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Did family firms perform better during the financial crisis?: New insights from the S&P 500 firms
Keele Management School, Staffordshire, UK.
Department of Finance, School of Business, Central Connecticut State University, New Britain, CT, United States.
SKK Graduate School of Business, Seoul, South Korea.
2017 (English)In: Global Finance Journal, ISSN 1044-0283, E-ISSN 1873-5665, Vol. 33, p. 88-103Article in journal (Refereed) Published
Abstract [en]

This paper provides new evidence on whether family firms performed better during the global financial crisis (2008–2010). Using the dataset of the S&P 500 nonfinancial firms during the period 2006–2010, we find that family firms outperformed nonfamily firms during the crisis. Among family firms, the ones that contributed to the outperformance were those where the founder was still present. We also find that during the global financial crisis, founder firms invested significantly less and had better access to the credit market than nonfamily firms. Our analysis suggests that the superior performance of founder firms is largely caused by their having less incentive to overinvest in order to boost short-term earnings during the crisis. 

Place, publisher, year, edition, pages
Elsevier, 2017. Vol. 33, p. 88-103
Keywords [en]
Corporate governance, Family firms, Financial crisis, Founder, Performance
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-39935DOI: 10.1016/j.gfj.2017.01.001ISI: 000412511200006Scopus ID: 2-s2.0-85009833771OAI: oai:DiVA.org:hj-39935DiVA, id: diva2:1214518
Available from: 2018-06-07 Created: 2018-06-07 Last updated: 2018-06-07Bibliographically approved

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Zhou, Haoyong

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