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Economic policy uncertainty and the founding family firm premium

Markus Fütterer et al.

Journal of Corporate Finance2026https://doi.org/10.1016/j.jcorpfin.2026.102976article
AJG 4ABDC A*
Weight
0.50

Abstract

Studying a monthly panel of European listed non-financial firms, we document a negative effect of economic policy uncertainty (EPU) on firm value but a positive effect on the valuation premium of founding family firms. These findings are confirmed in a propensity score–matched sample and remain robust to a battery of tests addressing omitted variable bias and measurement error. The lower EPU-sensitivity of founding family firms is concentrated in politically connected firms operating in low-corruption environments. Additional analyses show that founding family firms' valuation premium is more pronounced for R&D-intensive firms with less diversified and less labor-intensive business models. Overall, our results support the view that founding family firms are more resilient to uncertainty and may contribute to economic stability.

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https://doi.org/https://doi.org/10.1016/j.jcorpfin.2026.102976

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@article{markus2026,
  title        = {{Economic policy uncertainty and the founding family firm premium}},
  author       = {Markus Fütterer et al.},
  journal      = {Journal of Corporate Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.jcorpfin.2026.102976},
}

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Economic policy uncertainty and the founding family firm premium

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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