The COVID-19 pandemic and family business performance

Miroshnychenko, Ivan and Vocalelli, Giorgio and De Massis, Alfredo and Grassi, Stefano and Ravazzolo, Francesco (2024) The COVID-19 pandemic and family business performance. Small Business Economics, 62 (1). pp. 213-241. ISSN 0921-898X

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This study examines the impact of the COVID-19 pandemic on corporate financial performance using a unique, cross-country, and longitudinal sample of 3350 listed firms worldwide. We find that the financial performance of family firms has been significantly higher than that of nonfamily firms during the COVID-19 pandemic, accounting for pre-pandemic business conditions. This effect is pertinent to firms with strong family involvement in management or in both management and ownership. We also identify the role of firm-, industry-, and country-level contingencies for family business financial performance during the COVID-19 pandemic. This study offers a novel understanding of the financial resilience across different types of family business and sets an agenda for future research on the drivers of resilience of family firms to adverse events. It also provides important and novel evidence for policymakers, particularly for firms with different ownership and management structures.

Item Type:
Journal Article
Journal or Publication Title:
Small Business Economics
Uncontrolled Keywords:
?? covid-19family firmsfinancial performancepandemicresilienceeconomics and econometricsgeneral business,management and accountingbusiness, management and accounting(all) ??
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Deposited On:
26 Apr 2023 13:25
Last Modified:
16 Jul 2024 12:02