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Journal of Management and Governance

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27-04-2020

The influence of family-related factors on intellectual capital performance in family businesses

Authors: Gianluca Ginesti, Mario Ossorio

Published in: Journal of Management and Governance | Issue 2/2021

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Abstract

This study explores the impact of family-related factors on intellectual capital (IC) performance. Leveraging hand-collected data from a sample of 85 Italian listed family companies during the period 2015–2017 (255 firm-year observations), we investigate whether three main family-related factors, i.e. family involvement in ownership, family leadership and the generational stage, affect IC performance. Based on the resource-based view and prior literature we assume that all these three family-related factors enhance IC performance. The results confirm our predictions and provide evidence that family firms managed by a family leader and with a higher level of family involvement in ownership exhibit a greater IC performance. Moreover, the later generational stage of the family business is found to be positively related to IC performance. These results enrich the extant literature by introducing two main determinants of IC performance, i.e. family leadership and the generational stage.

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We are aware that the use of market-based measures (e.g. market value/book value or Tobin’s Q) instead of the VAIC may lead to different results.

For the sake of homogeneity, in this latter robustness test we used all the independent variables included in model (12). We report the regression results in the Appendix A not for publication.

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Title: The influence of family-related factors on intellectual capital performance in family businesses
Authors: Gianluca Ginesti
Mario Ossorio
Publication date: 27-04-2020
Publisher: Springer US
Published in: Journal of Management and Governance / Issue 2/2021
Print ISSN: 1385-3457
Electronic ISSN: 1572-963X
DOI: https://doi.org/10.1007/s10997-020-09510-4

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