Is the family business a safer type of governance in time of crisis?

Family-owned businesses account for half of the capitalization of the Paris Stock Exchange and more generally 80% of businesses, all sizes considered. Their shares often remain stronger and perform better than those with anonymous shareholders.A performance that apparently continues in times of crisis even though funds in family-owned firms show in 2008, a decline from a performance standpoint, they are more resistant. The stakes are high: family-owned businesses represent a significant percentage of country GNPs and even more so as a percentage of the number of firms. Why and how family-owned capitalism seems to suffer less from the crisis? The aim of this paper is to show why and how, familyowned firms are more resilient to crises than others. The search for financial independence makes them less vulnerable to a liquidity contraction in financial markets. The reasoning in terms of a heritage which must be bequeathed to future generations implies a longer-term decision horizon that does not systematically favour a quick return on investment. Family-owned firms seem to have found a way of reconciliation between tradition and modernity and provide a strong governance model in complex and changing environments