Cost behavior and profitability of family firms

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-19 DOI:10.1016/j.frl.2025.108006

Menachem (Meni) Abudy , Efrat Shust

引用次数: 0

Abstract

This paper examines the impact of family ownership on firms’ asymmetric cost behavior and its implications for profitability. We find that family firms exhibit anti-sticky cost behavior, that is, they record a greater reduction in costs upon a sales decline than the increase in costs upon a similar sales upswing. In contrast, non-family firms demonstrate the prevalent pattern of cost stickiness. We posit that the greater cost reduction in family firms during downturns enhances the resilience of their profitability. Consistent with this notion, we find that family firms outperform non-family firms in periods of business contraction.

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家族企业的成本行为与盈利能力

本文考察了家族所有权对企业不对称成本行为的影响及其对盈利能力的影响。我们发现家族企业表现出反粘性成本行为，也就是说，他们在销售下降时记录的成本减少比在类似的销售上升时记录的成本增加更大。相反，非家族企业表现出普遍的成本粘性模式。我们假设，在经济低迷时期，家族企业的成本降低幅度越大，其盈利能力的弹性就越大。与这一观点相一致的是，我们发现家族企业在商业收缩时期的表现优于非家族企业。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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