A Meta-Analysis About the Financial Performance of Family Firms: Another Try

21 Pages Posted: 19 Dec 2014

See all articles by Dominik Wagner

Dominik Wagner

University of Trier - Faculty of Management

Jorn H. Block

University of Trier - Faculty of Management; Erasmus University Rotterdam (EUR) - Institute of Management (ERIM)

Danny Miller

HEC Montreal

Christian Schwens

University of Duesseldorf

Guoqian Xi

Shanghai University of Finance and Economics - College of Business

Date Written: December 18, 2014

Abstract

This study presents the results of a comprehensive meta-analysis on the financial performance of family firms. Drawing on a sample of 380 studies, we find that family firms show economically weak, albeit statistically significant, superior performance compared to non-family firms. Furthermore, we find moderating factors on country, firm, and family level to significantly intervene in the relationship: these results show for example that the positive effect of family firms on financial performance is more pronounced in samples of public and large firms, as well as when an ownership definition of family firms is used. Based on the broad empirical evidence obtained, we discuss implications and avenues for future research.

Keywords: family firms, financial performance, meta-analysis, HOMA, random effects

JEL Classification: G30, M13

Suggested Citation

Wagner, Dominik and Block, Jorn Hendrich and Miller, Danny and Schwens, Christian and Xi, Guoqian, A Meta-Analysis About the Financial Performance of Family Firms: Another Try (December 18, 2014). Available at SSRN: https://ssrn.com/abstract=2540065 or http://dx.doi.org/10.2139/ssrn.2540065

Dominik Wagner

University of Trier - Faculty of Management ( email )

15, Universitaetsring
Trier, 54286
Germany

HOME PAGE: http://www.uni-trier.de/index.php?id=3205

Jorn Hendrich Block (Contact Author)

University of Trier - Faculty of Management ( email )

D-54296
Germany

Erasmus University Rotterdam (EUR) - Institute of Management (ERIM) ( email )

Burgemeester Oudlaan 50
3000 DR Rotterdam, Zuid-Holland 3062PA
Netherlands

Danny Miller

HEC Montreal ( email )

3000, Chemin de la Côte-Sainte-Catherine
Montreal, Quebec H2X 2L3 H3T 2A7
Canada

Christian Schwens

University of Duesseldorf ( email )

Universitätsstraße 1
Dusseldorf, 40225
Germany

Guoqian Xi

Shanghai University of Finance and Economics - College of Business ( email )

777 Guoding Road
Shanghai, 200433
China

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