Se confirma: las empresas familiares no son más o menos eficientes. Las gestionadas por el fundador, sí.

I find that broadly defined family firms, comprising 35 percent of the sample, do not significantly outperform nonfamily firms during the crisis whether I use market performance measure (Tobin’s Q) or accounting performance measure (Operating Return on Assets (OROA)). However, family firms with founder active involvement (as CEO, a board member or a significant blockholder) show significant higher accounting performance by 18 percent relative to non-family firms during the crisis. Market performance of founder firms, by contrast, does not exhibit difference significantly.

Zhou, Haoyong, Are Family Firms Better Performers During Financial Crisis? (January 23, 2012). Available at SSRN: http://ssrn.com/abstract=1990250  or http://dx.doi.org/10.2139/ssrn.1990250