Can families resist managerial and financial revolutions? Swiss family firms in the twentieth century
2013; Taylor & Francis; Volume: 55; Issue: 6 Linguagem: Inglês
10.1080/00076791.2012.744587
ISSN1743-7938
Autores Tópico(s)Corporate Finance and Governance
ResumoAbstract The aim of this contribution is to highlight the long-term evolution of family capitalism in Switzerland during the twentieth century. We focus on 22 large companies of the machine, electrotechnical and metallurgy (MEM) sector whose boards of directors and general managers have been identified in five benchmark years across the twentieth century, which allows us to distinguish between family-owned and family-controlled firms. Our results show that family firms prevailed until the 1980s and thus contradict the dominance of 'managerial capitalism'. Although we observe a decline of family capitalism during the last decade of the century, the significant remaining presence of family firms in 2000 allows us to relativise the advent of investor capitalism. Keywords: family firmsmachinemetallurgySwitzerlandownership and controlcorporate governancemanagerial revolutioninvestor capitalism Acknowledgements I would like to thank Andrea Colli, Thomas David, Hervé Joly, André Mach and two anonymous referees for their very helpful comments on previous versions of this paper. This research benefited from a grant of the Swiss National Science Foundation to which I am also very grateful. Notes 1. See for example Jones and Rose Jones, Geoffrey and Rose, Mary B. 1993. Family Capitalism. Business History, 35(4): 1–16. [Taylor & Francis Online], [Web of Science ®] , [Google Scholar], "Family Capitalism"; Rose Rose, Mary B., ed. 1995. Family Business, Aldershot: Elgar. [Google Scholar], Family Business; Daumas Daumas, Jean-Claude, ed. Le capitalisme familial: Logiques et trajectories, Actes de la journée d'études de Besançon du 17 janvier 2002. 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