The impact of changes in management and/or majority shareholder(s) on corporate performance
Since 2003, several measures aimed at reducing the tax burden on business transfers have been introduced, particularly to benefit intra-family transfers, which are now significantly favoured over transfers to third parties or to employees. Encouraging businesses to remain within family ownership would be justified if the economic performance of such businesses proved to be better than that of others. However, whilst economic theory provides some insights, it does not allow us to conclude that one form of governance is superior to others. This question must be resolved empirically, by comparing theoretical arguments with the available data.
