Are Institutional Investors Beneficial to Family Firm Performance? Evidence from the French Stock Exchange
Bibliographic record
Abstract
In the context of listed family firms, prior research pointed out that agency problems between majority family owners and minority shareholders are the most prevalent in European countries where shareholders’ protection is weak. This study aims at analysing how the presence of different types of institutional investors alleviates or enhances this form of agency problem. Examining the French stock market (SBF120) over the period 2002-2011, our results indicate that having a family as the first shareholder hampers financial performance. Our findings also reveal that having an institutional investor as second blockholder can be beneficial or detrimental to firm performance. Considering the distinctive nature of institutional investors, this research shows that the combination of a family as the first shareholder and a pressure-insensitive institutional investor as second blockholder exerts a positive influence on firm performance while a negative effect is found when the institutional investor is pressure-sensitive. These results confirm that the nature and the distribution of ownership is particularly important when analysing agency problems in listed firms.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.008 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.002 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.001 | 0.000 |
| Insufficient payload (model declined to judge) | 0.005 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".