The COVID-19 pandemic and family business performance

Ivan Miroshnychenko (), Giorgio Vocalelli (), Alfredo Massis (), Stefano Grassi () and Francesco Ravazzolo ()
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Ivan Miroshnychenko: IMD Business School
Giorgio Vocalelli: University of Verona
Alfredo Massis: IMD Business School
Stefano Grassi: University of Rome Tor Vergata
Francesco Ravazzolo: BI Norwegian Business School

Small Business Economics, 2024, vol. 62, issue 1, No 9, 213-241

Abstract: Abstract 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.

Keywords: Family firms; Financial performance; COVID-19; Pandemic; Resilience (search for similar items in EconPapers)
JEL-codes: G30 G32 G34 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s11187-023-00766-2

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