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Family Business Survival and the Role of Boards

Nick Wilson (), Mike Wright () and Louise Scholes ()
Additional contact information
Nick Wilson: Leeds University Business School
Mike Wright: Imperial College Business School
Louise Scholes: Durham University Business School

No 1, Research Papers from Enterprise Research Centre

Abstract: We explore the vexed question of whether family firms are more likely to survive than non-family firms, focusing on the role of board composition. Utilizing a unique dataset of over 700,000 private family and non-family firms in the UK during 2007-10, we find family firms are significantly less likely to fail than non-family firms. We identify the board characteristics associated with survival/failure in all firms and determine that it is these characteristics that are important in explaining the lower failure probability of family firms. We conclude with an agenda for further research on boards and family firm survival.

Keywords: family business; governance; bankruptcy; board composition (search for similar items in EconPapers)
JEL-codes: G32 G33 L25 M14 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2013-05-01
New Economics Papers: this item is included in nep-sbm
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Published in Entrepreneurship Theory and Practice, November 2013, pages 1369-1389

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