Abstract
This paper analyses the effects of family ownership on Mexican firm performance. Annual data for 89 non-financial companies that quoted in the Mexican Stock Market during 2001-2015 (including the 2008- 2009 crisis period) is employed. The relationship between family proprietorship and firm performance is empirically studied through GMM estimations. Results show that family firms outperform non-family businesses, while higher performance is appreciated in family corporates directed by family members rather than by outside CEOs. Firm size, Board independency, and company´s age have a negative effect on return on assets, while ownership concentration is positively related with performance. There is no unanimity in the literature regarding the business opportuneness of family control and management, particularly differentiating between normal times and crisis periods. Even though there are quite a few papers on the topic for developed markets, studies for Latin American economies are rare. This paper adds to the scarce literature on the Latin American context with the Mexican case.
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