Founding family ownership and stock price informativeness : evidence from Switzerland

Weisskopf, Jean-Philippe ( Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Isakov, Dusan ( University of Fribourg, Switzerland)

This paper examines the effect of family ownership on the amount of firm - specific information incorporated into stock prices . We posit that family firms have incentives to be more informative due to fears of reputational damage and scepticism of minority shareholders to invest in such companies. We investigate this relationship on a comprehensive sample of Swiss listed firms over th e period 2003 - 2012. Our results indicate that family firm stock prices are more informative as they have m ore idiosyncratic risk than non - family firms . We further examine the impact of different characteristics of family firms , and find that the level of f amily ownership, the active involvement of the family, the generation of the family and the presence of another large shareholder play an important role for the informativeness of stock prices.


Mots-clés:
Type de conférence:
full paper
Faculté:
Economie et Services
Ecole:
EHL
Classification:
Economie/gestion
Adresse bibliogr.:
Cergy, France , 1-3 June 2015
Date:
Cergy, France
1-3 June 2015
2015
Pagination:
29 p.
Publié dans
Proceedings of the International French Finance Association Annual Meeting 2015
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 Notice créée le 2015-10-29, modifiée le 2018-12-05

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