Volatility analysis of returns and risk: Family versus nonfamily firms

摘要: Family firms (FF) tend to be classified as less risky and volatile than nonfamily (NFF). This article aims examine whether there are differences in risk volatility between FF NFF, using Portuguese listed during 2008 2017. Through different models specifications, we were able verify that exists a positive relationship identified the volatility-return nexus which depends on model used, even so, negative case of FF, but is stronger NFF descriptive statistics reveal. Furthermore, it was found no considerable terms liquidity-volatility two types firms, cannot argue returns turnover higher NFF. It also more illiquid stocks have clear The crisis effect explain positively negatively, being impact lower for Our results do not strictly confirm fact provided variables interaction effects may risk-averse investor will prone invest stocks, while lover agent prefer look at when building their investment portfolios.