Rethinking family business resilience: an empirical examination of family firms’ performance amid the COVID-19 pandemic in the US

Pankaj Patel

Applied Economics, 2025, vol. 57, issue 30, 4335-4347

Abstract: Contrary to recent research suggesting heightened resilience in family firms amid crises such as COVID-19, our study based on data from publicly traded firms in the US, challenges this narrative. We find that family-owned firms did not exhibit superior market performance or profitability during the pandemic compared to their non-family counterparts, or lower idiosyncratic volatility. Moreover, there were no discernible differences in how family and non-family firms perceived the effects of COVID-19 related exposure, risk, and sentiment. A plausible explanation for this finding could be the isomorphic pressures during a pandemic where neither family nor non-family firms may better leverage their resources. Our contrary evidence is important as it challenges existing assumptions and calls for a more critical evaluation of family firm resilience during the crisis.

Date: 2025
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DOI: 10.1080/00036846.2024.2358216

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