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A meta-analysis of the financial performance of family firms: Another attempt

Author

Listed:
  • Wagner, Dominik
  • Block, Joern H.
  • Miller, Danny
  • Schwens, Christian
  • Xi, Guoqian

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.

Suggested Citation

  • Wagner, Dominik & Block, Joern H. & Miller, Danny & Schwens, Christian & Xi, Guoqian, 2015. "A meta-analysis of the financial performance of family firms: Another attempt," Journal of Family Business Strategy, Elsevier, vol. 6(1), pages 3-13.
    • Handle: RePEc:eee:fambus:v:6:y:2015:i:1:p:3-13
    DOI: 10.1016/j.jfbs.2015.01.001
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    References listed on IDEAS

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