دانلود رایگان مقاله رشد و عملکرد کسب و کار خانواده در طول بحران مالی جهانی

ABSTRACT

This article analyses whether the Global Financial Crisis (GFC) has differentially affected the growth, risk taking and performance of family businesses depending on the generation in control. Adopting a socioemotional wealth approach, we expect that stronger emotional attachment to the firm in firstgeneration family businesses leads these businesses to commit more resources and take greater risks than multi-generational family businesses during crisis periods. Nevertheless, their special interest in non-financial goals leads us to predict that first-generation family businesses will perform worse during crises. Evidence from a data sample of private, unlisted and large Spanish firms (6,315) throughout Spain’s particularly deep crisis over the 2006–2011 period shows that first-generation family firms grew more and increased their debt ratios significantly more than multi-generational family firms during the global financial crisis. However, based on return on equity, and consistent with our conjecture, firstgeneration family businesses performed worse than multi-generational family businesses during this period.

5. Discussion and conclusion

Starting from socioemotional wealth (SEW) proposals, this article analyses the effects of the global financial crisis on family businesses growth, risk taking and performance, considering the potential moderating role of the generation in control. Our findings show that first-generation family businesses have grown more than multi-generational family businesses during the global financial crisis and have significantly increased their debt ratios. We find that first-generation family businesses have also performed worse than multi-generational family businesses during crisis period. Our study extends previous research on the comparison of listed family and non-family businesses’ investment and performance during the global financial crisis (Amann & Jaussaud, 2012; Lee, 2006; Lins et al., 2013; Minichilli et al., 2015; van Essen et al., 2015) by analyzing private firms and exploring the influence of the family firm’s generational stage. We highlight that SWE arguments are particularly applicable to non-listed companies, since they do not bear the pressure of the capital market in the short term. We develop hypotheses and complement previous research studying non-listed companies.