Family Business on the French Stock Market

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Table of contents

Introduction 
1 Performance and Behavior of Family Firms: Evidence from the French Stock Market 
1.1 Introduction
1.2 Data Description
1.2.1 Family Business on the French Stock Market
1.2.2 Do Family Firms Differ from Other Firms?
1.3 Multivariate Evidence
1.3.1 Empirical Strategy
1.3.2 Family Firms Outperform widely held Firms
1.3.3 Discussion on Endogeneity Biases
1.4 Management Styles in Family Firms
1.4.1 Breaking down Corporate Performance
1.4.2 Family Firms Pay Lower Wages
1.4.3 Descendants Can Commit on Long Term Employment
1.4.4 Outside CEOs Are More Financially Literate
1.5 Summary and Leads for Future Research
2 Bottom-Up Corporate Governance 
2.1 Introduction
2.2 Data and Measurement Issues
2.2.1 Datasets
2.2.2 Constructing an Internal Governance Index
2.3 Internal Governance and Corporate Performance
2.3.1 Basic Results
2.3.2 Robustness Checks and Causality
2.4 Internal Governance and Acquisitions
2.5 External Versus Internal Governance
2.6 Conclusion
3 Optimal Independence in Organizations 
3.1 Introduction
3.2 The Model
3.2.1 Set-Up
3.2.2 Equilibrium Concept
3.3 Organizational Homogeneity affects Reactivity
3.3.1 Implementer’s Effort Choice
3.3.2 The Decision Maker’s Project Choice
3.3.3 Summary and Discussion
3.3.4 Organizational Design
3.4 Robustness
3.4.1 Delegation of Organizational Design to the Decision Maker
3.4.2 Allowing for Financial Incentives
3.5 Applications
3.5.1 Bottom-Up Corporate Governance
3.5.2 Public Administration and Ideological Bias
3.5.3 Organizing for Change
3.6 Conclusion
4 The Corporate Wealth Effect: From Real Estate Shocks to Corporate Investment 
4.1 Introduction
4.2 Data
4.2.1 Accounting and Governance Data
4.2.2 Real Estate Data
4.2.3 Loan Contracts
4.3 Real Estate Prices and Investment
4.3.1 Empirical Strategy
4.3.2 Main Results
4.3.3 City level results
4.4 Collateral and Debt
4.4.1 Debt Issuance
4.4.2 Debt Contracts
4.5 Corporate Governance and Investment Performance
4.6 Conclusion
A Performance and Behavior of Family Firms 1
A.1 Data
A.1.1 Corporate Accounts
A.1.2 Family Ownership and Management
A.1.3 Employment Data
A.1.4 Stock Prices
A.1.5 Acquisitions
A.2 Additional Tables
A.3 Breaking down Performance
B Optimal Independence in Organizations
B.1 Proofs
B.1.1 Proof of Proposition 1
B.1.2 Proof of Proposition 2
B.1.3 Proof of Proposition 3
B.1.4 Proof of Proposition 4
B.1.5 Proof of Proposition 5
B.1.6 Proof of Proposition 6
B.2 Proof of Proposition 7
B.3 The True Role of Uncertainty
C The Corporate Wealth Effect
C.1 Construction of the ptLandi Variable