Family Ownership During the COVID-19 Pandemic

38 Pages Posted: 27 Jan 2021

See all articles by Mario Daniele Amore

Mario Daniele Amore

Bocconi University - Department of Management and Technology

Fabio Quarato

Bocconi University

Valerio Pelucco

Bocconi University

Multiple version iconThere are 2 versions of this paper

Date Written: January 25, 2021

Abstract

We study how the involvement of families in ownership and governance positions affects the stock-market and accounting performance of Italian listed firms during the COVID-19 pandemic. We find that firms with controlling family shareholders fared significantly better than other firms throughout the pandemic period. This effect is particularly pronounced for firms in which a family is both the controlling shareholder and holds the CEO position. Delving into the mechanisms, we further show that family firms primarily outperformed in labor-intensive industries. Collectively, our results expand a growing research on the organizational response to adverse events.

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

JEL Classification: G34, D10

Suggested Citation

Amore, Mario Daniele and Quarato, Fabio and Pelucco, Valerio, Family Ownership During the COVID-19 Pandemic (January 25, 2021). Available at SSRN: https://ssrn.com/abstract=3773430 or http://dx.doi.org/10.2139/ssrn.3773430

Mario Daniele Amore (Contact Author)

Bocconi University - Department of Management and Technology ( email )

Via Roentgen 1
Milan, MI 20136
Italy

Fabio Quarato

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136
Italy

Valerio Pelucco

Bocconi University ( email )

Via Sarfatti, 25
Milan, MI 20136
Italy

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