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Family firm succession and performance

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  • H. Young Baek
  • David Cho

Abstract

We analyse more than half a million businesses from the Census Bureau’s 2007 Survey of Business Owners with less survivorship and size biases. After controlling for firm- and owner-specific characteristics, we find family businesses generate fewer receipts and less employment and payroll. Family businesses involving a second-generation owner-manager show better performance. On the other hand, those managed by founder-owners show worse performance. These results of all firms, mostly small businesses, are contrary to the previous studies of large public firms. However, for a subsample of 2064 businesses large enough to be listed on a US stock exchange, the results become consistent with the previous large-firm studies.

Suggested Citation

  • H. Young Baek & David Cho, 2017. "Family firm succession and performance," Applied Economics Letters, Taylor & Francis Journals, vol. 24(2), pages 117-121, January.
    • Handle: RePEc:taf:apeclt:v:24:y:2017:i:2:p:117-121
    DOI: 10.1080/13504851.2016.1167822
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    Cited by:

    1. Danilo Bertoni & Daniele Cavicchioli & Laure Latruffe, 2023. "Impact of business transfer on economic performance: the case of Italian family farms," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 48(2), pages 186-213.
    2. Dudek, Michał & Pawłowska, Aleksandra, 2022. "Can succession improve the economic situation of family farms in the short term? Evidence from Poland based on panel data," Land Use Policy, Elsevier, vol. 112(C).

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