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首页> 外文期刊>African Journal of Business Management >Firm performance and economic crisis: Family versus non-family businesses in Italy
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Firm performance and economic crisis: Family versus non-family businesses in Italy

机译：公司业绩与经济危机：意大利的家族企业与非家族企业

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This study investigates the performance of medium-sized family businesses – hereafter MSFBs – during the economic recession by comparing family and non-family firms, and correlating the organisational performance to the family ownership and firms’ solvency. An empirical research study was carried out on a sample of 128 Italian medium-sized businesses – hereafter MSBs - (76 family and 52 non-family businesses). We used the AIDA – Bureau van Dijk database to collect data referring to three years 2007, 2009 and 2014, respectively corresponding to the pre-crisis phase – 2007, the great recession – 2009, and the post-crisis phase – 2014. STATA software was used for analysing data and the analysis was organised into three steps. First, we collected the descriptive statistics. Then, we used a t-test to determine if businesses’ performance and solvency significantly differ in family and non-family businesses subgroups. In the last step, we performed a regression analysis to examine the relationship between firms’ profitability (dependent variable) and family ownership and solvency (independent variables). Contrary to previous research, we found that MSFBs performed worse at each stage of the crisis, especially during the harshest phase of the crisis. Results also show that family ownership negatively affected businesses’ profitability. On the contrary, solvency positively affected firms’ profitability at each stage of the crisis. Finally, we analysed and discussed a model case study, to better understand financial and economic dynamics of family firms during the analysed period. Although family firms’ performance during the recession period has been widely studied, they generally referred to large companies. Analyses haven’t considered MSBs, even if in recent years they have played an important role in several economic systems and show some distinctive features that can significantly differentiate them from large companies. The main contribution this study brings to the literature is investigating family business performance during a downturn, paying attention to MSBs.
机译：这项研究通过比较家族企业和非家族企业，并将组织绩效与家族所有权和企业的偿付能力相关联，研究了经济衰退期间中型家族企业（以下简称MSFB）的绩效。对128家意大利中型企业（以下称MSB）（76家家族企业和52家非家族企业）的样本进行了实证研究。我们使用AIDA – Bureau van Dijk数据库收集了2007、2009和2014年这三年的数据，分别对应于危机前阶段– 2007，严重衰退– 2009和危机后阶段–2014。STATA软件用于分析数据，并将分析分为三个步骤。首先，我们收集了描述性统计数据。然后，我们使用t检验确定家族和非家族企业子组中企业的业绩和偿付能力是否存在显着差异。在最后一步，我们进行了回归分析，以检验企业的盈利能力（因变量）与家族所有权和偿付能力（因变量）之间的关系。与先前的研究相反，我们发现MSFB在危机的每个阶段表现都较差，尤其是在危机最严重的阶段。结果还显示，家族所有权对企业的盈利能力产生了负面影响。相反，偿债能力在危机的每个阶段都对公司的盈利能力产生了积极影响。最后，我们分析并讨论了一个模型案例研究，以更好地了解分析期间家族企业的财务和经济动态。尽管对家族企业在衰退期的表现进行了广泛研究，但它们通常是指大公司。分析人员没有考虑过MSB，即使近年来它们在多个经济体系中发挥了重要作用，并显示出一些鲜明的特征也可以将它们与大型公司区分开来。这项研究对文献的主要贡献是在经济低迷时期调查家族企业的表现，同时关注MSB。

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