Firm Founders, Boards, and Misleading Disclosures: An Examination of Relative Power and Control

摘要

Founder- and family-managed firms account for a large proportion of America's commercial activity. By one estimate, such companies represent 65% to 80% of all business enterprises (Gersick et al., 1997), including approximately one-third of the Fortune 500 (Anderson et al., 2003). Although founder characteristics such as experience and knowledge have been common topics of investigation (e.g., Barringer el al., 2005; Colombo and Grilli, 2005), many other issues pertaining to the efficiency of the business form remain largely unexplored (Schulze et al., 2001).