Discussion paper

DP14759 Family Ownership During the Covid-19 Pandemic

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.


Amore, M, F Quarato and V Pelucco (2020), ‘DP14759 Family Ownership During the Covid-19 Pandemic‘, CEPR Discussion Paper No. 14759. CEPR Press, Paris & London. https://cepr.org/publications/dp14759