Family Firms and the Great Recession: Out of Sight, Out of Mind?

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Show simple item record D’AURIZIO, Leandro ROMANO, Livio 2011-09-07T14:51:32Z 2011-09-07T14:51:32Z 2011
dc.identifier.issn 1725-6704
dc.description.abstract The purpose of this paper is to study how family firms, compared to widely-held companies, reacted to the 2008 economic crisis in terms of employment adjustments. By using a difference-in-difference approach, we provide empirical evidence that di- vergent paths of adjustment between family and non-family firms exist, with family firms systematically preferring to safeguard workplaces close to the firm's headquarters, compared to other plants. We offer a new theoretical framework consistent with these findings, that we define the social recognition motive, based on the psychological rela- tion linking the family owner with his community of reference. We investigate possible alternative explanations for the results, most of whom can be ruled out in our setting. Finally, we test more directly for the validity of the social recognition theory, finding encouraging results in line with the predictions. en
dc.format.mimetype application/pdf
dc.language.iso en en
dc.relation.ispartofseries EUI ECO en
dc.relation.ispartofseries 2011/28 en
dc.rights info:eu-repo/semantics/openAccess
dc.subject C81 en
dc.subject D22 en
dc.subject J60 en
dc.subject M14 en
dc.subject Family Firms en
dc.subject Great Recession en
dc.subject Employment en
dc.subject Social Pressure en
dc.title Family Firms and the Great Recession: Out of Sight, Out of Mind? en
dc.type Working Paper en
dc.neeo.contributor D’AURIZIO|Leandro|aut|
dc.neeo.contributor ROMANO|Livio|aut|
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