@article{FamilyValues:OwnershipStructure:1439,
      recid = {1439},
      author = {King, Michael R. and Santor, Eric},
      title = {Family Values: Ownership Structure, Performance and  Capital Structure of Canadian Firms},
      publisher = {Bank of Canada},
      address = {2007},
      pages = {1 online resource (iii, 39 pages)},
      abstract = {This study examines how family ownership affects the  performance and capital structure of 613 Canadian firms  using a panel dataset from 1998 to 2005. In particular, we  distinguish the effect of family ownership from the use of  control-enhancing mechanisms. We find that freestanding  family-owned firms with a single share class have similar  market performance than other firms based on Tobin's q  ratios, superior accounting performance based on ROA, and  higher financial leverage based on debt-to-total assets. By  contrast, family-owned firms that use dual-class shares  have valuations that are lower by 17% on average relative  to widely-held firms, despite having similar ROA and  financial leverage. Finally, concentrated ownership by  either a corporation or a financial institution does not  significantly affect firm performance.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1439},
      doi = {https://doi.org/10.34989/swp-2007-40},
}