PhD De­fen­ce: Car­oline Thøis­en Larsen

In order to obtain the PhD degree, Caroline Thøisen Larsen has submitted her thesis entitled:

Family businesses succession & valuation practices

This dissertation investigates the financial performance of family business succession and the valuation practices that shape long-term forecasts. The first two chapters focus on family-owned businesses, with a particular emphasis on succession and the financial consequences of different succession decisions and pathways, covering both promoting and inhibiting factors of family businesses succession. The first chapter presents a comprehensive and integrative review of the literature on family business succession. The second chapter builds on this foundation by analysing how the succession design influences CEO succession outcomes. The final chapter examines equity analysts’ long-term forecasts in Discounted Cash Flow models, showing how standard valuation practices affect long-term forecast accuracy. Together, these three chapters advance the understanding of succession dynamics and valuation practices. 

The thesis will be available from research.cbs.dk