The Relationship among Family Business, Corporate Governance, and Firm Performance: An Empirical Assessment in the Tourism Sector

Rossella Leopizzi, Simone Pizzi and Fabrizio D'Addario
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Rossella Leopizzi: Dipartimento Jonico in Sistemi giuridici ed economici del Mediterraneo: società, ambiente, culture, Università di Bari, 70121 Bari, Italy
Simone Pizzi: Dipartimento di Scienze dell’Economia, Università del Salento, 73100 Lecce, Italy
Fabrizio D'Addario: Dipartimento di Scienze dell’Economia, Università del Salento, 73100 Lecce, Italy

Administrative Sciences, 2021, vol. 11, issue 1, 1-12

Abstract: Tourism has been the subject of great attention of policy makers. The centrality of the sector derives from multiple factors, including the high number of subjects employed within the supply chain, the contribution to developing nations’ economic growth, and the environmental implications of establishing new productive activities. Under this scenario, family holdings play a central role as the main types of organisations active in the sector. In this sense, an understanding of these companies’ financial performance cannot disregard the understanding of the governance mechanisms that characterize the same given the potential divergence between “family” and “business” objectives. The research aims to encourage the development of new empirical evidence about this business model, providing specific contributions regarding the role of family members in companies’ decision-making mechanisms. For our purposes, an empirical analysis based on the evaluation of 343 Italian hotels was built.

Keywords: family business; agency theory; corporate governance; financial performance (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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