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Journal of Finance

Выпуск N5 за 2003 год

Family firms [статья]
Опубликовано на портале: 06-11-2008
Mike Burkart, Fausto Panunzi, Andrei Shleifer Journal of Finance. 2003.  Vol. 58. No. 5. P. 2167-2201 . 
We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on what fraction of the company to float on the stock exchange. We assume that a professional is a better manager than the heir, and describe how the founder's decision is shaped by the legal environment. This theory of separation of ownership from management includes the Anglo-Saxon and the Continental European patterns of corporate governance as special cases, and generates additional empirical predictions consistent with cross-country evidence.
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