על בעלות ועלות - האסימטריה בהתנהגות העלויות בחברות משפחתיות ותוצאותיה

Family firms constitute a substantial part of the economy and consistently exhibit higher profitability than non-family firms. While prior literature attributes this advantage to unique governance characteristics, little attention has been given to the specific mechanisms underlying superior performance. This study examines cost behavior as a potential explanation. Building on recent evidence, we argue that family firms are less prone to agency problems, managerial over confidence, and short-termism, leading them to adjust costs more cautiously and efficiently. Consequently, family firms are expected to display lower cost stickiness - or even anti-stickiness - particularly during revenue declines, there by improving resilience and profitability during economic downturns. Our findings are consistent with these predictions.