In general, family businesses are often supposed to have a bigger share in the stabilisation of the economic development in Germany after the last financial crisis than non-family businesses. Our study examines this hypothesis with regard to large family enterprises, using a self-generated database, which also allows for comparisons with large non-family businesses. Our bivariate as well as multivariate results demonstrate for Germany as well as for North Rhine-Westphalia that family businesses performed better with regard to their ROA and ROE not only over the entire time period from 2008 until 2012 but also for every single year analyzed. Moreover, large family enterprises in Germany had a higher employment growth rate in the given period than their large non family counterparts.
Schlömer-Laufen, N.; Lamsfuß, C.; Große, J.; Chlosta, S. (2014): Wirtschaftliche Entwicklung großer Familien- und Nichtfamilienunternehmen – eine Bilanzdatenanalyse für den Zeitraum 2008 bis 2012, IfM Bonn: IfM-Materialien Nr. 235, Bonn.