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Université de Fribourg

Do not wake sleeping dogs: Pay-out policies in founding family firms

Isakov, Dušan ; Weisskopf, Jean-Philippe

(Working Papers SES ; 443)

This article examines founding family influence on pay-out policies for Swiss listed firms over the period 2003-2010. We find that founding family firms have higher dividends and total pay-outs than non-family firms. There is no significant difference between stock repurchases for the two types of firms. We show that specific firm characteristics such as active involvement of family members, the...

Université de Fribourg

Are Founding Families Special Blockholders ? An Investigation of Controlling Shareholder Influence on Firm Performance

Isakov, Dušan ; Weisskopf, Jean-Philippe

(Working Papers SES ; 428)

This paper examines how family and non-family ownership affects the performance of Swiss listed firms from 2003 to 2010. We distinguish between these two types of controlling shareholders since they have different objectives. We hypothesise that only family shareholders have a real incentive to reduce agency costs whereas non-family blockholders are similar to widely held companies. Our results...