Family involvement in Italian listed companies: the relationship between performance, default risk and acquisition strategies
DOI:
https://doi.org/10.7433/s95.2014.04Keywords:
family involvement, performance, default risk, active acquisitionAbstract
Purpose of the paper: to assess the impact of family involvement on performance, failure probability and acquisitions.
Methodology: empirical analysis on a sample of 141 companies listed on the Milan Stock Exchange (2005-2011). To identify family firms, we defined some criteria that consider family presence both in ownership and in management. We also defined a synthetic measure of family involvement for family firms. In order to test our hypothesis we ran correlation tests, tests for proportion and we estimated linear regression models.
Findings: family control in ownership is not statistically related to performance, risk and acquisitions. On the other hand, the presence of family controlled management influences some performance indicators and acquisition value but not the company’s risk of failure.
Limitations: we did not assess the role of family succession. Also, we evaluated the degree of familiness only at the beginning (2006) and the end (2011) of the period of analysis.
Originality of the paper: we investigated how family ownership and management affected the measurement of the family involvement indicator during the observed period. Our study also helps investigate the relationships between familiness key variables (ownership and management) and performance, propensity for acquisitions and probability of failure.
Practical implications: family firms with a lower level of family involvement in the management dimension are characterized by a greater acquisition propensity. This may be a consequence of the fact that family managers manifest a higher risk aversion, preferring to ensure the company’s survival rather than implement external growth strategies.
References
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ANDERSON R., REEB D. (2003), “Founding-family ownership and firm performance: Evidence from the S&P 500”, The Journal of Finance, vol. 58, n. 3, pp. 1301-1328.
ASTRACHAN J.H., KLEIN S.B., SMYRNIOS K.X. (2002), “The F-PEC scale of family influence: a proposal for solving the family business definition problem”, Family Business Review, vol. 15, n. 1, pp. 45-58.
ASTRACHAN J.H., LANE S., KEYT A., MCMILLAN K. (2006), “Guidelines for family business Board of Directors”, Family Business Review, vol. 19, n. 2, pp. 147-167.
BARONTINI R., CAPRIO L. (2006), “The effect of family control on firm value and performance. Evidence from Continental Europe”, European Financial Management, vol. 12, n. 5, pp. 689-723.
BASU N., DIMITROVA L., PAEGLIS I., (2009), “Family control and dilution in mergers”, Journal of Banking & Finance, vol. 33, n. 5, pp. 829-841.
BEN-AMAR W., ANDRÈ P. (2006), “Separation of ownership from control and acquiring firm performance: the case of family ownership in Canada”, Journal of Business Finance & Accounting, vol. 33, n. 3-4, pp. 517-543.
BERLE A., MEANS G. (1932), The modern corporation and private property, Macmillan New York.
BETTINELLI C. (2011), “Boards of Directors in Family Firms: An Exploratory Study of Structure and Group Process”, Family Business Review, vol. 24, n. 2, pp. 151-169.
BIANCO M., GOLINELLI R., PARIGI G. (2009), “Family firms and investment, ECGI Finance”, Working paper n. 269, www.ecgi.com: 2-41.
BOTTANI P., CIPRIANI L., SERAO F. (2004), “Il modello di analisi Z-Score applicato alle PMI”, Amministrazione & Finanza, vol. 19, n. 1, pp. 50-53.
CAPRIO L., CROCI E., DEL GIUDICE A. (2011), “Ownership structure, family control and acquisition decision”, Journal of Corporate Finance, vol. 17, n. 5, pp. 1636-1657.
CASELLI S., GATTI S. (2007), “Can agency theory recommendations affect family firms’ performance? An evidence from the Italian market”, Journal of Corporate Ownership & Control, vol. 4, n. 3, pp. 21-40.
CHRISMAN J.J., CHUA J.H., SHARMA P. (2005), “Trends and directions in the development of a strategic management theory of the family firm”, Entrepreneurship Theory and Practice, vol. 29, n. 5, pp. 555-575.
CHUA J.H., CHRISMAN J.J., SHARMA P. (1999), “Defining the family business by behavior”, Entrepreneurship Theory and Practice, vol. 23, n. 4, pp. 19-39.
COLLI A. (2012), “Contextualizing performance of family firms: the perspective in business history”, Family Business Review, vol. 25, n. 3, pp. 243-257.
CORBETTA G. (2010), Le aziende familiari. Strategie per il lungo periodo, Egea, Milano.
CORBETTA G., SALVATO C. (2004), “The Board of Directors in family firms: one size fits all? “, Family Business Review, vol. 17, n. 2, pp. 119-134.
CORBETTA G., TOMASELLI S. (1996), “Boards of directors in Italian family businesses”, Family Business Review, vol. 9, n. 4, pp. 403-421.
DAILY C.M., DOLLINGER M.J. (1992), “An empirical examination of ownership structure in family and professionally managed firms”, Family Business Review, vol. 5, n. 2, pp. 117-136.
DAVIS J.H., SCHOORMAN F.D., DONALDSON L. (1997), “Toward a stewardship theory of management”, Academy of Management Review, vol. 22, n. 1, pp. 20-47.
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DULLER C. (2013), “Corporate governance in family firms in subsequent generations”, International Business & Economics Research Journal, vol. 12, n. 3, pp. 345-354.
DYER W.G. Jr. (2006), “Examining the ‘‘family effect’’ on firm performance. Family Business Review, vol. 19, n. 4, pp. 253-273.
EDDLESTON K., KELLERMANNS F.W. (2007), “Destructive and productive family relationships: A stewardship theory perspective”, Journal of Business Venturing, vol. 22, n. 4, pp. 545-565.
FAVERO C.A., GIGLIO S.W., HONORATI M., PANUNZI F. (2006), “The Performance of Italian Family Firms”, ECGI Finance, Working paper n. 127, www.ecgi.com: pp. 2-30.
FRANKS J., MAYER C., VOLPIN P., WAGNER H.F. (2012), “The life cycle of family ownership: international evidence”, The Review of Financial Studies, vol. 25, n. 6, pp. 1675-1712.
GALPIN T., HERNDON M. (2008), “Merger repair: when M&As go wrong”, Journal of Business Strategy, vol. 29, n. 1, pp. 4-12.
GALVE G.C., SALAS F.V. (1996), “Ownership structure and firm performance: some empirical evidence from Spain. Managerial & Decision Economics, vol. 17, n. 6, pp. 575-586.
GIOVANNINI R. (2010), “Corporate governance, family ownership and performance”, Journal of Management and Governance, vol. 14, n. 2, pp. 145-166.
GNAN L., MONTEMERLO D. (2006), “Family-firm relationship in Italian SMEs: ownership and governance issues in double-fold theoretical perspective”, in Poutziouris P.Z, Smyrnios S. Klein (editors), Handbook of Research on Family Business, Elgar-IFERA Cheltenham (UK)
GNAN L., SONGINI L. (2003), “The Professionalization of family firms: the role of agency cost control mechanisms”, in Poutziouris P.Z. and Steier L.P. (edited by), New frontiers in family business research: the leadership challenge, IFERA-FBN Publications, Cheltenham (UK), pp. 141-172.
GRANATA D., CHIRICO F. (2010), “Measures of value in acquisitions: family versus nonfamily firms”, Family Business Review, vol. 23, n. 4, pp. 341-354.
JACQUEMIN A., DE GHELLINCK E. (1980), “Familial control, size and performance in the largest French firms”, European Economic Review, vol. 13, n. 1, pp. 81-91.
JASKIEWICZ P., GONZÁLEZ V.M., MENÉNDEZ S., SCHIERECK D. (2005), “Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses”, Family Business Review, vol. 18, n. 3, pp. 179-202.
JENSEN M.C., MECKLING W. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Finance and Economics, vol. 3, n. 4, pp. 305-360.
KELLERMANNS F.W., EDDLESTON K.A., BARNETT T., PEARSON A. (2008), “An exploratory study of family member characteristics and involvement: effects on entrepreneurial behavior of the firm”, Family Business Review, vol. 21, n. 1, pp. 1-14.
KLASA S. (2007), “Why do controlling families of public firms sell their remaining ownership stake?”, Journal of Financial and Quantitative Analysis, vol. 42, n. 2, pp. 339-367.
KLEIN B.S., ASTRACHAN J.H., SMYRNIOS K.X. (2005), “The F-PEC scale of family influence, validation and further implication for theory”, Entrepreneurship Theory and Practice, vol. 29, n. 3, pp. 321-339.
KLEIN, S.B. (2000), “Family businesses in Germany: significance and structure”, Family Business Review, vol. 13, n. 3, pp. 157-181.
KOWALEWSKI O., TALAVERA O., STETSYUK, I. (2010), “Influence of family involvement in management and ownership on firm performance: evidence from Poland”, Family Business Review, vol. 23, n. 1, pp. 45-59.
MARTYNOVA M., RENNEBOOG L. (2009), “What determines the financing decision in corporate takeovers: Cost of capital, agency problem or the means of payment?”, Journal of Corporate Finance, vol. 15, n. 3, pp. 290-315.
MASULIS R.W., WANG C., XIE F. (2007), “Corporate governance and acquirer returns”, The Journal of Finance, vol. 62, n. 4, pp. 1851-1889.
MAURY B. (2006), “Family ownership and firm performance. Empirical evidence from western European corporations”, Journal of Corporate Finance, vol. 12, n. 2, pp. 321-341.
MAZZI C. (2011), “Family business and financial performance: current state of knowledge and future research challenges”, Journal of Business Strategy, vol. 2, n. 3, pp. 166-181.
MCCONAUGHY D.L., MATTHEWS C.H., FIALKO A.S. (2001), “Founding family controlled firms: performance, risk, and value”, Journal of Small Business Management, vol. 39, n. 1, pp. 31-50.
MENGOLI S., PAZZAGLIA F., SAPIENZA E. (2009), “Effects of governance reforms on corporate ownership in Italy: is it still pizza and mandolino? “, Corporate Governance: An International Review, vol. 17, n. 5, pp. 629-645.
MILLER D., LE BRETON-MILLER I., LESTER R.H. (2010), “Family ownership and acquisition behavior in publicly-traded companies”, Strategic Management Journal, vol. 3, n. 2, pp. 201-223.
MORRESI O. (2009), “Impresa familiare e performance: una verifica empirica sulle imprese italiane quotate”, Finanza, Marketing e Produzione, n. 3, pp. 7-30.
PASSERI R., MAZZI C. (2012), “Impresa familiare e benessere: dalla creazione di ricchezza alla creazione di valore”, Sinergie, n. 87, pp. 191-208.
PERRINI F., ROSSI G., ROVETTA B. (2008), Does ownership structure affect performance? evidence form the Italian market”, Corporate Governance: An International Review, vol. 16, n. 4, pp. 312-325.
POUTZIOURIS P. Z., SMYRNIOS K. X., KLEIN S. B. (2006), Handbook of research on family business, Edward Elgar Publishing Limited, United Kingdom, (501-516).
RAJAN R.G., ZINGALES L. (2003), “The great reversals: the politics of financial development in the twentieth century”, Journal of Financial Economics, vol. 69, n. 1, pp. 5-50.
R CORE TEAM (2013), “R: A language and environment for statistical computing. R Foundation for Statistical Computing”, Vienna, Austria, www.R-project,org.
RANDØY T., DIBRELL C., CRAIG J.B. (2009), “Founding family leadership and industry profitability”, Small Business Economics, vol. 32 n. 4, pp. 397-407.
RUTHERFORD M.V., KURATKO D.F., HOLT D.T. (2008), “Examining the link between familiness and performance: can the F-PEC untangle the family business theory jungle? “, Enterpreneurship Theory and Practice, vol. 32, n. 6, pp. 1089-1109.
RUTHERFORD M.V., KURATKO D.F., HOLT D.T. (2010), “Advancing the field of family business research: further testing the measurement properties of the F-PEC”, Family Business Review, vol. 23, n. 1, pp. 76-88.
SCIASCIA S., MAZZOLA P. (2008), “Family involvement in ownership and management: exploring nonlinear effects on performance”, Family Business Review, vol. 21, n. 4, pp. 331-344.
SEGARO E. (2012), “The impact of succession on internationalization of family SMEs: the role of social capital, strategic flexibility, stewardship orientation, and TMT behavioral integration”, Journal of Management & Governance, vol. 16, n. 1, pp. 147-169.
SHARMA P. (2004), “An overview of the field of family business studies: current status and directions for the future”, Family Business Review, vol. 17, n. 1, pp. 1-36.
SRAER D., THESMAR D. (2007), “Performance and behavior of family firms: evidence from the French stock market”, Journal of the European Economic Association, vol. 5, n. 4, pp. 709-751.
STEWART A., HITT M.A. (2012), “Why can’t a family business be more like a nonfamily business? Modes of professionalization in family firms”, Family Business Review, vol. 25, n. 1, pp. 58-86.
VAKNIN. O (2010), “The Family Business Risk Profile”, Working paper, Stern School of Business, Glucksman Institute for Research in Securities Markets, NY, pp. 1-22.
VILLALONGA B., AMIT R. (2006), “How do Family Ownership, Control and Management Affect Firm Value?”, Journal of Financial Economics, vol. 80, n. 2, pp. 385-417.
VOLPIN P. (2002), “Governance with poor investor protection: evidence top executive turnover in Italy, Journal of Financial Economics, vol. 64, n. 1, pp. 61-90.
ZATTONI A. (1999), “The structure of corporate groups: the Italian case”, Corporate Governance: An International Review, vol. 7, n. 1, pp. 38-48.
ZAHRA S.A., HAYTON J.C., SALVATO C. (2004), “Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture”, Entrepreneurship Theory and Practice, vol. 28, n. 4, pp. 363-381, June.
ANDERSON R., REEB D. (2003), “Founding-family ownership and firm performance: Evidence from the S&P 500”, The Journal of Finance, vol. 58, n. 3, pp. 1301-1328.
ASTRACHAN J.H., KLEIN S.B., SMYRNIOS K.X. (2002), “The F-PEC scale of family influence: a proposal for solving the family business definition problem”, Family Business Review, vol. 15, n. 1, pp. 45-58.
ASTRACHAN J.H., LANE S., KEYT A., MCMILLAN K. (2006), “Guidelines for family business Board of Directors”, Family Business Review, vol. 19, n. 2, pp. 147-167.
BARONTINI R., CAPRIO L. (2006), “The effect of family control on firm value and performance. Evidence from Continental Europe”, European Financial Management, vol. 12, n. 5, pp. 689-723.
BASU N., DIMITROVA L., PAEGLIS I., (2009), “Family control and dilution in mergers”, Journal of Banking & Finance, vol. 33, n. 5, pp. 829-841.
BEN-AMAR W., ANDRÈ P. (2006), “Separation of ownership from control and acquiring firm performance: the case of family ownership in Canada”, Journal of Business Finance & Accounting, vol. 33, n. 3-4, pp. 517-543.
BERLE A., MEANS G. (1932), The modern corporation and private property, Macmillan New York.
BETTINELLI C. (2011), “Boards of Directors in Family Firms: An Exploratory Study of Structure and Group Process”, Family Business Review, vol. 24, n. 2, pp. 151-169.
BIANCO M., GOLINELLI R., PARIGI G. (2009), “Family firms and investment, ECGI Finance”, Working paper n. 269, www.ecgi.com: 2-41.
BOTTANI P., CIPRIANI L., SERAO F. (2004), “Il modello di analisi Z-Score applicato alle PMI”, Amministrazione & Finanza, vol. 19, n. 1, pp. 50-53.
CAPRIO L., CROCI E., DEL GIUDICE A. (2011), “Ownership structure, family control and acquisition decision”, Journal of Corporate Finance, vol. 17, n. 5, pp. 1636-1657.
CASELLI S., GATTI S. (2007), “Can agency theory recommendations affect family firms’ performance? An evidence from the Italian market”, Journal of Corporate Ownership & Control, vol. 4, n. 3, pp. 21-40.
CHRISMAN J.J., CHUA J.H., SHARMA P. (2005), “Trends and directions in the development of a strategic management theory of the family firm”, Entrepreneurship Theory and Practice, vol. 29, n. 5, pp. 555-575.
CHUA J.H., CHRISMAN J.J., SHARMA P. (1999), “Defining the family business by behavior”, Entrepreneurship Theory and Practice, vol. 23, n. 4, pp. 19-39.
COLLI A. (2012), “Contextualizing performance of family firms: the perspective in business history”, Family Business Review, vol. 25, n. 3, pp. 243-257.
CORBETTA G. (2010), Le aziende familiari. Strategie per il lungo periodo, Egea, Milano.
CORBETTA G., SALVATO C. (2004), “The Board of Directors in family firms: one size fits all? “, Family Business Review, vol. 17, n. 2, pp. 119-134.
CORBETTA G., TOMASELLI S. (1996), “Boards of directors in Italian family businesses”, Family Business Review, vol. 9, n. 4, pp. 403-421.
DAILY C.M., DOLLINGER M.J. (1992), “An empirical examination of ownership structure in family and professionally managed firms”, Family Business Review, vol. 5, n. 2, pp. 117-136.
DAVIS J.H., SCHOORMAN F.D., DONALDSON L. (1997), “Toward a stewardship theory of management”, Academy of Management Review, vol. 22, n. 1, pp. 20-47.
JACQUEMIN, A., AND E. DE GHELLINCK (1980). “Familial Control, Size and Performance in the Largest French Firms,” European Economic Review, 13, 81-91.
DONCKELS R., FROHILCH E. (1991), “Are family businesses really different? European experience from stratus”, Family Business Review, vol. 4, n. 2, pp. 149-160.
DULLER C. (2013), “Corporate governance in family firms in subsequent generations”, International Business & Economics Research Journal, vol. 12, n. 3, pp. 345-354.
DYER W.G. Jr. (2006), “Examining the ‘‘family effect’’ on firm performance. Family Business Review, vol. 19, n. 4, pp. 253-273.
EDDLESTON K., KELLERMANNS F.W. (2007), “Destructive and productive family relationships: A stewardship theory perspective”, Journal of Business Venturing, vol. 22, n. 4, pp. 545-565.
FAVERO C.A., GIGLIO S.W., HONORATI M., PANUNZI F. (2006), “The Performance of Italian Family Firms”, ECGI Finance, Working paper n. 127, www.ecgi.com: pp. 2-30.
FRANKS J., MAYER C., VOLPIN P., WAGNER H.F. (2012), “The life cycle of family ownership: international evidence”, The Review of Financial Studies, vol. 25, n. 6, pp. 1675-1712.
GALPIN T., HERNDON M. (2008), “Merger repair: when M&As go wrong”, Journal of Business Strategy, vol. 29, n. 1, pp. 4-12.
GALVE G.C., SALAS F.V. (1996), “Ownership structure and firm performance: some empirical evidence from Spain. Managerial & Decision Economics, vol. 17, n. 6, pp. 575-586.
GIOVANNINI R. (2010), “Corporate governance, family ownership and performance”, Journal of Management and Governance, vol. 14, n. 2, pp. 145-166.
GNAN L., MONTEMERLO D. (2006), “Family-firm relationship in Italian SMEs: ownership and governance issues in double-fold theoretical perspective”, in Poutziouris P.Z, Smyrnios S. Klein (editors), Handbook of Research on Family Business, Elgar-IFERA Cheltenham (UK)
GNAN L., SONGINI L. (2003), “The Professionalization of family firms: the role of agency cost control mechanisms”, in Poutziouris P.Z. and Steier L.P. (edited by), New frontiers in family business research: the leadership challenge, IFERA-FBN Publications, Cheltenham (UK), pp. 141-172.
GRANATA D., CHIRICO F. (2010), “Measures of value in acquisitions: family versus nonfamily firms”, Family Business Review, vol. 23, n. 4, pp. 341-354.
JACQUEMIN A., DE GHELLINCK E. (1980), “Familial control, size and performance in the largest French firms”, European Economic Review, vol. 13, n. 1, pp. 81-91.
JASKIEWICZ P., GONZÁLEZ V.M., MENÉNDEZ S., SCHIERECK D. (2005), “Long-Run IPO Performance Analysis of German and Spanish Family-Owned Businesses”, Family Business Review, vol. 18, n. 3, pp. 179-202.
JENSEN M.C., MECKLING W. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Finance and Economics, vol. 3, n. 4, pp. 305-360.
KELLERMANNS F.W., EDDLESTON K.A., BARNETT T., PEARSON A. (2008), “An exploratory study of family member characteristics and involvement: effects on entrepreneurial behavior of the firm”, Family Business Review, vol. 21, n. 1, pp. 1-14.
KLASA S. (2007), “Why do controlling families of public firms sell their remaining ownership stake?”, Journal of Financial and Quantitative Analysis, vol. 42, n. 2, pp. 339-367.
KLEIN B.S., ASTRACHAN J.H., SMYRNIOS K.X. (2005), “The F-PEC scale of family influence, validation and further implication for theory”, Entrepreneurship Theory and Practice, vol. 29, n. 3, pp. 321-339.
KLEIN, S.B. (2000), “Family businesses in Germany: significance and structure”, Family Business Review, vol. 13, n. 3, pp. 157-181.
KOWALEWSKI O., TALAVERA O., STETSYUK, I. (2010), “Influence of family involvement in management and ownership on firm performance: evidence from Poland”, Family Business Review, vol. 23, n. 1, pp. 45-59.
MARTYNOVA M., RENNEBOOG L. (2009), “What determines the financing decision in corporate takeovers: Cost of capital, agency problem or the means of payment?”, Journal of Corporate Finance, vol. 15, n. 3, pp. 290-315.
MASULIS R.W., WANG C., XIE F. (2007), “Corporate governance and acquirer returns”, The Journal of Finance, vol. 62, n. 4, pp. 1851-1889.
MAURY B. (2006), “Family ownership and firm performance. Empirical evidence from western European corporations”, Journal of Corporate Finance, vol. 12, n. 2, pp. 321-341.
MAZZI C. (2011), “Family business and financial performance: current state of knowledge and future research challenges”, Journal of Business Strategy, vol. 2, n. 3, pp. 166-181.
MCCONAUGHY D.L., MATTHEWS C.H., FIALKO A.S. (2001), “Founding family controlled firms: performance, risk, and value”, Journal of Small Business Management, vol. 39, n. 1, pp. 31-50.
MENGOLI S., PAZZAGLIA F., SAPIENZA E. (2009), “Effects of governance reforms on corporate ownership in Italy: is it still pizza and mandolino? “, Corporate Governance: An International Review, vol. 17, n. 5, pp. 629-645.
MILLER D., LE BRETON-MILLER I., LESTER R.H. (2010), “Family ownership and acquisition behavior in publicly-traded companies”, Strategic Management Journal, vol. 3, n. 2, pp. 201-223.
MORRESI O. (2009), “Impresa familiare e performance: una verifica empirica sulle imprese italiane quotate”, Finanza, Marketing e Produzione, n. 3, pp. 7-30.
PASSERI R., MAZZI C. (2012), “Impresa familiare e benessere: dalla creazione di ricchezza alla creazione di valore”, Sinergie, n. 87, pp. 191-208.
PERRINI F., ROSSI G., ROVETTA B. (2008), Does ownership structure affect performance? evidence form the Italian market”, Corporate Governance: An International Review, vol. 16, n. 4, pp. 312-325.
POUTZIOURIS P. Z., SMYRNIOS K. X., KLEIN S. B. (2006), Handbook of research on family business, Edward Elgar Publishing Limited, United Kingdom, (501-516).
RAJAN R.G., ZINGALES L. (2003), “The great reversals: the politics of financial development in the twentieth century”, Journal of Financial Economics, vol. 69, n. 1, pp. 5-50.
R CORE TEAM (2013), “R: A language and environment for statistical computing. R Foundation for Statistical Computing”, Vienna, Austria, www.R-project,org.
RANDØY T., DIBRELL C., CRAIG J.B. (2009), “Founding family leadership and industry profitability”, Small Business Economics, vol. 32 n. 4, pp. 397-407.
RUTHERFORD M.V., KURATKO D.F., HOLT D.T. (2008), “Examining the link between familiness and performance: can the F-PEC untangle the family business theory jungle? “, Enterpreneurship Theory and Practice, vol. 32, n. 6, pp. 1089-1109.
RUTHERFORD M.V., KURATKO D.F., HOLT D.T. (2010), “Advancing the field of family business research: further testing the measurement properties of the F-PEC”, Family Business Review, vol. 23, n. 1, pp. 76-88.
SCIASCIA S., MAZZOLA P. (2008), “Family involvement in ownership and management: exploring nonlinear effects on performance”, Family Business Review, vol. 21, n. 4, pp. 331-344.
SEGARO E. (2012), “The impact of succession on internationalization of family SMEs: the role of social capital, strategic flexibility, stewardship orientation, and TMT behavioral integration”, Journal of Management & Governance, vol. 16, n. 1, pp. 147-169.
SHARMA P. (2004), “An overview of the field of family business studies: current status and directions for the future”, Family Business Review, vol. 17, n. 1, pp. 1-36.
SRAER D., THESMAR D. (2007), “Performance and behavior of family firms: evidence from the French stock market”, Journal of the European Economic Association, vol. 5, n. 4, pp. 709-751.
STEWART A., HITT M.A. (2012), “Why can’t a family business be more like a nonfamily business? Modes of professionalization in family firms”, Family Business Review, vol. 25, n. 1, pp. 58-86.
VAKNIN. O (2010), “The Family Business Risk Profile”, Working paper, Stern School of Business, Glucksman Institute for Research in Securities Markets, NY, pp. 1-22.
VILLALONGA B., AMIT R. (2006), “How do Family Ownership, Control and Management Affect Firm Value?”, Journal of Financial Economics, vol. 80, n. 2, pp. 385-417.
VOLPIN P. (2002), “Governance with poor investor protection: evidence top executive turnover in Italy, Journal of Financial Economics, vol. 64, n. 1, pp. 61-90.
ZATTONI A. (1999), “The structure of corporate groups: the Italian case”, Corporate Governance: An International Review, vol. 7, n. 1, pp. 38-48.
ZAHRA S.A., HAYTON J.C., SALVATO C. (2004), “Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture”, Entrepreneurship Theory and Practice, vol. 28, n. 4, pp. 363-381, June.
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2018-10-28
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