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The Rise and Fall of Family Firms in the Process of Development

Maria Rosaria Carillo (), Vincenzo Lombardo () and Alberto Zazzaro ()

No 151, Mo.Fi.R. Working Papers from Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences

Abstract: This paper explores the causes and the consequences of the evolution of family firms in the growth process. The theory suggests that in early stages of development, valuable family specific human capital stimulated the productivity of family firms and the development process. However, in light of the rise in the importance of managerial talents for firms' productivity in later stages, family firms generated a misallocation of managerial talents, curbing productivity and economic growth. Evidence supports the dual impact of family firms in the development process and the role of socio-cultural characteristics in observed variations in the productivity of family firms.

Keywords: Family firms; economic development and growth; culture and social structure; allocation of talents; industrialization (search for similar items in EconPapers)
JEL-codes: D2 J62 L26 O14 O33 O4 Z1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fdg, nep-gro, nep-sbm and nep-tid
Date: 2019-01
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Related works:
Journal Article: The rise and fall of family firms in the process of development (2019) Downloads
Working Paper: The Rise and Fall of Family Firms in the Process of Development (2019) Downloads
Working Paper: The Rise and Fall of Family Firms in the Process of Development (2019) Downloads
Working Paper: The Rise and Fall of Family Firms in the Process of Development (2019) Downloads
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