Made available in DSpace on 2010-04-20T21:00:31Z (GMT). No. of bitstreams: 3 ednercastilhoturma2003.pdf.jpg: 18000 bytes, checksum: 08e4d39e1d7f9af8a11215ebdbc5ada1 (MD5) ednercastilhoturma2003.pdf.txt: 218811 bytes, checksum: 458287d8a06993bb0d26d35765903dfd (MD5) ednercastilhoturma2003.pdf: 1132119 bytes, checksum: 43912b9f9211698f436925d54ab0f498 (MD5) Previous issue date: 2006-01-11T00:00:00Z / One searches in this work to discuss some important aspects of the portfolio choice of longterm investors. Those important aspects, chosen on the basis of theoretical instruments, are illustrated through the determination of a portfolio to participants of a Brazilian pension fund. The characteristics that differentiate the short-term and long-term investors and the impact of them in the choice of the risk-free asset and the ideal portfolio of investors are argued. Considering the characteristics of the main available financial assets in the Brazilian financial market and the possibility of re-balancing, at any time, the portfolio of long-term investors, we conclude that the choice of portfolio follows the same principles for both the short-term and long-term investors. On the basis of the previous conclusion and using the concept of human wealth - that we assume to present similar behavior to the risk-free asset of long-term investors - we find the allocation of financial wealth to each participant and, consequently, the allocation of the pension fund as a whole. / O trabalho ora apresentado busca abordar os principais aspectos envolvidos na escolha de carteira de ativos para investidores de longo prazo. Tais aspectos, selecionados com base em instrumental teórico, são ilustrados por meio da determinação da alocação dos recursos garantidores dos participantes de um Fundo de Pensão brasileiro. Discutem-se as características que diferenciam os investidores de curto e de longo prazo e os respectivos impactos na escolha do ativo livre de risco e da carteira de ativos ideal dos investidores. Devido às características dos principais ativos financeiros disponíveis no mercado de capitais brasileiro e à possibilidade de re-balanceamento a qualquer momento da carteira de ativos dos investidores de longo prazo, sugerimos a premissa de que as escolhas das carteiras de ativos por investidores de curto e de longo prazo seguem os mesmos princípios. A partir da premissa anteriormente sugerida e do conceito de riqueza humana [que assumimos apresentar comportamento similar ao ativo livre de risco dos investidores de longo prazo] propomo-nos a determinar o modo eficaz de alocação da riqueza financeira de cada participante e, conseqüentemente, a alocação do Fundo de Pensão como um todo.

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-06-03T20:46:44Z No. of bitstreams: 1 66080100265.pdf: 815492 bytes, checksum: 2a1bcbf2ff173c39a76fb108fafd747c (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T21:07:31Z (GMT) No. of bitstreams: 1 66080100265.pdf: 815492 bytes, checksum: 2a1bcbf2ff173c39a76fb108fafd747c (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T21:30:45Z (GMT) No. of bitstreams: 1 66080100265.pdf: 815492 bytes, checksum: 2a1bcbf2ff173c39a76fb108fafd747c (MD5) / Made available in DSpace on 2011-06-03T22:09:08Z (GMT). No. of bitstreams: 1 66080100265.pdf: 815492 bytes, checksum: 2a1bcbf2ff173c39a76fb108fafd747c (MD5) Previous issue date: 2011-02-08 / This paper investigates whether the institutional environment, related to the level of investor protection in Latin American countries, contributes to reducing earnings management by firms. We use four models to detect earnings management (the Jones Model, Modified Jones Model, Modified Jones Model with ROA and the Kang & Sivaramakrishna Model). Our sample comprises 313 publicly held companies listed in the stock exchanges in Argentina, Brazil, Chile, Colombia, Mexico and Peru, during the period from 2006 to 2010, a total of 9,986 statistics company-year. The discretionary accruals were estimated using a twostage regression, firstly with panel data models and then with the model residuals as the dependent variable and the level of investor protection as the independent variable. The score for each country, published in the Latin American Venture Capital Association (LAVCA) Scorecard, is used as a proxy for the level of investor protection. There is evidence in line with the theory that a better institutional environment contributes to reducing not only earnings management, but also the variability in earnings management. These findings reveal that investor protection is an important factor in the development of countries in Latin America. Countries with systems that provide incentives for private investment, with better tax treatment, creditor protection, corporate governance and a standardized accounting system, present companies with a lower level of earnings management. / Nesta dissertação analisamos se o ambiente institucional relacionado ao nível de proteção dos investidores dos países da América Latina contribuiu para uma redução na prática de gerenciamento de resultados das empresas. Utilizamos quatro modelos para detectar a prática de gerenciamento de resultados (Jones Model, Modified Jones Model, Modified Jones Model with ROA e o Kang & Sivaramakrishna Model). A nossa amostra é formada pelas empresas de capital aberto e listada em bolsa nos países da Argentina, Brasil, Chile, Colômbia, México e Peru, somando 313 empresas, para os anos de 2000 a 2009, totalizando 9.986 dados de empresa-trimestre. Utilizamos uma regressão em duas etapas, primeira usamos os modelos com dados em painel para estimar o discretionary accrual, em seguida, com o resíduo do modelo como variável dependente na segunda regressão sendo a variável independente o nível de proteção do investidor. A nota alcançada pelo país na pesquisa da Latin America Venture Capital Association (LAVCA) é usada como proxy para o nível de proteção ao investidor.. Há evidências em linha com a teoria de que um melhor ambiente institucional contribui para a diminuição não só da prática de gerenciamento de resultado, mas também as variabilidades do gerenciamento de resultados essas evidências reforçam a importância do fator proteção ao investidor para o desenvolvimento dos países da América Latina. Os países que possuem um sistema que incentive o investimento privado, com melhores tratamentos tributários, proteção aos credores, governança corporativa e padronização do sistema contábil, apresentam empresas com um menor nível de gerenciamento de resultado.

Made available in DSpace on 2016-12-23T14:00:35Z (GMT). No. of bitstreams: 1 Claudio Alan de Melo Barbosa.pdf: 683323 bytes, checksum: 3c62dfb6f8485d96f9af6530abda3312 (MD5) Previous issue date: 2009-06-17 / O Modelo de Precificação de Ativos Financeiros (CAPM) compara ou correlaciona os retornos da ação individual com os retornos de mercado pelo índice de risco chamado Beta. O mercado é um padrão ou denominador comum para a obtenção do que é conhecido como risco não diversificável, também chamado, de risco sistêmico. De forma que foi realizado um estudo comparativo entre dois tipos de precificação de ativos, CAPM tradicional e CAPM condicional, sendo que, este último utiliza o modelo GARCH-M, capaz de incorporar a variância condicional em sua estimação. O mercado financeiro brasileiro, no decorrer dos últimos anos, foi palco de um grande crescimento e consolidação do Brasil perante a comunidade nacional e internacional. Diante disso, a Bovespa, na tentativa de tornar a prática de investimento em ações mais ao alcance da população brasileira regulamentou os Clubes de Investimento, proporcionando a entrada de investidores de pequeno porte, porém estes, unidos em clubes, acabam por se tornarem investidores de grande potencial; e o clube de investimento AIVALE, foi um dos quais em pouco tempo de criação apresentou um grande ganho em seu patrimônio. Foi possível estudar o comportamento de sua variância, e determinar o seu Beta baseado no melhor modelo / The Model for Pricing of Financial Assets CAPM compares or correlates the returns of individual action with the returns of the market by risk index called Beta. The market is a pattern or common denominator to obtain what is known as risk not diverse, also called of systemic risk. So that was a comparative study between two types of pricing of assets, traditional CAPM and conditional CAPM, whereas the latter uses the GARCH-M model, able to incorporate the conditional variance in its estimation. The Brazilian financial market over the past years, was the scene of a major growth and consolidation of Brazil at the national and international community. Thus, the BOVESPA, in an attempt to make the practice of investing in more stock to reach the population regulated investment clubs, allowing the entry of small investors, but these, together in clubs, eventually become investors in great potential, and investment club AIVALE, one of which was soon made to create a large gain in its assets. It was possible to study the behavior of its variance, and determine the best model based on the Beta

Made available in DSpace on 2016-12-23T14:00:35Z (GMT). No. of bitstreams: 1 Claudio Alan de Melo Barbosa.pdf: 683323 bytes, checksum: 3c62dfb6f8485d96f9af6530abda3312 (MD5) Previous issue date: 2009-06-17 / The Model for Pricing of Financial Assets CAPM compares or correlates the returns of individual action with the returns of the market by risk index called Beta. The market is a pattern or common denominator to obtain what is known as risk not diverse, also called of systemic risk. So that was a comparative study between two types of pricing of assets, traditional CAPM and conditional CAPM, whereas the latter uses the GARCH-M model, able to incorporate the conditional variance in its estimation. The Brazilian financial market over the past years, was the scene of a major growth and consolidation of Brazil at the national and international community. Thus, the BOVESPA, in an attempt to make the practice of investing in more stock to reach the population regulated investment clubs, allowing the entry of small investors, but these, together in clubs, eventually become investors in great potential, and investment club AIVALE, one of which was soon made to create a large gain in its assets. It was possible to study the behavior of its variance, and determine the best model based on the Beta / O Modelo de Precificação de Ativos Financeiros (CAPM) compara ou correlaciona os retornos da ação individual com os retornos de mercado pelo índice de risco chamado Beta. O mercado é um padrão ou denominador comum para a obtenção do que é conhecido como risco não diversificável, também chamado, de risco sistêmico. De forma que foi realizado um estudo comparativo entre dois tipos de precificação de ativos, CAPM tradicional e CAPM condicional, sendo que, este último utiliza o modelo GARCH-M, capaz de incorporar a variância condicional em sua estimação. O mercado financeiro brasileiro, no decorrer dos últimos anos, foi palco de um grande crescimento e consolidação do Brasil perante a comunidade nacional e internacional. Diante disso, a Bovespa, na tentativa de tornar a prática de investimento em ações mais ao alcance da população brasileira regulamentou os Clubes de Investimento, proporcionando a entrada de investidores de pequeno porte, porém estes, unidos em clubes, acabam por se tornarem investidores de grande potencial; e o clube de investimento AIVALE, foi um dos quais em pouco tempo de criação apresentou um grande ganho em seu patrimônio. Foi possível estudar o comportamento de sua variância, e determinar o seu Beta baseado no melhor modelo

Cette thèse étudie le rôle joué par les investisseurs financiers sur les marchés des matières premières, connu sous le nom de financiarisation des matières premières. Elle est constituée d’une partie théorique et d’une autre empirique. Les recherches menées visent à étudier la participation des investisseurs, détenant des portefeuilles d’actions, aux marchés à terme de matières premières, pour des raisons de diversification. De plus, cette diversification peut être obtenue en investissant dans un panier de produits de base. Le premier chapitre analyse théoriquement l’interaction entre le marché des matières premières et celui des actions. Le deuxième chapitre étudie empiriquement l’impact du choix des investisseurs financiers sur la prime de risque des contrats à terme sur les matières premières. Il s’intéresse principalement à trois produits de base : pétrole brut (WTI), fioul pour chauffage et gaz naturel. Le troisième chapitre étudie théoriquement l’intégration de deux marchés de matières premières. Nous clarifions certaines considérations concernant l’effet de la financiarisation sur lesquelles la littérature existante reste hésitante. Nous démontrons le pouvoir d’influence qu’exercent les investisseurs sur le marché des matières premières. Toutefois, ceci dépend de la nature de la position de l’investisseur sur le marché à terme. De manière générale, la financiarisation entraîne la hausse des prix spot, des prix des contrats à terme et des niveaux des stocks. Nous montrons aussi que les investisseurs représentent un canal de transmission entre les marchés de matières premières. Leurs effets étendus se limitent à la corrélation croisée des marchés de matières premières. Enfin, nous montrons que les rendements des marchés d’actions sont devenus un déterminant de la prime de risque des contrats à terme après la crise financière de 2008. Cet effet des rendements des actions est indifférent entre les maturités courtes et longues. / This dissertation studies the role of financial investors on commodity markets, which is referred as financialization of commodity. The content of the dissertation splits to theoretical and empirical work. The implemented researches are motivated by the participation of investors, who own stock portfolios, in commodity futures markets for diversification reasons. Furthermore, that diversification is likely achieved by investing in a basket of commodities. The first chapter investigates, theoretically, the interaction between commodity and stock markets. The second chapter studies, empirically, the impact of financial investors on the commodities futures risk premium. It focuses on studying three commodities: crude oil (WTI), heating oil and natural gas. The third chapter examines, theoretically, the integration between two commodity markets. We clarify the hesitating of the previous literature in finding evidences of the impact of financialization. We confirm the influential power of investment in commodity market. However, that depends on the financial investors positions taken in the futures market. Generally, financialization increases the spot prices, the futures prices and inventory levels. We find, also, that investors are a transmission channel between commodity markets. Their effects spread out restricted to the cross commodity markets correlation. Finally, stock market returns became effective determinant of the futures risk premium after 2008 financial crisis. Also, the effect of the stock returns indifferent between short and long maturities.

I den här studien har vi undersökt hur investerare upplever asymmetrisk information och principal-agentproblem i den relativt nya investeringsformen equity crowdfunding. Vi har även undersökt hur investerarna går tillväga för att hantera den asymmetriska informationen och principal-agentproblemen. För att göra detta genomfördes studien med ett kvalitativt tillvägagångssätt där vi samlade in data med hjälp av semistrukturerade intervjuer. Intervjuerna hölls med equity crowdfunding investerare från FundedByMe, Sveriges ledande crowdfunding-plattform. Resultaten av studien indikerar på att investerarna finner asymmetrisk information som närvarande inom equity crowdfunding och en nödvändighet av att ta reda på fler uppgifter om bolagen utanför FundedByMe, med anledning av att uppgifterna som finns på plattformen upplevs vara bristfälliga för att kunna ta ett beslut om investering. För att överkomma problem gällande asymmetrisk information har det visat sig att investerarna tenderar att följa andra investerares val av kampanjer. Därmed används alltså ett flockbeteende av investerarna som en metod för att överkomma problem gällande asymmetrisk information som de stöter på. För att överkomma problemet ännu mer, så använder sig investerarna främst av ledningsgruppens egenskaper i deras due diligence då den finansiella informationen anses vara begränsad.Resultaten av vår studie indikerar även på att principal-agentproblem upplevs vara närvarande inom equity crowdfunding då investerarna anser att företagarna utövar ett själviskt beteende som är i kontrast med investerarnas egna intressen för att maximera sin egna nytta. Flertalet respondenter i vår studie angav dock att de inte agerar på något särskilt sätt för att hantera det eventuella problemet. Av det som däremot görs består insatserna till största del av kontroll samt övervakning av ledningsgruppernas arbete. Investerarna använder sig även av gruppforum på Facebook för att förbinda sig med de övriga mindre investerarna i bolagen för att tillsammans med dem förstärka sitt inflytande. / In this study, we have investigated how investors experience asymmetric information and principal-agent problems in the relatively new investment form equity crowdfunding. We have also investigated how investors deal with the asymmetric information and principal-agent problems. To do this, the study was conducted using a qualitative approach where we collected data using semi-structured interviews. The interviews were held with equity crowdfunding investors from FundedByMe, Sweden's leading crowdfunding platform. The results of the study indicate that investors find asymmetric information to be present in equity crowdfunding and a need to find out more information about the companies outside FundedByMe, as the information available on the platform is perceived to be deficient in being able to make an investment decision. In order to overcome problems relating to asymmetric information, it has been found that investors tend to follow other investors choice of campaigns. Thus, a flock behaviour is used by the investors as a method to overcome problems regarding asymmetric information that they encounter. In order to overcome the problems even more, investors mainly use the management group's characteristics in their due diligence since the financial information is considered to be limited. The results of our study also indicate that principal-agent problems are perceived to be present in equity crowdfunding, as investors think that companies are pursuing selfish behaviour that is in conflict with investors own interests to maximize their own benefit. However, the majority of respondents in our study indicated that they do not act in any particular way to deal with the potential problem. However, of efforts that are made, they largely consist of control and monitoring of the work of the management groups. Investors also use groupforums on Facebook to connect with other smaller investors in the companies to strength their influence with them.

Background: The 12th of March 2020 the Stockholm stock market fell close to eleven percent, the biggest decline on the market in modern time, as a result of the Covid-19 virus. Earlier studies have found that many individual investors make ill-considered decisions during sharp price falls which don't benefit their economic interest and that every new financial crisis offers new possibilities to expand the understanding about what underlying factors that are behind the crisis. Studies about psychological shortcomings have earlier been conducted, but not in connection with a stock market crash as a result of a pandemic, which means that there is not much research within the area. Therefore, there is an incentive to investigate which psychological biases individual investors were affected by during the corona crisis. Purpose: The purpose of this thesis is to study how a number of Swedish individual investors acted on the stock market during the corona crisis and if it varies depending on how much capital they manage. Which of the psychological biases herd behaviour, the disposition effect, loss aversion and extrapolation bias the individual investors that were interviewed was affected by and how they reasoned during the sharp stock market decline in March 2020. Method: The thesis has been conducted by a qualitative method to fulfil its purpose. The data collection consists of 10 semi-structured interviews with Swedish individual investors and statistics from the stockbroker Avanza. An abductive approach has been adopted to be able to analyse the studied subject and reach a conclusion. Conclusion: The thesis finds that the actions of the investigated individual investors can be divided into three categories. The ones that sold all their stocks when the stock market declined rapidly, the ones that didn’t do anything and the ones that bought more stocks successively. There is no clear connection between managing more money and getting less affected by psychological biases. Furthermore, the respondents were partly affected by how much earlier experience they had, whereas the ones with less experience were to a greater extent affected by psychological biases.

Titel: Institutionella investerares preferenser för ES-kriterier Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi Författare: Melisa Tatarevic och Alexandra Berg Nordström Handledare: Jan Svanberg Datum: 2022 - Januari Syfte: Intressenternas ökade behov av insyn i miljö-, sociala- och styrningsfrågor har givit stor vikttill hållbarhetsrapportering världen över. Denna studie syftar till att undersöka huruvidainstitutionellt ägande beror av ES-kriterier och ger nytt ljus åt forskningen med fokus på bådepositiva och negativa aspekter av ES-kriterier. Ökar/minskar det institutionella ägandet beroende pånärvaron av policyer hos företag? Existerar det ett samband mellan ESG-betyget och policyer? Metod: Med sekundärdata från databasen Refinitiv Eikon har denna kvantitativa studie medtvärsnittsdesign analyserat 2653 publika företag i IBM: s statistikprogram SPSS. Studien presenterarbeskrivande statistik, en korrelationsmatris, kontroll av felkällor samt multipla regressionsanalyser. Resultat & slutsats: Studien ger bevis för att det institutionella ägandet huvudsakligen ökar vidnärvaron av specifika policyer. Emellertid minskar institutionellt ägande vid närvaron av en specifikpolicy. Studien finner även stöd för ett existerande samband mellan ESG-betyget och policyer. Examensarbetets bidrag: Studien bidrar med ny information till forskningen inom ESG-betygetoch för institutionella investerare genom ett unikt tillvägagångssätt att studera institutionellainvesterares preferenser för olika ES-kriterier med fokus på både styrkor och svagheter. Förslag till fortsatt forskning: Kvantitativ forskning kan svara på huruvida liknande resultat hadeuppnåtts vid val av andra indikatorer. Kvalitativ forskning kan från institutionella investeraresperspektiv, förklara hur de faktiskt beaktar ES-kriterier och dess indikatorer vid investeringsbeslut. Nyckelord: Hållbarhetsprestanda; ESG-betyg; Företagens sociala ansvar (CSR); Socialt ansvarsfullainvesteringar (SRI); Institutionella investerare; Miljö- och social prestanda / Title: Institutional investors preferences on ES-criteria Level: Student thesis, final assignment for Bachelor Degree in Business Administration Author: Melisa Tatarevic and Alexandra Berg Nordström Supervisor: Jan Svanberg Date: 2022 - January Aim: Stakeholders' increased need for transparency in environmental, social and governance issueshas given great importance to sustainability reporting worldwide. This study aims to investigatewheather institutional ownership depends on ES criteria and sheds new light on research by focusingon both positive and negative aspects of ES criteria. Does institutional ownership increase/decreasedue to the presence of policies in companies? Is there a link between the ESG rating and policies? Method: With secondary data from the Refinitiv Eikon database, this quantitative study with crosssectional design analyzed 2653 public companies in the IBM: s statistics program SPSS. The studypresents descriptive statistics, a correlation matrix, control of error sources and regression analyzes. Result & Conclusions: The study provides evidence that institutional ownership mainly increases inthe presence of specific policies. However, institutional ownership decreases in the presence of aspecific policy. The study also finds support for an existing link between ESG ratings and policies. Contribution of the thesis: The study contributes new information to the research within the ESGrating and for institutional investors through a unique approach to studying institutional investors'preferences for different ES criteria with a focus on both strengths and weaknesses. Suggestions for future research: Quantitative research can answer whether similar results had beenachieved by choosing other indicators. Qualitative research can explain how they actually considerES criteria and its indicators when making investment decisions. Key words: Sustainability performance; ESG Score; Corporate Social Responsibility (CSR); SocialResponsibility Investments (SRI); Institutional investors; Environmental and social performance

Uppsatsen strävar efter att jämföra svenska hushålls fastighetsinvesteringar i ett EU land(Kroatien) och ett land utanför EU (Montenegro). Uppsatsen analyserar empiriska resultatetför att hitta både det positiva och det negativa som en investering i länderna medför. Kroatienoch Montenegro valdes på grund av författarnas etnicitet och deras kontaktnät medprivatpersoner som investerat i länderna samt likheterna i klimat och kultur för att minskapåverkande faktorer. Författarna strävar för att utöka den vetenskapliga kunskapen omtransaktionskostnader från privathushålls perspektiv I både utvecklade och underutveckladeländer med potential. Det finns massor med vetenskapligt baserad information omtransaktionskostnader tillgängligt men nästan enbart från ett kommersiellt perspektiv.Frånvaron av forskning kring transaktionskostnader för privatpersoner är oroväckande ochjust därför är denna uppsats nödvändig. För att göra detta konstruerades två enkäter för attsamla information om processerna vid dessa typer av internationella investeringar.Information som samlades in analyserades med hjälp av tidigare forskning omtransaktionskostnader och transparens samt teorin om The New Institutional Economics.Sedan diskuterades resultatet och både skillnaderna mellan de utvecklade ochunderutvecklade länderna samt hushållens och kommersiella perspektivet var förvånansvärt. / The study seeks to compare Swedish household property investment in a EU country(Croatia) and a country outside of EU (Montenegro). The study analyzes the empirical resultsto find both the positive and negative that derives from an investment in the countries. Croatiaand Montenegro were chosen because of the origins of the authors and their connections toprivate investors in these countries. The authors seek to broaden the current scientificknowledge about private household property investments in the area of transaction cost andinvestments in both developed countries and underdeveloped countries with potential.Scientifically researched information about transactional cost is a widely available but acommon consensus in these papers is that the subject matter is commercial. The absent ofresearch of transactional cost for private household investors is alarming and to fill this gap,this study is essential. To do this, two surveys were constructed to obtain information on theprocess of investments in these countries. The information obtained from the surveys wasexamined with the help of prior studies on transactional cost and transparency but also withthe theory on the New Institutional Economics theory. The results and findings were laterdiscussed and the difference of both the developed and underdeveloped perspective and thehousehold and commercial perspective were astonishing.

Cette thèse, en portant une attention particulière sur les entreprises familiales turques et par l'utilisation d'une approche fondée sur la théorie de l'agence, a pour objectif de mettre en lumière les implications du capital familial sur la performance, la distribution de dividendes et les avoirs étrangers. Elle étudie premièrement en s'appuyant sur une méta-analyse, la relation entre l'impact net du capital familial sur la performance de l'entreprise et l'effet de modérateurs sur cette relation. Ensuite, elle examine si, en Turquie, le capital familial comble ou profite des lacunes institutionnelles et étudie comment les entreprises familiales diminuent les préoccupations relatives à l'expropriation des actionnaires minoritaires. Enfin, elle explore comment dans le cas turc, les investisseurs étrangers perçoivent le capital familial et les pratiques de gouvernance appliquées par les entreprises familiales pour éliminer les préoccupations de ces investisseurs concernant l'expropriation de leurs droits. Les principaux résultats de cette thèse démontrent que l'impact du capital familial sur la performance des entreprises est positif mais faible. Le niveau de développement des institutions formelles du pays dans lequel les entreprises familiales opèrent, modère la relation entre le capital familial et la performance des entreprises. En Turquie, un niveau modéré de détention du capital par la famille est bénéfique car la performance comptable atteint un pic à ce niveau de détention et les investisseurs valorisent un tel niveau de détention du capital par la famille. En outre, lorsque les familles détiennent un niveau substantiel de droits de vote et participent activement au management de l'entreprise, le versement de dividendes se réduit et la gouvernance familiale profite des lacunes institutionnelles pour exproprier les autres actionnaires de leurs droits. Enfin, en Turquie, le recours effectif par les entreprises familiales à des pratiques de gouvernance diminue les inquiétudes des investisseurs étrangers concernant l'opportunisme de la famille. / Using insights mainly from agency theory, this dissertation intends to shed light on performance, dividend payout and foreign holdings' implications of family involvement in firm with an emphasis on Turkish family firms. The dissertation first investigates the net effect of family involvement on firm performance and the effect of moderators on that relationship by conducting a meta-analysis. It then shifts the focus on Turkey to examine whether family governance fills or abuses institutional gaps and look into how family firms alleviate concerns of expropriation of minority shareholders. Finally, it investigates how foreign investors perceive family involvement in firm and firm-level governance practices of family firms to mitigate investors' expropriation concerns in Turkey. The main findings of this dissertation show that the impact of family participation on firm performance is positive but modest. The development level of formal institutions in countries in which family firms operate moderates the relationship between family involvement and firm performance. In Turkey, moderate levels of family involvement in ownership are beneficial since accounting profitability reaches a peak at these levels and foreign investors value these levels of family participation in firm. On the other hand, when families have substantial voting rights and actively participate in management, dividend payouts reduce and family governance abuses institutional voids by expropriating other shareholders. Additionally, the effective use of firm-level governance practices by family firms mitigates foreign investors' concerns about family opportunism in Turkey.