Authors: Kashvi Biyani
Abstract: This study examines the association between family ownership and financial characteristics of listed Indian companies. Using balanced panel data for 50 firms over the period 2020–2025, comprising 300 firm-year observations, the study investigates the relationship between family ownership and corporate performance. The analysis employs panel regression techniques, including fixed-effects and two-way random-effects models, along with diagnostic and robustness tests. The findings indicate a positive association between Family Holding and EPS. The results also indicate significant cross-sectional dependence among the sampled firms, supporting the use of robust estimation. Overall, the findings suggest that family ownership is more closely associated with firm size and, to a lesser extent, earnings performance, while liquidity and leverage show no statistically significant relationship within the sampled Indian listed firms.
