Valuation of family firms: The role of 'familiness'

Document Type

Conference Paper

Publication Details

Citation only

Hasso, T., & Duncan, K. (2010). Valutation of family firms: The role of familiness. Paper presented at the 33rd Annual Congress of the European Accounting Association. 19-21 May, 2010. Istanbul, Turkey.

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© Copyright European Accounting Association, 2010


This paper distills three core value drivers common across the 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 ‘familiness’ factor is largely manifested in the firm’s intangible assets. However, extant accounting does not recognise these intangible assets in the book value as an input are miss-specified and do not reflect the intrinsic value of family firms.

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