All firms in Estonia, Latvia, and Estonia with (Revenues above EUR 2 million) OR (Total assets above EUR 2 million AND Revenues above EUR 1 million), excluding banks and holding companies. The dataset covers ten years from 2012 to 2021.
We define a firm as family-controlled if more than 50.01 percent of shares (directly or indirectly) are held by one individual or multiple individuals with the same last name AND at least one family member has a board seat. The list of family firms is created using a Python code and manual checking.
In 2020, the dataset includes 16035 firms, out of which 5225 firms (or one out of three) are family-controlled. Family firms are located as follows: 1878 in Estonia, 1629 in Latvia and 1718 in Lithuania. There are 11 family-controlled firms among top-100 largest companies (by revenues).
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