This paper provides empirical evidence on the impact of family-controlled firms on corporate performance, using financial information of 47590 family firms from 2010 to 2014. From the overall sample, approximately two-third of family firms have concentrated ownership, meanwhile, the remaining one-third have dispersed and unknown ownership. With respect to generation, 76% of the family firms were in the first generation, 21% for the second generation and approximately 3% for the third generation. The main findings are that ownership structure of family firms have a positive impact on their performance. Specifically, family firms with concentrated ownership outperformed family firms with dispersed ownership; however, family firms in the 1ª generation outperform family business in the 2ª and 3ª generation. Also, aggressive incentive policy negatively affects the performance of family business for the 1ª generation and has no impact on performance for 2ª and 3ª generational firms. Unlisted family firms have lower performance than listed family firms. Lastly, medium size family businesses outperform than small and large size family businesses.

This analysis investigates how family ownership structure affects the corporate performance of Portuguese listed firms using a panel data set covering the period from 2006 to 2014. Three characteristics of family firms (such as active management, active founder or heir and second blockholder) were examined with respect to the corporate performance. The main finding is that family firms over perform non-family in term productivity and profitability. This indicates that companies that have total family control are more productive and profitable than those market favour firms that the family does not have total ownership. Specifically, family firms with active founders perform better whereas those with active heirs significantly outperform compared to family firms with passive owners or heirs. Family firms with a family member in the company as either CEO or Chairman create more value and are more profitable than non-family firms. Family firms with descendant as CEO perform better meanwhile family firms with the founder as CEO significantly outperform family firms with Outside CEO for corporate performance. Lastly, the presence of a second blockholder who owns between 5-10% of the voting right enhances the corporate performance of the family firms as it counterbalances the controlling shareholder from unnecessary behaviours.

Ownership structure in companies are key to the performance, however, gaps still exist in the knowledge about the characteristics of ownership with financial performance. This study provides empirical evidence of the characteristics of ownership structure on firm’s performance. It examines 254 small and unlisted firms from the SABI database over the period 2000 to 2014. Using panel regression, the findings show that companies with family having majority ownership are more profitable and the market value such companies. The findings indicates that over performance of most firms depends on certain characteristics of their ownership. Companies with active founders perform better companies with passive founders. No significant relationship was found with respect to CEO or Chairman as founders. The presence of another block holder of ownership less than 5% is positive and significantly associated with the firm’s performance

In this article the authors study the impact of the mandatory International Financial Reporting Standard (IFRS) adoption has on the value relevance of accounting numbers based on a sample of 440 listed firms. The aim is to identify the effects of the mandatory IFRS adoption by relying on panel data gathered over the period 2002 to 2012 resulting in more than 4,840 firm-year observations. Two models of Panel regression (stock returns and price models) were employed. The main finding shows that the adoption of IFRS across the studied period results to some improvement in the value relevance of accounting information with the stock return model. With respect to the price models, our result shows that there was slight difference in the value relevance of accounting information after the mandatory IFR adoption across India listed firms.