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• W1914733439 startingPage "552" @default.
• W1914733439 abstract "Abstract Manuscript Type Empirical Research Question/Issue Considering the recent financial and economic crisis as a unique exogenous shock, our study investigates the financial performance of family‐controlled firms in “steady‐state” conditions as opposed to situations of severe economic distress. In addition, we focus our attention within family firms in order to tease out the leadership (family or non‐family CEO) and family ownership (family ownership concentration or dispersion) conditions that allow some governance arrangements to perform better than others during an economic downturn. Research Findings/Insights Examining the entire population of Italian industrial family and non‐family publicly listed companies over the period 2002–2012, we observe a significantly and consistently better performance of family‐controlled firms during the financial and economic crisis, a finding that proves to be robust to several analytical specifications, as well as to different performance measures (ROA, ROE). Then, focusing on family firms only, we find that mixed configurations (family CEOs with relatively lower family ownership concentration) produce better performance in the face of an external hazard. Theoretical/Academic Implications Our study confirms the pivotal assumption of the socioemotional wealth perspective that the advantages of family firms show up exactly when ownership is at stake. Our results also add to the growing literature on the resilience of family firms, showing that they are more able than others to absorb exogenous shocks. Practitioner/Policy Implications Our findings suggest the importance of crafting governance structures well in advance of a crisis. Our research speaks to policymakers, indicating the importance of family firms for national economies, and the political opportunity to sustain their growth and managerial development." @default.
• W1914733439 created "2016-06-24" @default.
• W1914733439 creator A5026600725 @default.
• W1914733439 creator A5031350061 @default.
• W1914733439 creator A5062691795 @default.
• W1914733439 date "2015-10-09" @default.
• W1914733439 modified "2023-10-16" @default.
• W1914733439 title "Weathering the Storm: Family Ownership, Governance, and Performance Through the Financial and Economic Crisis" @default.
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