ABSTRACT

Our study investigates whether the quality of regional institutions influences firms’ likelihood of being a family firm. We explore our conjecture using the EU-EFIGE/Bruegel-UniCredit dataset, which provides comparable cross-country data on manufacturing firms in seven European countries. We use a multilevel framework to analyse how firm- and regional-level variables influence firms’ likelihood of being a family firm. We find evidence that location matters in explaining firms’ probability of being a family firm but that differences between countries are more relevant than are differences between regions. Our results show that the lower the quality of regional institutions, the higher the likelihood of a firm being a family firm. Our results are robust to alternative regional-level control variables and persist after several robustness checks.

摘要

我们的研究调查了区域机构的质量是否会影响企业成为家族企业的可能性。我们使用 EU-EFIGE/Bruegel-UniCredit 数据集探索我们的猜想，该数据集提供了七个欧洲国家制造企业的可比跨国数据。我们使用一个多层次的框架来分析企业和区域层次的变量如何影响企业成为家族企业的可能性。我们发现有证据表明位置在解释公司成为家族企业的可能性方面很重要，但国家之间的差异比地区之间的差异更相关。我们的研究结果表明，区域机构的质量越低，企业成为家族企业的可能性就越大。我们的结果对替代的区域级控制变量是稳健的，并且在多次稳健性检查后仍然存在。