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- Publications
- Influence
Inside the Family Firm: The Role of Families in Succession Decisions and Performance
- M. Bennedsen, K. Nielsen, F. Pérez-González, Daniel Wolfenzon
- Economics, Business
- 1 June 2006
This paper uses a unique dataset from Denmark to investigate the impact of family characteristics in corporate decision making and the consequences of these decisions on firm performance. We focus on… Expand
The balance of power in closely held corporations
- M. Bennedsen, Daniel Wolfenzon
- Economics
- 2000
We analyze a closely held corporation characterized by the absence of a resale market for its shares. We show that the founder of the firm can optimally choose an ownership structure with several… Expand
Incentive and entrenchment effects in European ownership
- M. Bennedsen, K. Nielsen
- Economics
- 1 September 2010
In a large sample of European firms we analyze the value discount associated with disproportional ownership structures first documented by Claessens et al. (2002). Consistent with a theoretical model… Expand
The causal effect of board size in the performance of small and medium-sized firms
- M. Bennedsen, M. Bennedsen, Hans Christian Kongsted, Hans Christian Kongsted, K. Nielsen
- Business
- 1 June 2008
Empirical studies of large publicly traded firms have shown a robust negative relationship between board size and firm performance. The evidence on small and medium-sized firms is less clear; we show… Expand
The Value of Local Political Connections in a Low-Corruption Environment
- M. Amore, M. Bennedsen
- Economics
- 23 April 2013
We use exogenous changes in Danish local municipality sizes to identify a large positive effect of political power on the profitability of firms related by family to local politicians. Our… Expand
Informational Lobbying and Political Contributions
- M. Bennedsen, S. Feldmann
- Economics
- 17 May 2006
Interest groups can potentially influence political decision-makers by offering contributions and by providing relevant information that sways the decision in the group's favor. What mix of these two… Expand
The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe
- M. Bennedsen, K. Nielsen
- Business
- 1 October 2006
Previous research initiated by Claessens et al. (2002) has established a value discount of disproportional ownership structures. Due to omitted variables problems it is difficult to provide a causal… Expand
Do Ceos Matter?
- M. Bennedsen, F. Pérez-González, Daniel Wolfenzon
- Business
- 1 October 2006
Estimating the value of top managerial talent is a central topic of research that has attracted widespread attention from academics and practitioners. Yet, studying the impact of managers on firm… Expand
The Family behind the Family Firm: Evidence from CEO Transitions
- M. Bennedsen, K. Nielsen, Daniel Wolfenzon
- Business
- 2004
Economists have long acknowledged that the structure of the family (number of offspring, marital status, etc.) plays a crucial role in important economic decisions (e.g., labor supply, demand… Expand
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The Impact of a Break-Through Rule on European Firms
- M. Bennedsen, K. Nielsen
- Economics, Geology
- 1 May 2004
We analyze the impact of a 75 pct. Break-Through rule on 1,035 European firms with dual class shares. In 3–5 pct. of the firms the controlling owners incur a direct loss of control, while in another… Expand