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The Role Of Family Governance Beyond Financial Ratios: An Integrated Perspective On Family Firms’ Survival

Author

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  • CARMEN GALLUCCI

    (Department of Management and Innovation Systems, University of Salerno, Italy)

  • ROSALIA SANTULLI

    (Department of Management and Innovation Systems, University of Salerno, Italy2IPAG Family Business Institute IPAG Business School Paris, France)

  • MICHELE MODINA

    (Department of Economics, University of Molise, Italy)

  • MICHELA DE ROSA

    (Department of Management and Innovation Systems, University of Salerno, Italy)

Abstract

In the years following the economic and financial crisis, Italy, where most firms are family-owned, has seen the demise of more companies than any other country. To avoid a similar disaster in the future, it is important to understand which determinants influence firms’ survival. Stemming from financial and family business literature, this paper investigates the role of financial ratios and family corporate governance in predicting family firms’ survival probability. To obtain empirical evidence, it performs a mediating regression analysis using a sample of 273 Italian family firms. The main findings show that family ownership concentration and the presence of a family CEO increase firms’ survival probability, while a high number of family members involved in the firm and the co-presence of more generations hinder it.

Suggested Citation

  • Carmen Gallucci & Rosalia Santulli & Michele Modina & Michela De Rosa, 2020. "The Role Of Family Governance Beyond Financial Ratios: An Integrated Perspective On Family Firms’ Survival," Journal of Financial Management, Markets and Institutions (JFMMI), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 1-27, December.
    • Handle: RePEc:wsi:jfmmix:v:08:y:2020:i:02:n:s2282717x20500061
    DOI: 10.1142/S2282717X20500061
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    Cited by:

    1. Maquieira, Carlos P. & Arias, José T. & Espinosa-Méndez, Christian, 2024. "The impact of ESG on the default risk of family firms: International evidence," Research in International Business and Finance, Elsevier, vol. 67(PA).
    2. Yanan Li, 2022. "The Influence of Family Governance on the Value of Chinese Family Businesses: Signal Transmission Effect of Financial Performance," Economies, MDPI, vol. 10(3), pages 1-22, March.
    3. Aponte López, Andrés Camilo, 2024. "Governance bodies in the family business: a bibliometric study," Revista Tendencias, Universidad de Narino, vol. 25(2), pages 219-246, July.

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