The value of shareholder rights in family firms: Global evidence from a death in the family

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buir.contributor.authorGünsür, Başak Tanyeri
buir.contributor.authorAlp, Ezgi
buir.contributor.orcidGünsür, Başak Tanyeri|0000-0002-9354-2639
buir.contributor.orcidAlp, Ezgi|0000-0002-2797-4951
dc.citation.epage22en_US
dc.citation.spage1en_US
dc.contributor.authorGünsür, Başak Tanyeri
dc.contributor.authorAlp, Ezgi
dc.date.accessioned2023-02-17T09:03:11Z
dc.date.available2023-02-17T09:03:11Z
dc.date.issued2022-08-09
dc.departmentDepartment of Managementen_US
dc.description.abstractResearch Question: How does the protection of shareholder rights affect the pricing of family firms? Research Findings: Investor reaction to a death in the family, measured using abnor-mal stock returns, averages 0.58% and is significant. Investors perceive the death to be a value enhancing event with the potential to dilute family control. The positive investor reaction is amplified in countries and periods with weaker protection of shareholder rights. Theoretical Implications: External and internal corporate governance mechanisms limit the extent to which majority shareholders can take actions that hurt firm value. As such, investor perceptions of how faithfully their interests are protected depend on the extent to which legal rules protect shareholder rights. Policy Implications: Investors pay attention to the regulatory environment of the country, as well as corporate governance in the firm when evaluating agency costs. Our research has important policy implications because we show how better protec-tion of shareholder rights affects the pricing and hence the funding costs of family firms.en_US
dc.identifier.doi10.1111/corg.12484en_US
dc.identifier.eissn1467-8683
dc.identifier.urihttp://hdl.handle.net/11693/111486
dc.language.isoEnglishen_US
dc.publisherJohn Wiley & Sons Ltd.en_US
dc.relation.isversionofhttps://doi.org/10.1111/corg.12484en_US
dc.source.titleCorporate Governance: An International Reviewen_US
dc.subjectCorporate governanceen_US
dc.subjectFamily firmsen_US
dc.subjectInternal and external corporate governanceen_US
dc.subjectIncentive conflicts between the family and outside shareholdersen_US
dc.subjectLaw and finance nexusen_US
dc.titleThe value of shareholder rights in family firms: Global evidence from a death in the familyen_US
dc.typeArticleen_US
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