Macro-économie / Taux / Entreprises familiales
Macro-économie / Taux
Entreprises familiales
Entreprises familiales : une affaire qui roule
Le constat est sans appel : depuis 2006, les entreprises familiales surpassent les performances des autres entreprises. L’institut de recherche du Crédit Suisse (CSRI) a publié un rapport dans lequel 1 061 répondent aux critères pour être considérées comme entreprises familiales. Près de la moitié sont situées en Asie, l’Europe représentant 24% de la base de données et les Etats-Unis 14%. Toutes les entreprises recensées sont cotées en Bourse, familiales ou détenues par leur fondateur, présentes dans tous les secteurs d’activité, et comparées à d’autres entreprises de même envergure.
Selon le CSRI, la performance des entreprises familiales dépasse celle des autres sociétés de 370 points de base en moyenne par an. En Europe, la différence atteint même 470 points de base et en Asie, 500. Face à la pandémie, les conclusions sont les mêmes : ces six derniers mois, une surperformance globale de 300 points de base a été observée chez les entreprises familiales face aux non familiales.
Qu’en conclure sur ce type d’entreprise ? Mis à part le fait évident qu’elles ont de meilleurs résultats et sont plus rentables, le rapport du Crédit Suisse met aussi l’accent sur les activités ESG des entreprises familiales, critère de plus en plus important dans l’appréciation d’une entreprise, et où les familiales sont de particulièrement bonnes élèves. Au cours des quatre dernières années en particulier, leurs pratiques environnementales et sociales ont été bien meilleures que celles de leurs homologues non familiales. Dans toutes les régions, c’est surtout grâce à leur avance en termes d’environnement que ces entreprises affichent de beaux scores, en particulier chez les entreprises européennes.
De manière générale, les entreprises familiales sont aussi plus enclines à innover et à dépenser une plus grosse part de leurs revenus pour la R&D : en 2019, elles dépensaient en moyenne plus de 3,80% de leurs revenus pour la R&D, contre un peu plus de 3,40% pour les autres. Au vu des bons résultats de ces entreprises, c’est bien la preuve que l’innovation est un critère pour la bonne santé entrepreneuriale sur le long terme. Autre critère important, les entreprises familiales sont aussi meilleures dans la gestion de leurs dettes, y compris en période de crise : durant celles de 2008-2010, les entreprises familiales, petites comme grandes, ont beaucoup plus rapidement que les autres réduit leur niveau d’endettement, ce qui leur a permis de mieux rebondir.
A l’aune de la crise sanitaire, là aussi, les entreprises familiales battent les autres. Non seulement ces dernières ont moins eu recours au licenciement que les autres (46% contre 55%), mais elles se déclarent aussi moins inquiètes pour l’avenir de leur activité. 37% d'entre elles prévoient même une croissance du chiffre d'affaires de 10 à 20% dans les 3 à 5 prochaines années, contre 35% pour les entreprises non familiales.
Il leur reste néanmoins une certaine marge de progression, car elles restent assez en retard sur leurs politiques sociales. Si la pandémie les a, dans l’ensemble, poussées à se concentrer sur leur impact social, elles sont encore loin derrière leurs homologues en matière de diversité dans leurs conseils d’administration ou de respect des droits de l’homme et des politiques en matière d’esclavage moderne.
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