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Do Family Control and Macroeconomic Fluctuations Impact Firm Performance?

This chapter aims to analyze performance differences between family and non-family firms. Additionally, it aims to see if economic downturns and upturns cause impact in this relation. For it, a panel data of Portuguese non-financial-listed firms in Euronext Lisbon during the period from 2010 till 2019 is analyzed. Performance is studied in accounting-based and market-based views. Three types of variables are considered: corporate governance characteristics, macroeconomic factors, and firm's characteristics. Results depend on the performance proxy used. While to ROA no difference is found, Tobins' Q family firms outperform non-family ones, but results are the inverse using ROE, MTBV, and MVA. Moreover, macroeconomic fluctuations are relevant to explain firms' performance, specially to family firms. Therefore, firms must analyze specific characteristics to avoid losing value, especially in crisis periods.