The COVID-19 pandemic and family business performance
基于全球3350家上市公司数据，发现疫情期间家族企业财务表现显著优于非家族企业，且家族参与管理或所有权越强效果越明显，为政策制定者提供了不同所有权结构企业韧性的新证据。
This study examines the impact of the COVID-19 pandemic on corporate financial performance using a unique, cross-country, and longitudinal sample of 3350 listed firms worldwide. We find that the financial performance of family firms has been significantly higher than that of nonfamily firms during the COVID-19 pandemic, accounting for pre-pandemic business conditions. This effect is pertinent to firms with strong family involvement in management or in both management and ownership. We also identify the role of firm-, industry-, and country-level contingencies for family business financial performance during the COVID-19 pandemic. This study offers a novel understanding of the financial resilience across different types of family business and sets an agenda for future research on the drivers of resilience of family firms to adverse events. It also provides important and novel evidence for policymakers, particularly for firms with different ownership and management structures.