A Meta-Analysis About the Financial Performance of Family Firms: Another Try
21 Pages Posted: 19 Dec 2014
Date Written: December 18, 2014
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: Suggested Citation