西班牙家族企业投资组合业绩评估

IF 3.6 Q2 MANAGEMENT
Luis Otero González, Raquel Esther Querentes Hermida, Pablo Durán Santomil, Celia López Penabad
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引用次数: 0

摘要

目的本研究的主要目的是分析由西班牙家族企业(FBs)组成的投资组合在考虑可持续性和质量因素后的绩效和风险特征。通过将不同的投资组合与基准进行比较,本研究旨在深入探讨这些因素对投资组合绩效的影响。本研究采用实证方法,通过纳入可持续性和质量因素,评估由西班牙家族企业(FBs)组成的投资组合的绩效和风险。研究结果研究结果表明,与指数相比,投资西班牙家族企业(FBs)可获得更高的回报率,其中包含质量因素的投资组合表现优异。然而,纳入可持续性因素会对投资组合的表现产生负面影响。这些结果凸显了在投资组合构建和投资决策中考虑可持续性和质量因素的重要性。研究结果为有意构建投资组合或开发有效平衡风险与收益的金融产品的投资者和管理者提供了宝贵的见解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Evaluation of the performance of Spanish family businesses portfolios

Purpose

The primary objective of this study is to analyze the performance and risk characteristics of portfolios composed of Spanish family businesses (FBs) when sustainability and quality factors are taken into account. By comparing different portfolio compositions against a benchmark, the study aims to provide insights into the impact of these factors on portfolio performance.

Design/methodology/approach

This study employs an empirical approach to evaluate the performance and risk of portfolios consisting of Spanish family businesses (FBs) by incorporating sustainability and quality factors. It compares the results of various portfolios against a benchmark, utilizing GARCH models and the extended six-factor model of Fama and French for the period 2018–2023.

Findings

The findings reveal that investing in Spanish family businesses (FBs) yields higher returns compared to the index, with portfolios incorporating quality factors demonstrating superior performance. However, the inclusion of sustainability factors negatively affects portfolio performance. These results highlight the significance of considering sustainability and quality factors in portfolio construction and investment decisions.

Originality/value

This study contributes to the existing literature by examining the performance and risk implications of incorporating sustainability and quality factors into portfolios of family businesses. The findings offer valuable insights for investors and managers interested in constructing portfolios or developing financial products that balance risk and return effectively.

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来源期刊
CiteScore
5.50
自引率
33.30%
发文量
51
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