We investigate the role played by institutional development in the prevalence and
value of family firms, while controlling for the potential effect of cultural norms.
China provides a good research lab since it combines great heterogeneity in
institutional development across the Chinese provinces with homogeneity in
cultural norms, law, and regulation. Using hand-collected data from publicly
listed Chinese firms, we find that, when institutional efficiency is low, family
ownership and management increase value, while family control in excess of
ownership reduces value. When institutional efficiency is high, none of these
effects are significant.
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