Valuation of family firms: The role of 'familiness'

Research output: Contribution to conferencePaperResearchpeer-review


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
Number of pages28
Publication statusPublished - 2010
EventAnnual Conference of the European Accounting Association - Instanbul, Turkey
Duration: 19 May 201021 May 2010
Conference number: 33rd


ConferenceAnnual Conference of the European Accounting Association
Abbreviated titleEAA
Internet address

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