business Research Conference (IFERA), held in Lancaster (UK) in 2010. Particularly we would like to thank the suggestions and comments of the editor, the associate editor and of the two
dc.subjectLarge shareholders' , corporate governance, family firms, performance, Spaines
dc.titleLArge shareholders' combinations in family firms: prevalence and effectses
dc.subject.unesco5311 Organización y Dirección de Empresases
dc.description.departamentoEconomía de la Empresa

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