The Performance of Family Firms During Crisis Periods: The Case of Greece
This paper examines the effect of the family involvement in the performance of Greek listed companies, during the Greek financial crisis. The involvement of family in firm’s ownership, management and governance along with the firm’s age constitute the unified framework that describe the family in...
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| Formato: | Artículo |
| Lenguaje: | inglés |
| Publicado: |
2022
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| Materias: | |
| Acceso en línea: | https://dialnet.unirioja.es/servlet/oaiart?codigo=8493593 |
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| Sumario: | This paper examines the effect of the family involvement in the performance of Greek
listed companies, during the Greek financial crisis. The involvement of family in firm’s ownership,
management and governance along with the firm’s age constitute the unified framework that
describe the family influence on the enterprise. The main contribution of this paper is the investigation of a research period when Greece faced an unprecedented economic 9 year crisis that
affected all sectors of the economy, with 72% of listed companies showing a decrease in revenue
and the total capitalization of the Greek Stock Exchange shrinking by 70%. No previous study has
incorporated performance data on listed companies during a corresponding financial crisis with
large fluctuations in all performance indicators and a high volatility in the national economy. The
sample of the research includes 80 family firms listed in the Greek Stock Exchange. The findings
illustrate a better performance for family firms with lower family ownership and prove a stronger
performance in younger family businesses. The results of the study do not confirm the positive
involvement of family members, through management (CEO) and governance (BoD) positions in
the family business performance. |
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