In June 2007, French newspaper Le Figaro reported that between 1990 and 2006, family-owned corporations in France had outperformed the CAC40 benchmark French stock market index, with returns of 639% over the time period compared to returns of 292% for the CAC40 for the same time. Other studies in countries such as Germany, Italy and even the UK and US where prevalence of family-owned firms is much lower, have also made similar claims. What benefits and drawbacks can you identify in firms that are family-owned compared to those where ownership and management are separated (Burnham, 1941; Coase 1937; Chandler, 1977? What implications does this have for the share price maximisation view of the firm that is dominant in the US and UK?

Assignment Question
In June 2007, French newspaper Le Figaro reported that between 1990 and 2006, family-owned corporations in France had outperformed the CAC40 benchmark French stock market index, with returns of 639% over the time period compared to returns of 292% for the CAC40 for the same time. Other studies in countries such as Germany, Italy and even the UK and US where prevalence of family-owned firms is much lower, have also made similar claims. What benefits and drawbacks can you identify in firms that are family-owned compared to those where ownership and management are separated (Burnham, 1941; Coase 1937; Chandler, 1977? What implications does this have for the share price maximisation view of the firm that is dominant in the US and UK?

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