Management Controlling and Governance of Family Businesses: Theoretical Insights and Empirical Evidence from Italy

239 Pages·2020·3.549 MB·English

by  Antonio Leotta

Contributions to Management Science
Antonio Leotta   Editor
Management
Controlling and
Governance
of Family
Businesses
Theoretical Insights and Empirical
Evidence from Italy
Contributions to Management Science
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Antonio Leotta
Editor
Management Controlling
and Governance of Family
Businesses
Theoretical Insights and Empirical Evidence
from Italy
123
Editor
AntonioLeotta
Department ofEconomics andBusiness
University of Catania
Catania, Italy
ISSN 1431-1941 ISSN 2197-716X (electronic)
Contributions toManagement Science
ISBN978-3-030-47740-0 ISBN978-3-030-47741-7 (eBook)
https://doi.org/10.1007/978-3-030-47741-7
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Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Antonio Leotta
Governing Family Business Challenges. Theoretical Insights
An Overview of Family Business. Profiles, Definitions and the Main
Challenges of the Business Life Cycle. . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Antonio Leotta, Carmela Rizza, and Daniela Ruggeri
Professionalization and Managerialization in Family Firms:
A Still Open Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Cristiana Cattaneo and Gaia Bassani
The Survival of Family Businesses: The Challenge of Succession. . . . . . 51
Annalisa Sentuti and Francesca M. Cesaroni
The Growth of Family Businesses: The Path to Internationalization . . . 75
Elena Cristiano
Investment Decisions in Listed Family Firms: Risk Aversion
and Emotional Attachment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Claudia Frisenna and Davide Rizzotti
Governing Family Businesses: A Research Map. . . . . . . . . . . . . . . . . . . 109
Gaia Bassani, Cristiana Cattaneo, Elena Cristiano, and Antonio Leotta
Field and Empirical Evidence on Governing Family Business
Challenges from Italian Family Firms
Learning Financial Language to Face Ongoing Challenges.
The Case of Greenlife. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Antonio Leotta, Carmela Rizza, and Daniela Ruggeri
vii
viii Contents
Professionalization and Managerialization: Original Levers
from Molino Nicoli Spa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
Gaia Bassani, Cristiana Cattaneo, Francesca M. Cesaroni,
and Annalisa Sentuti
Beyond the Founder. Which Conditions Can Favor or Hinder
the Professionalization of Family Firms? . . . . . . . . . . . . . . . . . . . . . . . . 181
Annalisa Sentuti, Francesca M. Cesaroni, Gaia Bassani,
and Cristiana Cattaneo
Internationalisation in Family Businesses. The Case of Mamagra . . . . . 195
Elena Cristiano
Family Ownership and Investment Decisions. An Empirical Analysis
on the Role of Board Monitoring and CEO Emotional Attachment. . . . 213
Claudia Frisenna and Davide Rizzotti
Discussing and Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . 225
Antonio Leotta
Contributors
GaiaBassani DepartmentofManagement,EconomicsandQuantitativeMethods,
University of Bergamo, Bergamo, Italy
Cristiana Cattaneo Department of Management, Economics and Quantitative
Methods, University of Bergamo, Bergamo, Italy
Francesca M. Cesaroni Department of Economics, Society, Politics, University
of Urbino Carlo Bo, Urbino, Italy
Elena Cristiano Department of Business Economics and Law, University of
Calabria, Rende, Italy
ClaudiaFrisenna DepartmentofEconomicsandBusiness,UniversityofCatania,
Catania, Italy
Antonio Leotta Department of Economics and Business, University of Catania,
Catania, Italy
Carmela Rizza Department of Economics and Business, University of Catania,
Catania, Italy
Davide Rizzotti Department of Economics and Business, University of Catania,
Catania, Italy
Daniela Ruggeri Department of Economics and Business, University of Catania,
Catania, Italy
Annalisa Sentuti Department of Economics, Society, Politics, University of
Urbino Carlo Bo, Urbino, Italy
ix
List of Figures
Professionalization and Managerialization in Family Firms:
A Still Open Issue ... .... ..... .... .... .... .... .... ..... .... ..
Fig. 1 Aspects of professionalization: a synthesis.... .... ..... .... .. 34
Fig. 2 Relationship between professionalization and managerialization. .. 43
The Growth of Family Businesses: The Path to Internationalization. ..
Fig. 1 Classification of the modalities of internationalization .... .... .. 86
Governing Family Businesses: A Research Map .... .... ..... .... ..
Fig. 1 Relationships between topics .. .... .... .... .... ..... .... .. 126
Fig. 2 Conceptual framework ... .... .... .... .... .... ..... .... .. 132
Learning Financial Language to Face Ongoing Challenges.
The Case of Greenlife .... ..... .... .... .... .... .... ..... .... ..
Fig. 1 Gantt chart of Greenlife’s development processes... ..... .... .. 155
Professionalization and Managerialization: Original Levers
from Molino Nicoli Spa... ..... .... .... .... .... .... ..... .... ..
Fig. 1 Timeline. .... .... ..... .... .... .... .... .... ..... .... .. 164
Fig. 2 Organizational chart ..... .... .... .... .... .... ..... .... .. 165
Fig. 3 Turnover (KEuro) 2010–2018.. .... .... .... .... ..... .... .. 168
Fig.4 EmergingleversaccordingtotheframeworkpresentedinChapter
“Professionalization and Managerialization in Family Firms:
A Still Open Issue”. ..... .... .... .... .... .... ..... .... .. 176
xi