Abstract
This paper examines the relative value creation in European listed family firms during the period 2001-2010. Using a sample of 1,325 listed companies, we first replicate previous studies based on accounting (ROA) and market valuation (Tobin´s Q) measures. In addition, we use two measures focused on value creation for investors: Total Shareholders Returns (TSR) and Economic Value Added (EVA).Our results indicate that while in accounting and market valuation terms the “family effect” on firm performance is questionable, families create more long term value to investors when more fine grained measures of value creation are considered.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
