A Meta-Analysis of the Financial Performance of Family Firms: Another Attempt

24 Pages Posted: 22 Aug 2016

See all articles by Dominik Wagner

Dominik Wagner

University of Trier - Faculty of Management

Jorn H. Block

University of Trier - Faculty of Management; Erasmus University Rotterdam (EUR) - Institute of Management (ERIM)

Danny Miller

HEC Montreal

Christian Schwens

University of Duesseldorf

Guoqian Xi

Shanghai University of Finance and Economics - College of Business

Date Written: March 1, 2015

Abstract

This study presents the results of a meta-analysis of the financial performance of family firms. Drawing on a sample of 380 studies, we find that family firms show an economically weak, albeit statistically significant, superior performance compared to non-family firms. Furthermore, we find moderating factors to significantly condition the relationship. These results show that the positive effect of family firms on financial performance is more pronounced in samples of public and large firms and when an ownership definition of family firms is used. It is also notable that family firms do best when their performance is assessed by ROA, a measure that is not as influenced by financial structure as ROE. Based on the broad empirical evidence obtained, we discuss implications and avenues for future research.

Keywords: Family firms, Financial performance, Meta-analysis, HOMA

Suggested Citation

Wagner, Dominik and Block, Jorn Hendrich and Miller, Danny and Schwens, Christian and Xi, Guoqian, A Meta-Analysis of the Financial Performance of Family Firms: Another Attempt (March 1, 2015). Available at SSRN: https://ssrn.com/abstract=2825069 or http://dx.doi.org/10.2139/ssrn.2825069

Dominik Wagner (Contact Author)

University of Trier - Faculty of Management ( email )

15, Universitaetsring
Trier, 54286
Germany

HOME PAGE: http://www.uni-trier.de/index.php?id=3205

Jorn Hendrich Block

University of Trier - Faculty of Management ( email )

D-54296
Germany

Erasmus University Rotterdam (EUR) - Institute of Management (ERIM) ( email )

Burgemeester Oudlaan 50
3000 DR Rotterdam, Zuid-Holland 3062PA
Netherlands

Danny Miller

HEC Montreal ( email )

3000, Chemin de la Côte-Sainte-Catherine
Montreal, Quebec H2X 2L3 H3T 2A7
Canada

Christian Schwens

University of Duesseldorf ( email )

Universitätsstraße 1
Dusseldorf, 40225
Germany

Guoqian Xi

Shanghai University of Finance and Economics - College of Business ( email )

777 Guoding Road
Shanghai, 200433
China

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