2.01. Family ownership and firm non-manipulated performance in Chile: how robust is the evidence from Bonilla et al.

Autores: 004-1-24.07

Bonilla, Sepulveda and Carvajal (2010) show that even when controlling for risk, Chilean family-owned firms, listed in the countries stock market, perform better than non-family ones. They advance some hypothesis that could explain it, however, other than theoretically it is not clear why that may be the case.

Here we test whether the fact that some firms may manipulate their earnings may affect the results…