In the years following the economic and financial crisis, Italy, where most firms are family-owned, has seen the demise of more companies than any other country. To avoid a similar disaster in the future, it is important to understand which determinants influence firms’ survival. Stemming from financial and family business literature, this paper investigates the role of financial ratios and family corporate governance in predicting family firms’ survival probability. To obtain empirical evidence, it performs a mediating regression analysis using a sample of 273 Italian family firms. The main findings show that family ownership concentration and the presence of a family CEO increase firms’ survival probability, while a high number of family members involved in the firm and the co-presence of more generations hinder it.

Keywords:

JEL: G30, G32, G33

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Vol. 08, No. 02

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Received 15 December 2019

Accepted 22 July 2020

Published: 12 November 2020

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This is an Open Access article published by World Scientific Publishing Company. It is distributed under the terms of the Creative Commons Attribution 4.0 (CC BY) License which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

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THE ROLE OF FAMILY GOVERNANCE BEYOND FINANCIAL RATIOS: AN INTEGRATED PERSPECTIVE ON FAMILY FIRMS’ SURVIVAL

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