Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/44516 
Year of Publication: 
2011
Series/Report no.: 
ETLA Discussion Papers No. 1242
Publisher: 
The Research Institute of the Finnish Economy (ETLA), Helsinki
Abstract: 
The study investigates empirically how ownership affects firms' domestic employment and its fluctuations. We look at six different ownership categories: first generation family businesses, second generation (or older) family businesses, state-owned companies, foreign-owned companies, publicly listed companies, and others (e.g. co-operatives and non-listed, non-family companies). It turns out that ownership matters. Volatility of employment in listed companies is much higher than in other firms. State-owned companies show the highest stability in employment, and they have also reduced their personnel less than others during the economic crisis of 2008-2009. The group of 'second generation family businesses' shows higher stability of employment than 'first generation'. Family businesses (especially the second or subsequent generation enterprises) are typically not high-growth firms. They seem to prefer stability over swift growth.
Subjects: 
ownership structure
family business
business objectives
employment
growth
JEL: 
G32
L21
M14
Document Type: 
Working Paper

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