Reports & Reviews 

Value Creation in European Family Firms (2001 – 2010). Executive Summary

The importance of family businesses is undeniable. Although results vary depending on what is meant by family business, statistics show that they account for 50‐80% of GDP in most economies.1 Yet despite this importance, there are no conclusive findings about the relationship between family businesses and value creation. Against this backdrop, this first BANCA MARCH‐IE2 study is a major contribution to the analysis of this relationship. This is because it takes a new and more complete approach than previous studies in this field by covering both a larger number of indicators and also a longer time frame that makes it possible to examine the long‐term creation of value.   The study sample consisted of a total of 2,423 companies listed on various European stock markets during the period 2001‐2010.  

Value Creation in European Family Firms (2001 – 2010). Full report

Families are also commonly blockholders in listed companies (Burkart et al., 2003). In the U.S., for example, one third of the companies in the S&P 500 are family firms (Anderson and Reebs, 2003) while in Asia and Latin America families control more than 50% of listed companies (Credit Suisse, 2011, Martínez et al., 2007). They are also highly significant in Europe where it is estimated that a large majority of listed companies are still family controlled (La Porta, Lopez de Silanes, 1999). It is also the case that the founding family’s control endures even after it leaves management positions (Burkart et al., 2003).  

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