Arbeitspapier
The relative performance of family firms depending on the type of financial market
The purpose of this multi-level meta-analytic study is to examine the impact of the financial environment on general performance differences between family firms and non-family firms. The considerable cross-country variability of meta-analyses focusing on this relationship suggests noticeable differences between firm- and country-based characteristics. We trace this variance to differences in the respective development of the financial markets and banking systems. We show that family firms outperform non-family firms in market-based economies. We further show that family firms report worse performance measures in well-developed financial markets. If, however, strong investor protection buttresses these already welldeveloped financial markets, family firms also outperform non-family firms. Our study has implications for banks, family firm owners, investors, and policy-makers.
- Language
-
Englisch
- Bibliographic citation
-
Series: Diskussionspapier des Instituts für Organisationsökonomik ; No. 8/2019
- Classification
-
Management
Intertemporal Firm Choice: Investment, Capacity, and Financing
International Financial Markets
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- Event
-
Geistige Schöpfung
- (who)
-
Lohwasser, Todor S.
- Event
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Veröffentlichung
- (who)
-
Westfälische Wilhelms-Universität Münster, Institut für Organisationsökonomik
- (where)
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Münster
- (when)
-
2019
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Lohwasser, Todor S.
- Westfälische Wilhelms-Universität Münster, Institut für Organisationsökonomik
Time of origin
- 2019
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