Abstract

GOMEZ-BETANCOURT, Gonzalo; LOPEZ VERGARA, María Piedad; BETANCOURT RAMIREZ, José Bernardo  and  MILLAN PAYAN, Javier Olmedo. Comparative study of the performance of colombian family-owned companies listed on the stock exchange vs. Non-family-owned companies. Entramado [online]. 2012, vol.8, n.1, pp.28-42. ISSN 1900-3803.

The current study presents a comparison between the performance of 84 family business (FB) and non-family business (NFB) traded in the Colombia Stock Exchange. Data for company performance was collected between 2003 and 2009. One-way ANOVAs were used to analyze the data and a graphical representation of the confidence interval of the values obtained from the sample. The research focuses on the Resource Based View Theory of the Firm and is based on the concept of "familiness". The results suggest that (1) between the FB and NFB were no differences in performance, (2) between the majority FB (> 50% family owned) and minority FB (>10% and <50% owned by family) was found higher profitability and indebtedness of the majority FB, and (3) between the FB with boards with less than 50% of relatives and those with higher family presence on the board were no significant differences. This work validates the outstanding performance of family businesses publicly traded in an emerging country like Colombia.

Keywords : Performance; family business; stock exchange; board of directors.

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