Family and non-family business resilience in an economic downturn
Family and non-family business resilience in an economic downturn
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DOI：
10.1080/13602381.2010.537057
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发表时间：
2012-01-01
影响因子：
2.9
通讯作者：
Jaussaud, Jacques
中科院分区：
文献类型：
--
作者：
Amann, Bruno;Jaussaud, Jacques
正如学术文献中广泛记载的那样，家族企业比非家族企业表现更好，财务结构更健全，这一趋势也适用于日本，这是本文的背景。因此，传统观点认为，家族企业应该更好或更容易地从经济低迷中复苏，并保持更强劲的表现。本研究借鉴1997年亚洲金融危机的相关数据，结合当前的全球经济危机对这一假说进行了检验。这项研究专门针对日本家族企业和非家族企业。实证调查使用配对方法，允许对规模和行业变量进行强有力的控制。样本由98对经过精心挑选的公司组成(一个家族和一个非家族)，这些企业的规模和行业相同。研究结果显示，与非家族企业相比，家族企业在经济危机期间和之后都表现出了更强的韧性。它们更好地抵御经济低迷，恢复得更快，并随着时间的推移继续表现出更高的业绩和更强大的财务结构。
As widely documented in academic literature, family businesses perform better and enjoy a sounder financial structure than non-family businesses, a trend that applies to Japan as well, which is the context of this paper. Therefore, conventional wisdom suggests that family businesses should recover better or more easily from an economic downturn and persist in their stronger performance. This study tests this hypothesis, especially in reference to the current global economic crisis, by drawing lessons from the Asian crisis of 1997, for which relevant data are available. The study pertains specifically to the case of Japanese family and non-family companies. The empirical investigation uses a matched pair methodology, which allows for strong controls of size and industry variables. The sample consists of 98 carefully selected pairs (one family and one non-family) of firms that are of the same size and from the same industry. According to the results, family businesses achieve stronger resilience both during and after an economic crisis, compared with non-family businesses. They resist the downturn better, recover faster, and continue exhibiting higher performance and stronger financial structures over time.