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Owner-Management, Firm Age, and Productivity in Italian Family Firms

Authors

  • Marco Cucculelli,

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    • Marco Cucculelli is Associate Professor at Department of Economics and Social Studies, Università Politecnica delle Marche.
  • Lidia Mannarino,

    Corresponding author
    • Address correspondence to: Lidia Mannarino, Department of Economics, Statistics and Finance, University of Calabria, Arcavacata di Rende (CS) 87036, Italy. E-mail: l.mannarino@unical.it.

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    • Lidia Mannarino is Assistant Professor at Department of Economics, Statistics and Finance, University of Calabria.
  • Valeria Pupo,

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    • Valeria Pupo is Assistant Professor at Department of Economics, Statistics and Finance, University of Calabria.
  • Fernanda Ricotta

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    • Fernanda Ricotta is Assistant Professor at Department of Economics, Statistics and Finance, University of Calabria.

Abstract

Using total factor productivity as a measure of corporate performance, we find that Italian family-run firms are less productive than firms run by outside managers and the result is robust to potential endogeneity of management regime. This difference tends to vanish when the age of the firms is taken into account. Also, when considering family-owned firms only, there is no difference in performance between outside managers and family managers.

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