We investigate the impact of family ties on the performance of family firms in East Asia. To measure family ties, we used both objective and subjective indicators from the World Value Survey. Our findings indicate that family firms that are nurtured in a society with strong family ties tend to have better performance compared to family firms that operate in a culture with weak family ties. Furthermore, family firms that have strong familial relationships are more likely to gain a competitive advantage over nonfamily firms. Conversely, family firms with weak ties tend to underperform nonfamily firms. Our results are robust across various measures of firm performance, classifications of family firm, considerations of heteroskedasticity and endogeneity, and different econometric methods.

我们研究了家族关系对东亚家族企业绩效的影响。为了衡量家庭关系，我们使用了世界价值调查中的客观和主观指标。我们的研究结果表明，与在家族关系较弱的文化中运营的家族企业相比，在家族关系牢固的社会中培育的家族企业往往具有更好的业绩。此外，拥有牢固家族关系的家族企业比非家族企业更有可能获得竞争优势。相反，关系较弱的家族企业往往表现不如非家族企业。我们的结果在企业绩效的各种衡量标准、家族企业的分类、异方差性和内生性的考虑以及不同的计量经济学方法中都是稳健的。