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The COVID-19 pandemic and family business performance

Research output: Contribution to Journal/MagazineJournal articlepeer-review

  • Ivan Miroshnychenko
  • Giorgio Vocalelli
  • Alfredo De Massis
  • Stefano Grassi
  • Francesco Ravazzolo
<mark>Journal publication date</mark>1/01/2024
<mark>Journal</mark>Small Business Economics
Issue number1
Number of pages29
Pages (from-to)213-241
Publication StatusPublished
Early online date10/04/23
<mark>Original language</mark>English


This study examines the impact of the COVID-19 pandemic on corporate financial performance using a unique, cross-country, and longitudinal sample of 3350 listed firms worldwide. We find that the financial performance of family firms has been significantly higher than that of nonfamily firms during the COVID-19 pandemic, accounting for pre-pandemic business conditions. This effect is pertinent to firms with strong family involvement in management or in both management and ownership. We also identify the role of firm-, industry-, and country-level contingencies for family business financial performance during the COVID-19 pandemic. This study offers a novel understanding of the financial resilience across different types of family business and sets an agenda for future research on the drivers of resilience of family firms to adverse events. It also provides important and novel evidence for policymakers, particularly for firms with different ownership and management structures.