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The Survival of Family Firms: The Importance of Control and Family Ties

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  • Enrico Santarelli
  • Francesca Lotti

Abstract

The aim of this article is to analyze the survival patterns of a group of family firms which have already spent at least 25 years in the market. To this end, we use the Kaplan-Meier product limit estimator supplemented with qualitative information gathered by direct observation and discussions with entrepreneurs. The main findings are that small family firms which have reached their 30th year in the market face a very high risk of sudden exit, increasing with firm age. Further control carried out by means of interviews with entrepreneurs identifies problems connected with succession as one of the main causes of the decision to close down.

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File URL: http://www.tandfonline.com/10.1080/13571510500127246
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Journal of the Economics of Business.

Volume (Year): 12 (2005)
Issue (Month): 2 ()
Pages: 183-192

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Handle: RePEc:taf:ijecbs:v:12:y:2005:i:2:p:183-192

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Related research

Keywords: Succession; Survival Function; Kaplan-Meier Estimator; Hazard Function; Italy; JEL Classifications: L20; C34; C41; M13;

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References

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  1. Santarelli Enrico, 2001. "Ricambio generazionale e continuità dell'impresa: un'applicazione dello stimatore di Kaplan-Meier," L'industria, Società editrice il Mulino, issue 1, pages 141-172.
  2. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, vol. 50(3), pages 649-70, May.
  3. Thomas F. Cooley & Vincenzo Quadrini, 1999. "Financial Markets and Firm Dynamics," Working Papers 99-14, New York University, Leonard N. Stern School of Business, Department of Economics.
  4. Forni, Mario & Paba, Sergio, 2002. "Spillovers and the Growth of Local Industries," Journal of Industrial Economics, Wiley Blackwell, vol. 50(2), pages 151-71, June.
  5. Severin Borenstein & Joseph Farrell, 1998. "Inside the Pin-Factory: Empirical Studies Augmented by Manager Interviews," NBER Books, National Bureau of Economic Research, Inc, number bore98-1.
  6. Bjuggren, Per-Olof & Sund, Lars-Goran, 2002. " A Transaction Cost Rationale for Transition of the Firm within the Family," Small Business Economics, Springer, vol. 19(2), pages 123-33, September.
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Cited by:
  1. Harris, Richard I.D. & Li, Qian Cher, 2008. "Export-market dynamics and the probability of firm closure: Evidence for the UK," SIRE Discussion Papers 2008-28, Scottish Institute for Research in Economics (SIRE).
  2. Jellal, Mohamed, 2009. "Family Capitalism Corporate Governance Theory," MPRA Paper 17886, University Library of Munich, Germany.
  3. Cucculelli, Marco & Micucci, Giacinto, 2008. "Family succession and firm performance: Evidence from Italian family firms," Journal of Corporate Finance, Elsevier, vol. 14(1), pages 17-31, February.
  4. Aleid E. Brouwer, 2003. "An empirical study on the relationship between the spatial environment and the survival of old firms in the Netherlands," ERSA conference papers ersa03p108, European Regional Science Association.
  5. Dawn DeTienne & Melissa Cardon, 2012. "Impact of founder experience on exit intentions," Small Business Economics, Springer, vol. 38(4), pages 351-374, May.
  6. Bernadette Power & Gavin C. Reid, 2005. "A Test of Real Options Logic," CRIEFF Discussion Papers 0509, Centre for Research into Industry, Enterprise, Finance and the Firm.

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