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Discussion Paper Details

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Title: Family Ownership During the Covid-19 Pandemic

Author(s): Mario Daniele Amore, Valerio Pelucco and Fabio Quarato

Publication Date: May 2020

Keyword(s): CEOs, COVID-19, Family Business and Financial Performance

Programme Area(s): Financial Economics and Industrial Organization

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.

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Bibliographic Reference

Amore, M, Pelucco, V and Quarato, F. 2020. 'Family Ownership During the Covid-19 Pandemic'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=14759