how do family ownership, control, and strongmanagementstrong affect firm.pdfVIP

How Do Family Ownership, Control, and Management Affect Firm Value?∗ Belén Villalonga Harvard Business School Soldiers Field Boston, MA 02163 Telephone: (617) 495-5061 Fax: (617) 496-8443 E-Mail: bvillalonga@hbs.edu Raphael Amit The Wharton School University of Pennsylvania 3620 Locust walk Philadelphia, PA 19104 Telephone: (215) 898-7731 Fax: (215) 573-7189 E-Mail: amit@wharton.upenn.edu August 20, 2004 * Both authors contributed equally to this paper. We would like to thank Carliss Baldwin, Lucien Bebchuk, Wilbur Chung, Harold Demsetz, Ben Esty, Mara Faccio, Stuart Gilson, Robin Greenwood, Louis Kaplow, Ian MacMillan, Anita McGahan, Andrew Metrick, Todd Millay, Cynthia Montgomery, Urs Peyer, Thomas Piper, Stefano Rossi, Richard Ruback, Andrei Shleifer, Jordan Siegel, Howard Stevenson, Peter Tufano, Sidney Winter, Julie Wulf, Bernard Yeung, seminar participants at Boston University, Harvard Business School, the Harvard Law, Economics, and Organization seminar, MIT, UCLA, Wharton, the BYU-University of Utah 2004 Winter Conference, the European Finance Association 2004 Annual Meeting, the National Bureau of Economic