Family firms and financial performance: a meta-regression analysis

The purpose of this paper is to carry out a meta-regression analysis upon the literature that examines the relationship between family firms and financial performance.,Information of publication and study characteristics from 61 primary studies, comprising 726 size effects was collected. In particular, three leading factors highlighted in narrative literature reviews analyzed were: the financial performance measures, the family–firm definitions and the estimation methodologies.,Overall, a positive relationship between family involvement and financial performance was found. A series of results, those linked to return on assets (ROA) – earnings before interest, taxes, depreciation and amortization (EBITDA), suggest positive publication bias from family definition and negative publication bias when OLS is used. Tobin’s Q estimates show no linkage to certain traits and aspects of the research process.,Existing literature review and meta-analysis studies show not concluding results on the family effect upon firm performance. The meta-regression analysis used in this paper allows to examine simultaneously effect size and publication bias. The latter effect is particularly salient in the approach and findings, and not present in previous studies.,Llevar a cabo un analisis de meta-regresion a la literatura que examina la relacion entre firmas familiares y desempeno financiero.,Se usa la informacion de la publicacion y caracteristicas del estudio de 61 estudios primarios, que incluyen 726 estimaciones. Se examinan tres elementos principales de esta literatura: (i) medidas de desempeno financiero, (ii) definicion de firma familiar, y (iii) metodologia de estimacion.,Se establece una relacion positiva entre involucramiento familiar y desempeno financiero. Las estimaciones que examinan ROA-EBITDA sugieren sesgo positivo de publicacion. Las estimaciones que utilizan estimacion de Minimos Cuadrados Ordinarios sugieren un sesgo negativo de publicacion. Las estimaciones que examinan la Q de Tobin, no sugieren relacion con las caracteristicas de los estudios o de la investigacion.,Los estudios de meta-analisis existentes sobre esta literatura no ofrecen resultados concluyentes del efecto de las firmas familiares y desempeno financiero. El metodo de meta-regresion permite examinar simultaneamente el efecto entre las variables y la posible existencia de sesgo de publicacion. La indagacion de este ultimo es de particular interes y no se encuentra en otros estudios.