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Family Ownership During the Covid-19 Pandemic

Author

Listed:
  • Amore, Mario Daniele
  • Quarato, Fabio
  • Pelucco, Valerio
Abstract
Prompted by the shakeup of Covid-19 on financial markets, scholars have begun to explore the corporate traits that can make firms more resilient to a pandemic. In this paper, we test how the involvement of families in ownership and governance positions influences the financial performance of Italian listed firms during the spread of Covid-19. Our results indicate that firms with controlling family shareholders fared significantly better than other firms in the pandemic period. This effect is particularly pronounced among firms in which a family is both the controlling shareholder and holds the CEO position. Collectively, our results expand existing knowledge on the determinants of organizational resilience in the wake of adverse events.

Suggested Citation

  • Amore, Mario Daniele & Quarato, Fabio & Pelucco, Valerio, 2020. "Family Ownership During the Covid-19 Pandemic," CEPR Discussion Papers 14759, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:14759
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    More about this item

    Keywords

    Family business; Covid-19; Financial performance; Ceos;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • D10 - Microeconomics - - Household Behavior - - - General

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