Family‐controlled businesses and shareholder value

Carole Frances Print (Henley Business School – University of Reading, Henley‐on‐Thames, UK)
Julien Reynolds (Baillie Gifford & Co., Edinburgh, UK)

Journal of Family Business Management

ISSN: 2043-6238

Publication date: 22 April 2011



The paper aims to extend the understanding of the value of quoted family‐controlled businesses (FCBs) and fill gaps in existing research by comparing the performance of such businesses with comparable non‐FCBs.


The research approach adopted compared the share price performance of nine quoted FCBs with nine comparable non‐FCBs, utilising a range of variables designed to consider performance from a shareholder value perspective.


On the basis of the sample, the paper provides insights on the extent of the shareholder value that FCBs provide, indicating that this may be greater than for non‐FCBs.

Research limitations/implications

The sample size could be considered a limitation – however, it could be considered that the subdivision by size and industry group mitigates against distortions.

Practical implications

The paper has practical implications for investors in considering the ownership dynamics of businesses.


The paper contributes to the gap in existing research on FCBs and the notion of family capital.



Print, C. and Reynolds, J. (2011), "Family‐controlled businesses and shareholder value", Journal of Family Business Management, Vol. 1 No. 1, pp. 47-64.

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited

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