The main goal of this study is to analyse within listed Italian firms the impact of the board composition on performance, comparing this impact between family and non-family firms. This variable has a significant impact on business performance. Indeed, a lot of studies underline the importance of the board composition through the composition-performance relationship, also if this relationship considers only financial indicators to measure the performance. The research method is the analysis of a sample composed by listed Italian family and non-family firms (FTSE MIB and STAR) and the data used were taken from 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 the family involvement has a positive effect of company performance. Further research will have the aim of eliminating the limitations of our study. In particular, we would like to increase the number of companies of 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.

Corporate Governance in Listed Italian Family Firms: Impact on Performance and Comparison with Non-Family Firms

MAZZOLENI, Alberto
2012-01-01

Abstract

The main goal of this study is to analyse within listed Italian firms the impact of the board composition on performance, comparing this impact between family and non-family firms. This variable has a significant impact on business performance. Indeed, a lot of studies underline the importance of the board composition through the composition-performance relationship, also if this relationship considers only financial indicators to measure the performance. The research method is the analysis of a sample composed by listed Italian family and non-family firms (FTSE MIB and STAR) and the data used were taken from 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 the family involvement has a positive effect of company performance. Further research will have the aim of eliminating the limitations of our study. In particular, we would like to increase the number of companies of 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.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11379/163135
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