Family businesses can be dynamic engines of local economic growth in rich economies, but if a few wealthy families control many of the large businesses in the country where you live, chances are the economy is in the dumps.
Using statistical measures, a University of Alberta business professor and his colleague have shown a correlation between extensive family control of the large business sector and struggling economies in the countries where they are based. Their research has been published in the latest edition of Entrepreneurship – Theory and Practice.
"Much empirical evidence supports the view that certain large shareholders, especially powerful oligarchic families, manage firms and corporate groups to extract private benefits and to preserve their own control," said Dr. Randall Morck, the Stephen A. Jarislowsky Distinguished Professor of Finance at the U of A School of Business, and lead author of the paper.
Ryan Smith | EurekAlert!
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