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Corporate Governance in Listed Italian Family Firms: Impact on Performance and Comparison with Non-Family Firms.
Culasso, Francesca; Broccardo, Laura; Mazzoleni, Alberto; Giacosa, Elisa
The main goal of this study is to analyse the impact of board composition on performance within listed Italian firms, comparing this impact between family and non-family firms. This variable has a significant impact on business performance. Indeed, many studies underline the importance of board composition through the composition-performance relationship, and whether this relationship considers financial indicators alone in order to measure performance. The research method is the analysis of a sample composed of listed Italian family and non-family firms (FTSE MIB and STAR) and the data used were taken from the AIDA database and the 'Borsa Italiana' website, which is the Italian website containing the official data of listed companies. Family firms considered for the purposes of this study were chosen following two criteria: first, the family controls a relevant percentage of the ownership and, second, at least one family member has a management role and participates in the board. This study contributes to the literature on family corporate governance and shows that family involvement has a positive effect on company performance. Further research will aim to eliminate the limitations of our study. In particular, we would like to increase the number of companies in the sample, considering all the listed companies on the Italian stock market and the non-listed ones; it could also be interesting to compare Italian listed companies with non-Italian ones.
Journal of Management & Change, 2012, Vol 29, Issue 1, p67
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