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Morten Bennedsen
Professor of Economics
Keywords
Family control; Ownership; Succession; JEL Classification: G32 L26
Journal Article
Bennedsen M., Mehrotra V., Shim J., Wiwattanakantang Y. (2021). Dynastic Control without Ownership: Evidence from Post-war Japan Journal of Financial Economics, 142(2), pp. 831-843.
Dynastic-controlled firms are led by founding-family CEOs while the family owns an insignificant share of equity (defined as less than 5%). They represent 7.4% of listed firms in post-war Japan, include well-known firms such as Casio, Suzuki, and Toyota, and are often grouped with widely held firms in the literature.