L’impatto del passaggio generazionale sulle performance economiche: un focus sulle imprese della provincia di Vicenza (The impact of family business succession on economic performance: a focus on businesses in the province of Vicenza (Italy))
Obiettivo del paper: il paper mira a verificare l’impatto sulle performance economiche del passaggio generazionale ovvero di “altre” modifiche di assetto societario.
Metodologia: dopo una literature review sul tema, si effettua un duplice confronto tra le performance economiche di 74 imprese nel periodo 2009-2017, suddivise in tre campioni. In primis si confrontano imprese interessate dal passaggio generazionale con imprese che non hanno subito alcuna modifica di assetto societario; successivamente si confrontano imprese che hanno modificato l’assetto senza effettuare il passaggio generazionale (es. ampliamento della compagine sociale, et al.) con imprese che non hanno subito modifiche di assetto societario.
Risultati: La ricerca evidenza che le imprese coinvolte nel passaggio generazionale incontrano una iniziale fase di difficoltà operativa rispetto alle altre, pur dimostrandosi, successivamente, più reattive e performanti. La ricerca mette in luce che la maggior conoscenza teorico-tecnica posseduta dalla nuova generazione consente all’impresa di recuperare più rapidamente l’iniziale gap negativo in termini di redditività solo se tale conoscenza è supportata da esperienza sul campo, volta a compensare il mancato passaggio della tacit firm knowledge che spesso si riscontra.
Limiti della ricerca: lo studio pilota è condotto in un contesto geografico circoscritto e su un campione di imprese medio-piccole di dimensioni contenute, selezionato attraverso una survay; al fine di supportare meglio le risultanze ottenute, in prospettiva è opportuna l’applicazione del modello di analisi su scala (sia geografica che settoriale) più ampia.
Implicazioni pratiche: lo studio suggerisce alla governance di “vecchia generazione” di acquisire una maggiore consapevolezza delle effettive capacità gestionali della generazione entrante, che dovrebbero essere attentamente valutate nella preparazione del passaggio generazionale ed, eventualmente, migliorate. Sotto questo profilo, l’esito in termini di performance del passaggio generazionale appare legato all’atteggiamento assunto dalla “vecchia generazione” nella fase di preparazione dell’evento. Per poter minimizzare o eliminare l’iniziale gap negativo di redditività riscontrato, si rivela fondamentale lasciare effettivo spazio alla generazione entrante durante la fase di preparazione dell’evento, al fine di farle acquisire sul campo l’esperienza necessaria per gestire in modo redditizio l’impresa.
Originalità del paper: la ricerca pone a confronto imprese interessate dal passaggio generazionale con imprese che modificano il proprio assetto in altro modo e indaga la presenza di differenza di performance, la loro intensità e la loro durata.
Purpose of the paper: the paper aims to verify the impact on economic performance of Family business succession or "other" changes in corporate structure.
Methodology: after the literature review, we have performed a twofold comparison between the economic performance s of 74 companies between 2009 and 2017, classified into three samples. First, we compare companies involved in a family succession to companies that did not change their corporate structure. Second, companies involved in other changes than family succession (e.g. expanding the shareholders team) are compared to companies that did not change their corporate structure.
Results: The research shows that companies involved in family succession get a lower operating profitability than the other ones during the first years after the succession, but they gradually become more reactive and economic performing. The research highlights how the greater theoretical-technical knowledge possessed by the new generation allows companies involved in the generational transition to recover more quickly the initial negative gap in terms of management capacity and profitability. However, this only happens if this change is supported by experience in the field, aimed at compensating for the lack of tacit knowledge that often occurs.
Research limitations: the pilot survey was carried out in a restricted geographical area and on a small sample of small-medium sized enterprises, selected by a survey; further research could apply the analysis model on a larger geographical and sample-size scale to support the conclusions.
Practical implications: the study suggests to “old” governance that company entrepreneurs should acquire greater awareness of the actual operational management capabilities of incoming generation. The outcome of Family business succession is related to the attitude of the “old” governance in the preparation phase of the handover. To minimize or remove the initial gap in profitability, the engagement of new generation in the preparation phase is crucial and it allows to gain experience in managing firms profitably.
Originality of the paper: the research compares companies affected by the generational changeover with other ones that change their structure in another way. Furthermore the research investigates the presence of differences in performance between different types of companies, their intensity and durability.
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