Journal title CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES
Author/s José Carlos Casillas, Araceli Picón-Berjoyo, Carolina Ruiz-Moreno
Publishing Year 1 Issue 2022/1
Language English Pages 20 P. 13-32 File size 0 KB
DOI 10.3280/cgrds1-2022oa13744
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Few companies are able to reach 100 years of existence, and even fewer do so without losing ownership control to the founders’ families. Perhaps due to its scarcity, few quantitative data are available on this type of company. This paper analyzes, based on a sample of 120 Spanish centenary companies, the differences between family and non-family centenary companies, from a quantitative and exploratory perspective. Likewise, a comparison is made with a control sample of another 120 non-centenarian companies in order to draw conclusions. The analysis shows that there are more non-family centenary companies than family companies, although the latter obtain higher returns and have a more robust financial structure (less indebtedness and more liquidity) than the rest of the companies. Despite the limitations derived from the data used, the work contributes to the literature on business demography and on the longevity of family businesses.
José Carlos Casillas, Araceli Picón-Berjoyo, Carolina Ruiz-Moreno, Centenarian family and non-family companies. An exploratory analysis in "CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES" 1/2022, pp 13-32, DOI: 10.3280/cgrds1-2022oa13744