Economic policy uncertainty and the founding family firm premium
研究欧洲非金融上市公司发现，经济政策不确定性会降低企业价值，但会提高创始家族企业的估值溢价，且该溢价在政治关联、低腐败环境及研发密集型公司中更显著。
Studying a monthly panel of European listed non-financial firms, we document a negative effect of economic policy uncertainty (EPU) on firm value but a positive effect on the valuation premium of founding family firms. These findings are confirmed in a propensity score–matched sample and remain robust to a battery of tests addressing omitted variable bias and measurement error. The lower EPU-sensitivity of founding family firms is concentrated in politically connected firms operating in low-corruption environments. Additional analyses show that founding family firms' valuation premium is more pronounced for R&D-intensive firms with less diversified and less labor-intensive business models. Overall, our results support the view that founding family firms are more resilient to uncertainty and may contribute to economic stability.