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Does the family status of the CFO matter to enhance family firm performance? Evidence from a sample of small and medium-sized Italian family firms

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  • Niccolò Gordini

Abstract

This paper analyses the effects that the family status (family vs. non-family) of the chief financial officer (CFO) has on small and medium-sized family firms (SMFFs) performance. We analyse these effects also considering the family status of the chief executive officer (CEO) and across generations. Using data from 630 Italian SMFFs during the period 2011-2013, our results show that: 1) a non-family CFO has a positive effect on firm performance; 2) the best performance is achieved when the CEO is a family member and the CFO is not; 3) across generations, a non-family CFO has always a positive effect on firm performance and reduces the agency costs.

Suggested Citation

  • Niccolò Gordini, 2016. "Does the family status of the CFO matter to enhance family firm performance? Evidence from a sample of small and medium-sized Italian family firms," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 28(1), pages 36-57.
    • Handle: RePEc:ids:ijesbu:v:28:y:2016:i:1:p:36-57
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    Cited by:

    1. Martin R.W. Hiebl & Zhen Li, 2020. "Non-family managers in family firms: review, integrative framework and future research agenda," Review of Managerial Science, Springer, vol. 14(4), pages 763-807, August.
    2. Matteo Rossi & Serena Galasso & Arturo Capasso, 2017. "Women Do it Better: An Investigation on the Association between Gender Diversity In Board of Directors and the Financial Performance," International Journal of Economics and Financial Issues, Econjournals, vol. 7(6), pages 41-50.
    3. Dorra Ellouze & Khadija Mnasri, 2019. "Risk-taking behaviour of family firms: evidence from Tunisia," Post-Print hal-02999642, HAL.
    4. Mattias Sandgren & Timur Uman & Mattias Nordqvist, 2023. "Accountants in family firms—a systematic literature review," Small Business Economics, Springer, vol. 61(1), pages 349-388, June.

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