Fadi Hawach, Financial Analyst at Bethlehem University’s Finance Office, has co-authored a high-impact research study titled “Financial Distress Likelihood of European SMEs in Times of Economic Policy Uncertainty: The Role of Family Ownership and Performance Aspirations.” The study was published in the International Review of Financial Analysis, one of the top global finance journals (Scopus Q1, JCR Q1, AJG ABS3).
The research analyzes data from over 145,000 small- and medium-sized enterprises (SMEs) across 24 European countries between 2012 and 2021. It finds that rising economic policy uncertainty significantly increases the risk of financial distress for SMEs. However, family-owned businesses are more resilient under such conditions, especially those performing below their aspirations.
These findings highlight the stabilizing role of family ownership and offer valuable insights for SME leaders and policymakers navigating periods of volatility. The study emphasizes the need for tailored support strategies to ensure SME survival and long-term sustainability.
Bethlehem University congratulates Mr. Hawach on this important scholarly achievement, which reflects the university’s commitment to research that addresses real-world economic challenges and contributes to global academic discourse.
Read more at the following link: https://doi.org/10.1016/j.irfa.2025.104418