Family-owned and non family-owned SMEs: empirical evidence of survival determinants

Paulo Maçãs Nunes, Zélia Serrasqueiro, Jacinto Vidigal da Silva


Based on two samples: 1) 1589 family-owned SMEs; and 2) 485 non family-owned SMEs, using probit regressions this paper studies the are significant differences in the survival determinants of these two types of SMEs. The empirical evidence obtained lets us conclude there context of family-owned SMEs, size, age, R&D expenditure are neither positive nor restrictive determinants of survival, with cash flow and labour productivity being positive determinants of survival, and debt, interest paid and risk are restrictive determinants of survival. In the case of non family-owned SMEs, size, age, cash flow, debt and R&D expenditure are positive determinants of survival, with interest paid, risk and labour productivity being neither positive nor restrictive determinants of survival.

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