As I recall, Robin also linked to a paper pointing out that very large companies underperform. Family-owned firms tend to not become that large; I wonder if that undoes the going public effect.
We may be running into problems with the ambiguity of ‘outperform’; clearly dis-economies of scale aren’t going to allow family run firms to become larger than public ones, for example.
As I recall, Robin also linked to a paper pointing out that very large companies underperform. Family-owned firms tend to not become that large; I wonder if that undoes the going public effect.
We may be running into problems with the ambiguity of ‘outperform’; clearly dis-economies of scale aren’t going to allow family run firms to become larger than public ones, for example.