000			00968nab a22001217a 4500
008			160615b1999 xxu||||| |||| 00| 0 eng d
100			_aMcConaughy, Daniel L
245			_aFounders versus descendants _cthe profitability, efficiency, growth characteristics and fi
260			_c1999
300			_a123 - 131
520			_aThis study examines the differences between founder-controlled firms and firms controlled by descendants or relatives of the founder. In general, we observe that founder-controlled firms grow faster and invest more in capital assets and research and development. However, descendant-controlled firms are more profitable. The results are consistent with a life-cycle view of the family firm in which the early years are characterized by rapid growth. The experience of the early years provides a basis for later, when the firm is more professionally run and can exploit its established position in the market.
773			_aFamily Business Review _dJun
999			_c43598 _d43598