Pietro Gottardo
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The impact of socioemotional wealth on family firms' financial performance
Pietro Gottardo , Anna Maria MoiselloProblems and Perspectives in Management Volume 13, 2015 Issue #1 pp. 67-77
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Family firms, risk-taking and financial distress
Pietro Gottardo , Anna Maria Moisello doi: http://dx.doi.org/10.21511/ppm.15(2-1).2017.01Problems and Perspectives in Management Volume 15, 2017 Issue #2 (cont. 1) pp. 168-177
Views: 1300 Downloads: 548 TO CITE АНОТАЦІЯThe authors investigate the question of whet her qualitative characteristics are likely to explain the survival of family firms in case of financial distress and whether these variables improve the explanatory power of quantitative variables in clarifying the different probability of distress between family and non-family firms. They focus their attention on the impact of the controlling owner and, using the Socioemotional Wealth theory (SEW), study the role of the family involvement in mitigating or accentuating the likelihood of distress. Using a dataset of 1,137 Italian family and non-family firms during 2004–2013, the authors found that family firms are significantly less likely to incur distress than non-family firms. The board dimension and the number of family members on board affect the probability of distress even controlling for some firm risk characteristics such as beta and ROA volatility, and there is also evidence of a gender mitigating effect in case of a female CEO.
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