Mario Daniele Amore, Riccardo Marzano, 27 October 2019

Family firms account for a significant fraction of businesses worldwide. This column analyses how family ownership shapes the likelihood of being involved in antitrust indictments. Family-owned firms are less likely than non-family firms to commit antitrust violations, but they also tend to curb equity financing and invest less aggressively after antitrust investigations. This suggests that family control wards off reputational damages but at the same time it weakens their ability to keep up with fiercer competition following the dismantlement of an anticompetitive practice.

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