Controllo familiare, struttura finanziaria e crescita delle imprese
AbstractOpinions in economic theory about the role of family firms are divergent. Trust among family members may mitigate agency pro-blems within the firm, but limit its growth due to the lack of both financial and managerial resources. In order to identify the existence of differences between family and other privately owned industrial firms, we rely on a survey car-ried out in 2002 by the Bank of Italy. No differences in profitabi-lity are detected. However, family firms show a lesser leverage and a slower growth. As their owners are concerned with maintaining control, they are forced to give up some investment opportunities.
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Bibliographic InfoArticle provided by SIPI Spa in its journal Rivista di Politica Economica.
Volume (Year): 94 (2004)
Issue (Month): 5 (September-October)
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Find related papers by JEL classification:
- D1 - Microeconomics - - Household Behavior
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
- M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
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- Cucculelli, Marco & Micucci, Giacinto, 2008.
"Family succession and firm performance: Evidence from Italian family firms,"
Journal of Corporate Finance,
Elsevier, vol. 14(1), pages 17-31, February.
- Marco Cucculelli & Giacinto Micucci, 2008. "Family Succession and Firm Performance: Evidence from Italian Family Firms," Temi di discussione (Economic working papers) 680, Bank of Italy, Economic Research and International Relations Area.
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