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Are family firms more resilient than non-family firms? Evidence from the covid-19 pandemic.

Authors: Leonelli, Simona; Campagnolo, Diego; Tognazzo, Alessandra; Gubitta, Paolo;

Are family firms more resilient than non-family firms? Evidence from the covid-19 pandemic.

Abstract

Purpose: This paper aims to analyze if family firms have been more resilient than non-family firms during the first phase of the COVID-19 pandemic, focusing on the coping step of organizational resilience. Methodology: Secondary data from the database Aida are used for this purpose. The sample includes 16420 firms (i.e., 13893 family firms and 2527 non-family firms) located in Northeastern regions of Italy. T-tests are carried out to identify the main differences. Findings: Results confirm the negative impact of COVID-19 on firms. However, family firms demonstrated a higher capacity to cope with the pandemic, reporting a lower loss in revenues compared to non-family firms. Managerial implications: Our findings underline the importance of resilience in businesses, providing entrepreneurs with valuable insights to strengthen their organizations and prepare them for future challenges. Research limitations: Our study has limitations, suggesting potential areas for future research. A quantitative analysis alone cannot fully elucidate the resilience of family firms; a qualitative study could complement and address this gap. Originality: This paper analyzes firms' performance in the middle of the crisis. Previous studies analyzed the post-crisis survival of firms or compared firms’ characteristics before and after the crisis to understand if changes occurred.

Country
Italy
Keywords

family firms, non-family firms, COVID-19, performance, resilience;

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selected citations
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This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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