How is risk different in family and non-family businesses? - a comparative statistical analysis during the COVID-19 pandemic

Santos, E.; Ratten, Vanessa; Tavares, F.; Ratten, V.

http://hdl.handle.net/10400.8/9147

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Abstract(s)

Abstract Purpose – Risk is part of corporate activity and a consequence of the businesses’ demands, the market and the changes in companies and their surroundings. The way that risk is managed is different between family and non-family businesses. The paper aims to compare the different risk types experienced in the context of the coronavirus disease (COVID-19) pandemic among family and non-family businesses and to analyze whether operational, legal, strategic and image risks influence financial risks. Design/methodology/approach – The nature of the study is quantitative and based on a questionnaire survey that analyses the perception of risks by 1,090 family businesses and 557 non-family businesses. Findings – The results show the existence of statistically significant differences in the perception of financial and legal risks between family and non-family businesses, where the former being the businesses that give more importance to these risks. The perception of operational, legal, strategic and image risks have a positive influence on the perception of financial risk in family and non-family businesses. Originality/value – The results obtained in the study are important because they allow an understanding about the differences in risk management between family and non-family businesses, which can lead to greater corporate sustainability and increased financial performance.

Keywords

Decision-making Risk analysis Risk perception Risk management Corporate risk Family businesses

URI

http://hdl.handle.net/10400.8/9147

Citation

Santos, E., Tavares, V., Tavares, F.O. and Ratten, V. (2022), "How is risk different in family and non-family businesses? A comparative statistical analysis during the COVID-19 pandemic", Journal of Family Business Management, Vol. 12 No. 4, pp. 1113-1130. https://doi.org/10.1108/JFBM-10-2021-0123