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Evaluation of the performance of Spanish family businesses portfolios

Luis Otero González (Universidad de Santiago de Compostela, Santiago de Compostela, Spain)
Raquel Esther Querentes Hermida (Universidad de Santiago de Compostela, Santiago de Compostela, Spain)
Pablo Durán Santomil (Universidad de Santiago de Compostela, Santiago de Compostela, Spain)
Celia López Penabad (Universidad de Santiago de Compostela, Santiago de Compostela, Spain)

Journal of Family Business Management

ISSN: 2043-6238

Article publication date: 5 April 2024




The primary objective of this study is to analyze the performance and risk characteristics of portfolios composed of Spanish family businesses (FBs) when sustainability and quality factors are taken into account. By comparing different portfolio compositions against a benchmark, the study aims to provide insights into the impact of these factors on portfolio performance.


This study employs an empirical approach to evaluate the performance and risk of portfolios consisting of Spanish family businesses (FBs) by incorporating sustainability and quality factors. It compares the results of various portfolios against a benchmark, utilizing GARCH models and the extended six-factor model of Fama and French for the period 2018–2023.


The findings reveal that investing in Spanish family businesses (FBs) yields higher returns compared to the index, with portfolios incorporating quality factors demonstrating superior performance. However, the inclusion of sustainability factors negatively affects portfolio performance. These results highlight the significance of considering sustainability and quality factors in portfolio construction and investment decisions.


This study contributes to the existing literature by examining the performance and risk implications of incorporating sustainability and quality factors into portfolios of family businesses. The findings offer valuable insights for investors and managers interested in constructing portfolios or developing financial products that balance risk and return effectively.



This study was funded by the Galician Regional Government (No: ED431C 2020/18) and co-funded by the European Regional Development Fund (ERDF/FEDER) for the period 2020–2023; the Ministry of Science, Innovation and Universities (MCIU); the Spanish State Research Agency (AEI) and the European Regional Development Fund (RTI2018-100702-B-I00 MCIU/AEI/FEDER, UE).


Otero González, L., Querentes Hermida, R.E., Durán Santomil, P. and López Penabad, C. (2024), "Evaluation of the performance of Spanish family businesses portfolios", Journal of Family Business Management, Vol. ahead-of-print No. ahead-of-print.



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