Family firm succession and performance

H. Young Baek and David Cho

Applied Economics Letters, 2017, vol. 24, issue 2, 117-121

Abstract: We analyse more than half a million businesses from the Census Bureau’s 2007 Survey of Business Owners with less survivorship and size biases. After controlling for firm- and owner-specific characteristics, we find family businesses generate fewer receipts and less employment and payroll. Family businesses involving a second-generation owner-manager show better performance. On the other hand, those managed by founder-owners show worse performance. These results of all firms, mostly small businesses, are contrary to the previous studies of large public firms. However, for a subsample of 2064 businesses large enough to be listed on a US stock exchange, the results become consistent with the previous large-firm studies.

Date: 2017
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DOI: 10.1080/13504851.2016.1167822

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