Family Management and Historical Origins: The Italian Experience

IF 4.6 3区 管理学 Q1 BUSINESS Corporate Governance-An International Review Pub Date : 2024-05-02 DOI:10.1111/corg.12587
Gabriele Cardullo, Maurizio Conti, Mirella Damiani, Andrea Ricci, Sergio Scicchitano, Giovanni Sulis
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Abstract

Research Question/IssueThe purpose of this paper is to analyze the long‐run determinants of the corporate structure of Italian firms to explain the persistent role of a long‐run tradition of civic capital that has favored interpersonal trust, fostered cooperation outside of the narrow ties of family members and limited the diffusion of family businesses managed predominantly by family members.Research Findings/InsightsWe examined a large sample of Italian listed and not listed firms and identified those that operate in current municipalities that in the past used to be independent communes. Such firms featuring experiences of civic engagement are today less likely to be owned by a family and run by family management.Theoretical/Academic ImplicationsOur findings highlight the role of institutions as drivers of corporate governance and signal that long forgotten institutions, by modifying local social capital, may interact with family social capital and have important persistent effects on current corporate governance arrangements. Therefore, significant elements of path dependency may explain current patterns of unbundling of ownership and management.Practitioner/Policy ImplicationsPersistent corporate governance structures are difficult even for policymakers to modify. Our findings suggest that political measures should favor the accumulation of social capital at the local level when aiming to change ownership and management arrangements and limit the misallocation of resources due to family management.
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家庭管理与历史渊源:意大利的经验
研究问题/议题本文旨在分析意大利企业公司结构的长期决定因素,以解释公民资本的长期传统所发挥的持续作用,这种传统有利于人际信任,促进家族成员狭隘关系之外的合作,并限制了主要由家族成员管理的家族企业的扩散。理论/学术意义我们的研究结果强调了制度作为公司治理驱动力的作用,并表明长期被遗忘的制度通过改变当地社会资本,可能会与家庭社会资本相互作用,并对当前的公司治理安排产生重要的持续影响。因此,路径依赖的重要因素可能解释了当前所有权与管理权松绑的模式。我们的研究结果表明,当政治措施旨在改变所有权和管理权安排并限制家族式管理造成的资源分配不当时,应有利于在地方层面积累社会资本。
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来源期刊
CiteScore
7.00
自引率
11.30%
发文量
79
期刊介绍: The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.
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