1) After controlling for basic firm characteristics such as firm size, firm age, and industry,
family firms’ annual productivity growth rate is, on average, around 2% lower.
2) Family firms view survival as an important managerial objective. In fact, the probability of
survival for six years is, on average, around 10% higher than for non-family firms. Family
firms seem to be risk-averse.
3) Even after correcting for the high propensity to survive, the conclusion that family firms’
productivity growth is slower is still valid.