Imprese familiari e performance: una meta-analisi degli studi empirici (Family businesses and performance: a meta-analysis of empirical studies)
DOI:
https://doi.org/10.7433/s99.2016.19Keywords:
family involvement, performance, meta-analysisAbstract
Purpose of the paper: This literature review aims to extend the knowledge about family involvement-firm performance relationship;
Methodology: The article offers a systematic review of studies and applies the technique of meta-analysis to establish a quantitative generalization of the effects of familiarity on performance;
Results: The analysis highlights that family involvement-firm performance relationship is not significant and that a deep eterogeneity among studies exisists;
Limits: The paper does not consider all possible variables, which can explain the methodological heterogeneity among studies;
Implications: Results suggest the need to look for mediating and/or moderating variables able to explain the family involvement-performance relationship;
Originality of the paper: the article attempts to summarize statistically the conflicting results of empirical studies trying to provide an answer to the question of Villalonga and Amit (2006): Does familiarity create or destroy value?
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Sitografia
http://www.ffi.org/page/globaldatapoints
ALLOUCHE J., AMANN B., JAUSSAUD J., KURASHINA T. (2008), “The impact of family control on the performance and financial characteristics of family versus nonfamily businesses in Japan: A Matched-pair investigation”, Family business Review, vol. 21, n. 4, pp. 315-329.
ALZONA G., IACOBUCCI D. (2005), “Introduzione: Le “medie imprese” tra controllo familiare e network globali”, L’Industria, n. 2, pp. 201-218.
ANDERSON R., REEB D. (2003), “Founding-family ownership and firm performance: evidence from the S&P 500”, Journal of Finance, vol. 58, n. 3, pp. 1301-1327.
ANDRES C. (2008), “Large shareholders and firm performance: An empirical examination of founding-family ownership”, Journal of Corporate Finance, vol. 14, n. 4, pp. 431-445.
BARONTINI R., CAPRIO L. (2006), “L’effetto del controllo familiare sulla performance delle imprese: una sintesi dell’evidenza empirica internazionale”, Economia e Politica Industriale, n. 2, pp. 43-60.
BENNEDSEN M., NIELSEN K., PÉREZ-GONZÁLEZ F., WOLFENZON D. (2007), “The role of families in succession decisions and performance”, Quarterly Journal of Economics, vol. 122, n. 2, pp. 647-691.
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CABIDDU C., PETTINAO D. (2009), “Il ruolo delle relazioni territoriali per la competitività delle imprese familiari. Il caso dell’hotel “Su Gologone””, Economia e diritto del terziario, n. 1, pp. 115-131.
CAPALDO A., DELLA PIANA B., MONTELEONE M., SERGI B. (2012), Cross-Cultural Management: A Mosaic of Words and Concepts, Mc Grawhill, Milano.
CARNEY M., VAN ESSEN M., GEDAJLOVIC E.R., HEUGENS P.P.R.A.M. (2013), “What Do We Know About Private Family firms? A Meta-Analytical Review”, Entrepreneurship Theory and Practice, DOI: 10.1111/etap.12054.
CHRISMAN J.J., CHUA J. H., STEIER L. (2005), “Sources and consequences of distinctive familiness: An introduction”, Entrepreneurship, Theory and Practice, vol. 29, n. 5, pp. 555-575.
CHRISMAN J.J., STEIER L.P., CHUA J.H. (2008), “Toward a Theoretical Basis for Understanding the Dynamics of Strategic Performance in Family firms”, Entrepreneurship Theory and Practice, vol. 25, n. 2, pp. 59-65.
CHU W. (2011), “Family ownership and firm performance: Influence of family management, family control, and firm size”, Asia Pacific Journal of Management, vol. 28, n. 4, pp. 833-851.
COOPER H.M., HEDGES L.V. (Eds.) (1994), The handbook of research synthesis, Russell-Sage, New York.
COOPER H.M., HEDGES L.V., VALENTINE J.C. (a cura di) (2009), The handbook of research synthesis and meta-analysis, 2nd edition, Russell-Sage, New York.
CORBETTA G., MINICHILLI A., QUARATO F. (2012), “Crisi finanziaria e cessione del controllo nelle aziende familiari milanesi: percezione e realtà, in AA.VV., Milano Produttiva 2012, Bruno Mondadori, Milano, pp. 103-113.
DAVID R.J., HAN S. (2004), “A systematic assessment of the empirical support for transaction cost economics”, Strategic Management Journal, vol. 25, n. 1, pp. 39-58.
DEMSETZ H., LEHN K. (1985), “The structure of corporate ownership: causes and consequences”, Journal of Political Economy, vol. 93, n. 6, pp. 1155-1177.
DERFUSS K. (2009), “The Relationship of Budgetary Partecipation and Reliance on Accounting Performance Measures with Individual - Level Consequent Variables: A Meta-Analysis”, European Accounting Review, vol. 18, n. 2, pp. 203-239.
ESCRIBA´-ESTEVE A., SANCHEZ-PEINADO L., SANCHEZ-PEINADO E. (2009), “The influence of top management teams in the strategic orientation and performance of small and medium-sized enterprises”, British Journal of Management, vol. 20, n.4, pp. 581-597.
FAMA E., JENSEN M. (1983), “Separation of ownership and control”, Journal of Law and Economics, vol. 26, n. 2, pp. 301-325.
FIELD (2003), “The problems in using fixed-effects models of meta-analysis on real-world data”, Understanding Statistics, vol. 2, n. 2, pp. 105-124.
GALLUCCI C., D’AMATO A. (2013), “Exploring nonlinear effects of family power on performance of Italian wine businesses”, International Journal of Wine Business Research, vol. 25, pp. 185-202.
GALLUCCI C., METALLO G. (2013), “Un’analisi del “family effect” attraverso la reputazione della famiglia imprenditoriale: asset o liability?”, Sinergie, n. 91, pp. 211-236.
GALLUCCI C., NAVE G. (2011), “Family vs. non-family: un’analisi sulle performance nel wine business”, Esperienze d’Impresa, n. 2, pp. 49-67.
GOMEZ-MEJIA L.R., HAYNES K.T., NUNEZ-NICKEL M., JACOBSON K.J.L., MOYANO-FUENTES J. (2007), “Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills”, Administrative Science Quarterly, vol. 52, n. 1, pp. 106-137.
HABBERSHON T., WILLIAMS M.L., MCMILLAN I. (2003), “A unified Systems Perspective of Family firm Performance”, Journal of Business Venturing, vol. 18, n. 4, pp. 451-465.
HABBERSHON T.G., WILLIAMS M.L. (1999), “A resource-based framework for assessing the strategic advantages of family firms”, Family business Review, vol. 12 n. 1, pp. 1-25.
HATCH N.W., DYER J.H. (2004), “Human capital and learning as a source of sustainable competitive advantage”, Strategic Management Journal, vol. 25, n. 12, pp. 1155-1178.
HEDGES L.V., VEVEA J.L. (1998), “Fixed- and random-effects models in meta-analysis”, Psych methods, vol. 6, n. 3, pp. 203-217.
HIGGINS J.P.T., THOMPSON S.G. (2002), “How should meta-regression analyses be undertaken and interpreted?”, Statistics in Medicine, vol. 21, n. 11, pp. 1559-1573.
HUNTER F.L., SCHMIDT G.E. (1990), Methods of Meta-Analysis: Correcting Error and Bias in Research Findings, SAGE Publications, Newbury Park, California, London, New Delhi.
HUNTER F.L., SCHMIDT G.E. (1996), “Measurement error in psychological research: Lessons from 26 research scenarios“, Psychological Methods, vol. 1, n. 2, pp. 199.
HUNTER F.L., SCHMIDT G.E. (2004), Methods of meta-analysis: Correcting error and bias in research findings, SAGE, Thousand Oaks.
JENSEN M., MECKLING, W. (1976), “Theory of the firm: Managerial behaviour, agency costs and ownership structure”, Journal of Financial Economics, vol. 3, n. 4, pp. 305-360.
JIANG Y., PENG M.K.W. (2011), “Are family ownership and control in large firms good, bad, or irrelevant?”, Asia Pacific Journal of Management, vol. 28, n. 1, pp. 15-39.
KIM Y., GAO F.Y. (2013), “Does family involvement increase business performance? Family-longevity goals’ moderating role in Chinese family firms”, Journal of Business Research, vol. 66, n. 2, pp. 265-274.
KLEIN S., ASTRACHAN J., SMYRNIOS K. (2005), “The F-PEC scale of family influence: construction, validation, and further implication for theory”, Entrepreneurship Theory and Practice, vol. 29, n. 3, pp. 321-339.
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.
LEE M. (2006), “Family firm performance: Further evidence”, Family business Review, vol. 19, n. 2, pp. 103-114.
LUBATKIN M., SCHULZE W., LING Y. DINO, R. (2005), “The effects of parental altruism on the governance of family-managed firms”, Journal of Organizational Behavior, vol. 26, n. 3, pp. 313-330.
MARIANI G., BERNINI F., COLI A. (2014), “Family involvement in Italian listed companies: the relationship between performance, default risk and acquisition strategies”, Sinergie, n. 95, pp. 23-44.
MARTÍNEZ J.I., STOHR B., QUIROGA B. (2007), “Family ownership and firm performance: Evidence from public companies in Chile”, Family business Review, vol. 20, n. 2, pp. 83-94.
MAURY B. (2006), “Family ownership and firm performance: 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 Family 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. 31-49.
MCDANIEL M.A., ROTHSTEIN H.R., WHETZEL D.L. (2006), “Publication bias: a case study of four test vendors”, Personnel Psychology, vol. 59, n. 4, pp. 927-953.
METALLO G., GALLUCCI C. (2013), “Un’analisi del family effect attraverso la reputazione della famiglia imprenditoriale: asset o liability?”, Sinergie, n. 91, pp. 211-236.
MILTON L.P. (2008), “Unleashing the relationship power of family firms: identity confirmation as a catalyst for performance”, Entrepreneurship Theory and Practice, vol. 32, n. 6, pp. 1063-1081.
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2016-04-28
