Firm Resilience During Oil Price shocks: Norwegian Family and Non-Family Firms
Master thesis
Permanent lenke
https://hdl.handle.net/11250/3038726Utgivelsesdato
2022Metadata
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- Master of Science [1822]
Sammendrag
We study resilience in Norwegian limited liability companies highly affected by the
oil price shock in 2014. We analyze whether family firms are more resilient than
non-family firms in terms of profitability, financial vulnerability, and investment
decisions following the oil price shock in 2014. We found that family and nonfamily
firms perform significantly different during the event window between 2014
and 2016. Our findings suggest a family firm premium of 1.5pp for ROA and 69pp
for TIE, respectively. We further found that family firms are less affected by the
shock than non-family firms in terms of change in profitability and financial
vulnerability in the period after the shock. Our Difference-In-Difference
regressions show that family firms have a positive and significant average treatment
effect, suggesting better resilience.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2022