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Owner‐Management, Firm Age, and Productivity in Italian Family Firms

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Listed:
  • Marco Cucculelli
  • Lidia Mannarino
  • Valeria Pupo
  • Fernanda Ricotta

Abstract

Using total factor productivity as a measure of corporate performance, we find that Italian family‐run firms are less productive than firms run by outside managers and the result is robust to potential endogeneity of management regime. This difference tends to vanish when the age of the firms is taken into account. Also, when considering family‐owned firms only, there is no difference in performance between outside managers and family managers.

Suggested Citation

  • Marco Cucculelli & Lidia Mannarino & Valeria Pupo & Fernanda Ricotta, 2014. "Owner‐Management, Firm Age, and Productivity in Italian Family Firms," Journal of Small Business Management, Taylor & Francis Journals, vol. 52(2), pages 325-343, April.
    • Handle: RePEc:taf:ujbmxx:v:52:y:2014:i:2:p:325-343
    DOI: 10.1111/jsbm.12103
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    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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