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Controllo familiare, struttura finanziaria e crescita delle imprese

Author

Listed:
  • Alessandro Fabbrini

    () (Banca d'Italia, Ancona)

  • Giacinto Micucci

    () (Banca d'Italia, Ancona)

Abstract

Opinions 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.

Suggested Citation

  • Alessandro Fabbrini & Giacinto Micucci, 2004. "Controllo familiare, struttura finanziaria e crescita delle imprese," Rivista di Politica Economica, SIPI Spa, vol. 94(5), pages 167-202, September.
  • Handle: RePEc:rpo:ripoec:v:94:y:2004:i:5:p:167-202
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    Cited by:

    1. 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.

    More about this item

    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; Personnel Economics - - Business Administration - - - New Firms; Startups

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