Arbeitspapier
Family values: Ownership structure, performance and capital structure of Canadian firms
This study examines how family ownership affects the performance and capital structure of 613 Canadian firms using a panel dataset from 1998 to 2005. In particular, we distinguish the effect of family ownership from the use of control-enhancing mechanisms. We find that freestanding family-owned firms with a single share class have similar market performance than other firms based on Tobin's q ratios, superior accounting performance based on ROA, and higher financial leverage based on debt-to-total assets. By contrast, family-owned firms that use dual-class shares have valuations that are lower by 17% on average relative to widely-held firms, despite having similar ROA and financial leverage. Finally, concentrated ownership by either a corporation or a financial institution does not significantly affect firm performance.
- Language
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Englisch
- Bibliographic citation
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Series: Bank of Canada Working Paper ; No. 2007-40
- Classification
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Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
International Financial Markets
- Subject
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Financial markets
International topics
Familienunternehmen
Unternehmenswert
Kapitalstruktur
Fremdkapital
Rentabilität
Kanada
- Event
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Geistige Schöpfung
- (who)
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King, Michael R.
Santor, Eric
- Event
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Veröffentlichung
- (who)
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Bank of Canada
- (where)
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Ottawa
- (when)
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2007
- DOI
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doi:10.34989/swp-2007-40
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- King, Michael R.
- Santor, Eric
- Bank of Canada
Time of origin
- 2007
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