Publication
Corporate performance of family-controlled firms : evidence from Covid-19 pandemic times
| datacite.subject.fos | Ciências Sociais::Economia e Gestão | pt_PT |
| dc.contributor.advisor | Bunkanwanicha, Pramuan | |
| dc.contributor.author | Jardim, João de Amorim Louro Pereira | |
| dc.date.accessioned | 2023-07-03T13:55:49Z | |
| dc.date.available | 2023-07-03T13:55:49Z | |
| dc.date.issued | 2023-01-25 | |
| dc.date.submitted | 2022 | |
| dc.description.abstract | The present report was developed to contribute to existing research on the potential impact of family presence in the firm management team in the company’s profitability, measured using ROA (EBITDA based). Additionally, and more specifically, this study analysis if family presence exacerbated or attenuated the expected effects associated with COVID on firm profitability. The analysis was deployed by using data from S&P 500 firms collected over the period of 2016 to 2021, in order to have data referring to pre-Covid era (2016 to 2019) and during Covid time (2020-2021), where the pandemic has exerted most of its pressure on firms’ performance. Firms were then classified in family or non-family firms according to the presence of at least on family member on the board of directors, according to the 2021 family firm index developed by EY and the university of saint Gallen1 . Finally, the data was used to conduct univariate and multivariate analysis that included both simple regression models and difference in difference models that contributed to capture the potential effect of family presence in firm profitability. In sum, the achieved results in univariate analysis appear to denote that family firms, on average, depict lower ROA’s than their non-family counterparts. Similarly, on the other hand, the results achieved with the regression models denote that family firms tend to decrease firm profitability. Furthermore, when considering the covid-19 pandemic event, results depict a similar negative contribution of family presence on firm performance. | pt_PT |
| dc.description.abstract | O Presente estudo foi desenvolvido por forma a contribuir para a literatura existente relacionada com o impacto potencial que a presença de familiares na equipa de gestão pode ter na performance da empresa, medida através do ROA. Mais especificamente, este estudo procura analisar se os efeitos esperados da pandemia na performance das empresas são exacerbados ou atenuados pela presença de família no board da empresa. A análise desenvolvida utiliza dados de empresas do S&P 500, categorizadas em family e non family com base no 2021 family firm index produzido pela EY2 e pela Universidade de Saint Gallen. Os dados referem-se ao período de 2016 a 2021, contend, desse modo, informação das empresas no perído pre-COVID (2016-2019) e no período em que a pandemia terá exercido maior pressão sobre as empresas (2020-2021) Por fim, para conduzir a análise pretendida, apresentam-se uma análise univariada e multivariada que inclui modelos de regressão simples e regressões difference in difference que contribuem para capturar o potencial efeito da presença de membros da família no board na profitabilidade da empresa. Em resumo, os resultados da análise univariada apontam para que, em média, family firms denotem um ROA inferior ao verificado nas non-family firms. De forma semelhante, olhando para a análise multivariada, os resultados sugerem que a presença de membros da família no board tende a penalizar a profitabilidade. Adicionalmente, quando considerando a pandemia COVID-19, os resultados mostram, uma vez mais, que a presenças de membros da família contribuiu para exacerbar os efeitos negativos já associados à performance das empresas. | pt_PT |
| dc.identifier.tid | 203252780 | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10400.14/41512 | |
| dc.language.iso | eng | pt_PT |
| dc.subject | Family firms | pt_PT |
| dc.subject | ROA | pt_PT |
| dc.subject | COVID-19 | pt_PT |
| dc.subject | Pandemic | pt_PT |
| dc.subject | Difference in difference regression | pt_PT |
| dc.subject | Pandemia | pt_PT |
| dc.subject | Regressão difference in difference | pt_PT |
| dc.title | Corporate performance of family-controlled firms : evidence from Covid-19 pandemic times | pt_PT |
| dc.type | master thesis | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | masterThesis | pt_PT |
| thesis.degree.name | Mestrado em Gestão e Administração de Empresas | pt_PT |