In this study we examined the relationship between small family firms (SFFs) performance and one much-debated aspect of corporate governance: outside directors. We also consider generational effect. A regression analysis of 950 Italian private SFFs indicates a positive and significant relationship between SFFs performance and outside directors. Specifically, our findings indicate that: 1) inside directors (founder and/or heirs) have a positive effect on firm performance only in the first generation; 2) outside directors has a positive effect on SFFs performance; 3) this effect is positive and significant in every generation.
Gordini, N. (2012). Small family firm performance and governance structure: the impact of outside directors on italian small family firms. Intervento presentato a: European Academy of Management (EURAM) Conference. Social Innovation for competitiveness, organizational performance and human excellence, Rotterdam.
Small family firm performance and governance structure: the impact of outside directors on italian small family firms
GORDINI, NICCOLO'
2012
Abstract
In this study we examined the relationship between small family firms (SFFs) performance and one much-debated aspect of corporate governance: outside directors. We also consider generational effect. A regression analysis of 950 Italian private SFFs indicates a positive and significant relationship between SFFs performance and outside directors. Specifically, our findings indicate that: 1) inside directors (founder and/or heirs) have a positive effect on firm performance only in the first generation; 2) outside directors has a positive effect on SFFs performance; 3) this effect is positive and significant in every generation.
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