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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...