The COVID-19 pandemic and family business performance

Small Business Economics - Tập 62 - Trang 213-241 - 2023
Ivan Miroshnychenko1, Giorgio Vocalelli2, Alfredo De Massis1,3,4,5, Stefano Grassi6, Francesco Ravazzolo7,8
1IMD Business School, Lausanne, Switzerland
2Department of Economics, University of Verona, Verona, Italy
3Free University of Bozen-Bolzano, Bolzano, Italy
4Lancaster University Management School, Lancaster, UK
5Institute for Entrepreneurs and Institute of Family Business, Zhejiang University, Hangzhou, China
6Department of Economics and Finance, University of Rome Tor Vergata, Rome, Italy
7Department of Data Science and Analytics, BI Norwegian Business School, Oslo, Norway
8Faculty of Economics and Management, Free University of Bozen-Bolzano, Bolzano, Italy

Tóm tắt

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. The COVID-19 pandemic spread at an unprecedented speed and scale that had not been seen since the Great Depression. But is there an organizational type that has been more financially resilient to the pandemic than others in the business landscape? We conducted a global study of 3350 publicly listed from 2018 to 2021 and found that family firms had substantially higher financial performance than nonfamily firms during the COVID-19 pandemic. Our main finding suggests that when governments develop and implement pandemic-related financial support programs for businesses, they need to take into account that the programs that are most suitable for family and nonfamily firms vary, due to the varying ability of both types of firms to be financially resilient in time of crisis. Investors must also pay attention to a firm’s ownership and management structure in evaluating its resilience—or otherwise—to future crises.

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Small Business Economics

Tập 62

213-241

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