Abstract
We perform a meta-analysis regression to contribute to the discussion of wether family firms exhibit better financial performance than non-family firms. Our approach allows to examine simultaneously effect size and publication bias in this literature and incorporate the three main factors raised in narrative literature reviews: financial performance measure, family firm definition, and methods used. In all we show evidence of a positive relationship between family
involvement and financial performance. When ROA-EBITDA is used as performance variable, there are differential effects due to family firm definition and methods used. In general, our results support the positive association of family firms and financial performance, and highlight the fact that studies that use Tobin’s Q are less responsive to bias when several document and data characteristics are examined.
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Mayores informes
Maestría en Ciencias en Finanzas