13 Are family firms more efficient?
Evidence from developing, emerging and transition economies
Mariarosaria Agostino and Sabrina Ruberto
1. Introduction
Family firms are a worldwide diffuse phenomenon, generating a significant share of value added, investments and employment in most economies. Family business relevance and persistence over time have elicited a sizable body of literature, which has recently examined their performance considering balance sheet indicators, such as ROA, ROE, net profits, turnover and sales growth (e.g., Miller & Le Breton-Miller, 2006; Andres, 2008; Chu, 2009; Kowalewski et al., 2010; De Massis et al., 2015; Miller et al., 2014; Charles, 2014; Bachiller et al., 2015); firm market ...
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