Owner-Management, Firm Age, and Productivity in Italian Family Firms
研究发现意大利家族经营企业比外部经理管理的企业生产率更低，但这一差异在企业年龄较大时消失；在家族所有企业中，外部经理与家族经理的表现无差别。
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.