Risk-taking behaviour of family firms: evidence from Tunisia

Dorra Ellouze () and Khadija Mnasri ()
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Dorra Ellouze: UMA - Université de la Manouba [Tunisie]
Khadija Mnasri: Université de Tunis, CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine

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Abstract: Using a unique database of 87 Tunisian non-financial firms over the period 1998-2014, we analyse risk-taking behaviour of family firms. We find evidence that family ownership is positively related to corporate risk-taking. But family firms undertake less risky projects when the manager is not a member of the family or when the founder is no longer active in the firm. Our results show also that in these cases, family ownership becomes negatively associated to risk-taking. Finally, we find that family firms take more risk only when they belong to diversified groups, especially those operating in several industries.

Keywords: family ownership; corporate governance; group affiliation; risk-taking (search for similar items in EconPapers)
Date: 2019-12-30
New Economics Papers: this item is included in nep-ara, nep-bec, nep-rmg and nep-sbm
Note: View the original document on HAL open archive server: https://hal.science/hal-02999642
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Published in International Journal of Entrepreneurship and Small Business, 2019, 39 (1/2), pp.192-221. ⟨10.1504/IJESB.2020.10025931⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02999642

DOI: 10.1504/IJESB.2020.10025931

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