Valuation of family firms: The role of 'familiness'

Research output: Contribution to conferencePaperResearchpeer-review

Abstract

This paper distills three core value drivers common across thee accepted valuation models and explores the application of these core valuation elements in a family firm context,drawing on the empirical evidence in the discipline. We adopt a Resource-Base View (RBV) of the competitive advantage of family firms and show that the ~miliness ’factor is largely manifested in the firm "s intangible assets. However, extant accounting does not recognise these intangible assets in the book value of the firm. Thus valuation models predicated on book value as an input are miss-specified and do not reflect the intrinsic value of family firms.
Original languageEnglish
Pages1-28
Number of pages28
Publication statusPublished - 2010
EventAnnual Conference of the European Accounting Association - Instanbul, Turkey
Duration: 19 May 201021 May 2010
Conference number: 33rd
http://www.eaa-online.org/r/default.asp?iId=FGDIHK

Conference

ConferenceAnnual Conference of the European Accounting Association
Abbreviated titleEAA
CountryTurkey
CityInstanbul
Period19/05/1021/05/10
Internet address

Fingerprint

Family firms
Familiness
Book value
Valuation model
Intangible assets
Empirical evidence
Resources
Factors
Competitive advantage
Value drivers
Intrinsic value
Core values

Cite this

Hasso, T., & Duncan, K. (2010). Valuation of family firms: The role of 'familiness'. 1-28. Paper presented at Annual Conference of the European Accounting Association, Instanbul, Turkey.
Hasso, Tim ; Duncan, Keith. / Valuation of family firms : The role of 'familiness'. Paper presented at Annual Conference of the European Accounting Association, Instanbul, Turkey.28 p.
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note = "Annual Conference of the European Accounting Association, EAA ; Conference date: 19-05-2010 Through 21-05-2010",
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Hasso, T & Duncan, K 2010, 'Valuation of family firms: The role of 'familiness'' Paper presented at Annual Conference of the European Accounting Association, Instanbul, Turkey, 19/05/10 - 21/05/10, pp. 1-28.

Valuation of family firms : The role of 'familiness'. / Hasso, Tim; Duncan, Keith.

2010. 1-28 Paper presented at Annual Conference of the European Accounting Association, Instanbul, Turkey.

Research output: Contribution to conferencePaperResearchpeer-review

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AB - This paper distills three core value drivers common across thee accepted valuation models and explores the application of these core valuation elements in a family firm context,drawing on the empirical evidence in the discipline. We adopt a Resource-Base View (RBV) of the competitive advantage of family firms and show that the ~miliness ’factor is largely manifested in the firm "s intangible assets. However, extant accounting does not recognise these intangible assets in the book value of the firm. Thus valuation models predicated on book value as an input are miss-specified and do not reflect the intrinsic value of family firms.

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Hasso T, Duncan K. Valuation of family firms: The role of 'familiness'. 2010. Paper presented at Annual Conference of the European Accounting Association, Instanbul, Turkey.