Do small family businesses have a peculiar attitude toward growth? Evidence from French SMEs

Anaïs Hamelin ()

No 09-032.RS, Working Papers CEB from Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB)

Abstract: This paper uses a very large sample of French SMEs to study growth of family owned firms. Firms range from total-family to minority control. The estimated relationship accounts for firm characteristics of size and, age, sector, and financial solvency. The results show that firms with greater family control are prone to exhibit lower rates of sales growth than feasible, given financial performance. Because firm growth is limited not by financing constraints but by family-related attitudes, increasing firm growth requires policies that shape incentives in small family businesses.

Keywords: Small Business; Family control; Growth; Sustainable growth; Capital budgeting. (search for similar items in EconPapers)
JEL-codes: G31 G32 M13 M21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-eec, nep-ent, nep-fdg and nep-sbm
Date: 2009-08
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http://www.solvay.edu/EN/Research/Bernheim/documents/wp09032.pdf First version, 2009 (application/pdf)

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Persistent link: http://EconPapers.repec.org/RePEc:sol:wpaper:09-032

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