Family Ownership During the Covid-19 Pandemic

25 Pages Posted: 20 May 2020

See all articles by Mario Daniele Amore

Mario Daniele Amore

Bocconi University - Department of Management and Technology

Valerio Pelucco

Bocconi University

Fabio Quarato

Bocconi University

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Date Written: May 2020

Abstract

Prompted by the shakeup of Covid-19 on financial markets, scholars have begun to explore the corporate traits that can make firms more resilient to a pandemic. In this paper, we test how the involvement of families in ownership and governance positions influences the financial performance of Italian listed firms during the spread of Covid-19. Our results indicate that firms with controlling family shareholders fared significantly better than other firms in the pandemic period. This effect is particularly pronounced among firms in which a family is both the controlling shareholder and holds the CEO position. Collectively, our results expand existing knowledge on the determinants of organizational resilience in the wake of adverse events.

Keywords: CEOs, COVID-19, Family Business, Financial Performance

JEL Classification: D10, G34

Suggested Citation

Amore, Mario Daniele and Pelucco, Valerio and Quarato, Fabio, Family Ownership During the Covid-19 Pandemic (May 2020). CEPR Discussion Paper No. DP14759, Available at SSRN: https://ssrn.com/abstract=3603991

Mario Daniele Amore (Contact Author)

Bocconi University - Department of Management and Technology ( email )

Via Roentgen 1
Milan, MI 20136
Italy

Valerio Pelucco

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136
Italy

Fabio Quarato

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136
Italy

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