Innovation and firm performance: influence of ownership and professionalization

Javier Ortiz and Ana Gargallo-Castel

Economics of Innovation and New Technology, 2025, vol. 34, issue 4, 513-535

Abstract: Empirical research has confirmed a mostly positive relationship between innovation and performance, but more work is needed to establish whether this relationship is homogeneous or whether it depends on other variables, such as ownership model (family/non-family) and who manages the company (owner/non-owner). This paper studies differences in the impact of innovation on productivity between family firms, owner-managed or professionalized, and non-family firms, also subdivided, for the first time in the academic literature, between owner-managed and non-owner-managed firms. A multistage model is used, controlling for endogeneity and selection bias issues. The results yielded by a large panel dataset of Spanish manufacturing firms suggest differences in the ability to benefit from innovation. These results confirm that, in non-professionalized firms, family ownership reduces the positive effect of innovation on productivity, while in professionalized firms, there are no significant differences between the family and non-family ownership model.

Date: 2025
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DOI: 10.1080/10438599.2024.2353296

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