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How Do Private Family Firms Face the Crisis? Empirical Evidence from Belgium

Author(s): Jonathan Bauweraerts

Journal: International Business Research
ISSN 1913-9004

Volume: 6;
Issue: 8;
Date: 2013;
Original page

Whereas listed family firms have already received great attention concerning the effect of the crisis onperformance, few studies focus on private family firms acting in a hostile environment. This paper tries to fillthis gap by investigating how the financial and economic crises affect the relationship between familyinvolvement and performance. This research is led on the Belgian market and based on panel data collected onthe period 2002-2011. Multiple regression analysis and Heckman two-steps method show that private familyfirms exhibit greater performance during the crisis. These results seem to confirm that family involvementenhances potential of resilience in private firms so that they outperform their non-family peers during periods ofcrisis.
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