Is the stock market reacting differently when it comes to family businesses than non-family businesses? It is known that family firms have a special effect on investors especially when it comes to news and decision making. This study is focused on the insider trading issue on the Swedish financial market. We apply the event study methodology on 1280 observations of interim and annual financial report announcements, taken from family and non-family companies. We found family businesses more secure when it comes to insider trading. The market is more susceptible to reaction when the financial news are released by non-family firms. The difference between the two categories is up to 10%. The study contains an insider trading analysis by taking into account the capitalization level, the interim versus annual report and the family status. We also discuss and contrast the Swedish law with insider trading efficiency and ethical aspects.