Measuring Performance Gaps Between Family and Non-Family Businesses: A Meta-Analysis of Existing Evidence
Keywords:
meta-analysis , performance, family businessAbstract
Although researchers devoted much academic attention on the question whether family businesses perform better than non-family businesses, studies focused on this topic produced contradictory results. In this article, we performed a meta-analysis of 78 studies and tried to answer the question whether, according to the contemporary state of knowledge, the relation between family involvement and firm performance could be always positive. After having analysed the most important studies from this field using the Hunter-Schmidt method, we could not reject this hypothesis, but we can be almost sure that the impact of family involvement on business performance is not adversary. The mean size of the effect was moderately positive, which suggests a slightly positive impact of family ownership and management on business performance. We also found out that ROA is by far the most frequently used measure of business performance in these studies, followed by Tobin’s q, sales growth and ROE.
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