HCBE Faculty Articles

Title

Family Firm Succession and Performance

Document Type

Article

Date

2017

Publication Title

Applied Economics Letters

ISSN or ISBN

1350-4851

Volume

24

Issue

2

First Page

117

Last Page

121

Description

We analyse more than half a million businesses from the Census Bureau’s 2007 Survey of Business Owners with less survivorship and size biases. After controlling for firm- and owner-specific characteristics, we find family businesses generate fewer receipts and less employment and payroll. Family businesses involving a second-generation owner-manager show better performance. On the other hand, those managed by founder-owners show worse performance. These results of all firms, mostly small businesses, are contrary to the previous studies of large public firms. However, for a subsample of 2064 businesses large enough to be listed on a US stock exchange, the results become consistent with the previous large-firm studies.

DOI

10.1080/13504851.2016.1167822

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