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Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
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Orientador(es)
Resumo(s)
El objetivo de este estudio consiste en analizar las diferencias en rentabilidad entre las empresas familiares y no familiares cotizadas en la bolsa española durante el periodo 1999-2008. El estudio se completa con un análisis comparado de la exposición frente al riesgo de estos dos tipos de empresa, los benefi cios obtenidos de una estrategia de inversión de coste cero basada en estar largo en empresas familiares y corto en empresas no familiares, así como la infl uencia en los resultados de los efectos fundador y tamaño. Los principales resultados obtenidos contradicen la evidencia empírica previa y señalan la posibilidad de obtener benefi cios extraordinarios invirtiendo en empresas familiares de reducido tamaño así como la mayor exposición frente al riesgo de las empresas directamente gestionadas por su fundador. Estos resultados son especialmente relevantes para los inversores tanto
individuales como institucionales, para los académicos, así como para los dirigentes de este tipo de empresas.
The objective of this study is to analyze return differences between family and non-family firms quoted on the Spanish stock market over the 1999-2008 period. Furthermore, we compare risk exposure for these kinds of fi rms; the abnormal profi ts that may be obtained with a zero cost trading strategy based on being long in family fi rms and short in non-family fi rms; and the founder and size effects on performance. Our main results indicate the possibility of gaining abnormal profi ts trading on small family fi rms and selling non-family fi rms. We also observe a signifi cant higher beta risk for family businesses directly managed by their founders. These results are especially relevant for institutional and individual investors, for academics, and the professional managers of these companies.
The objective of this study is to analyze return differences between family and non-family firms quoted on the Spanish stock market over the 1999-2008 period. Furthermore, we compare risk exposure for these kinds of fi rms; the abnormal profi ts that may be obtained with a zero cost trading strategy based on being long in family fi rms and short in non-family fi rms; and the founder and size effects on performance. Our main results indicate the possibility of gaining abnormal profi ts trading on small family fi rms and selling non-family fi rms. We also observe a signifi cant higher beta risk for family businesses directly managed by their founders. These results are especially relevant for institutional and individual investors, for academics, and the professional managers of these companies.
Descrição
Palavras-chave
Empresa familiar Rentabilidad bursátil Tamaño Liquidez Deuda
Contexto Educativo
Citação
Marcelo, J. L. M., Quirós, M. del M. M., & Lisboa, I. (2012). Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 41(155), 393–416. https://doi.org/10.1080/02102412.2012.10779730
Editora
Informa UK Limited
Licença CC
Sem licença CC