Otero González, LuisQuerentes Hermida, Raquel EstherDurán Santomil, PabloLópez Penabad, Celia2025-02-272025-02-272024Otero 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. 14 No. 6, pp. 1295-1315. https://doi.org/10.1108/JFBM-02-2024-00362043-6238https://hdl.handle.net/10347/39951This is the manuscript of an article that has been accepted for publicationThis study aims to assess the performance and risk of portfolios comprised of Spanish family businesses (FBs) when sustainability and quality factors are considered. To achieve this objective, several portfolios were considered, and their results were compared against the benchmark, estimating several GARCH models and the extended six-factor model of Fama and French for the period 2018-2023. The results demonstrated that investing in FB provides a higher return than the index, and that the portfolio that considers quality is the one that presents a better performance. However, the inclusion of sustainability negatively impacts the portfolio's performance. These results are relevant for investors, such as managers interested in creating portfolios or developing attractive financial products in terms of risk and return.engAttribution-NonCommercial 4.0 Internationalhttp://creativecommons.org/licenses/by-nc/4.0/Family businessesPerformanceRiskImpact of sustainabilityQuality factorjournal article10.1108/JFBM-02-2024-0036open access