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Neue Publikation im Journal of Economic Surveys: "Family firm performance over the business cycle: a meta-analysis"

Christopher Hansen, Prof. Jörn Block und Prof. Matthias Neuenkirch (alle Universität Trier) haben gemeinsam einen Artikel in der Fachzeitschrift Journal of Economic Surveys veröffentlicht.

Im Artikel Family firm performance over the business cycle: a meta-analysis untersuchen die Trierer Forscher in einer Meta-Analyse anhand von 155 Studien, wie sich die Performance von Familienunternehmen im Konjunkturverlauf entwickelt. Die Veröffentlichung kann unter folgendem Link abgerufen werden: https://onlinelibrary.wiley.com/doi/full/10.1111/joes.12364

Abstract: The financial performance of family firms has been widely studied in the literature. Combining the results of 155 primary studies from 35 countries with data about business cycles, we investigate how family firm performance changes over the business cycle. Using meta‐analytic estimation methods, we find that family firms outperform nonfamily firms in developed markets, irrespective of economic circumstances. This outperformance, although statistically significant, is very small and practically negligible. With regard to the business cycle, we find evidence for a procyclical effect in which the relative performance of family firms is lower in economically difficult times. Our study extends the literature on how family firm performance depends on macroeconomic factors.