Tesi etd-05152025-191046
Link copiato negli appunti
Tipo di tesi
Corso Ordinario Secondo Livello
Autore
FAIETA, FRANCESCO
URN
etd-05152025-191046
Titolo
Family Matters
Struttura
Classe Scienze Sociali
Corso di studi
SCIENZE ECONOMICHE E MANAGERIALI - SCIENZE ECONOMICHE E MANAGERIALI
Relatori
tutor Prof. FAGIOLO, GIORGIO
relatore Prof.ssa FERRETTI, PAOLA
relatore Prof.ssa BERNINI, FRANCESCA
relatore Prof.ssa FERRETTI, PAOLA
relatore Prof.ssa BERNINI, FRANCESCA
Parole chiave
- Listed Italian Family Firms
- Propensity Score Matching
Data inizio appello
13/06/2025;
Disponibilità
parziale
Riassunto analitico
Family-owned firms play an important role in the Italian economy, and their performance and strategies are the subject of a vivid scholar discussion. This thesis investigates if and how the family ownership influences ESG performance and cost of capital of Italian
listed firms. The research is based on a dataset of Italian enterprises from 2017 to 2022 and employs an empirical methodology in two stages: first, Propensity Score Matching (PSM) to build a similar sample of family and non-family businesses, followed by OLS regressions on the samples created. In addition, an OLS model is calculated on the entire sample as a reference.
The findings demonstrate substantial variations in ESG indicators between family and non-family firms over the entire sample; however, these differences tend to narrow and lose statistical significance when similar companies are compared. During the study period, family-owned firms did not outperform non-family-owned enterprises in terms of ESG performance; in fact, they had somewhat lower average ESG ratings, particularly in the social and governance aspects. Similarly, there is no lower cost of capital for family firms; the WACC is comparable to, if not somewhat greater than, non-family competitors. This research demonstrates that, after controlling for size, sector, and profitability,
family ownership does not guarantee a better position in ESG practices or a lower cost of financing.
listed firms. The research is based on a dataset of Italian enterprises from 2017 to 2022 and employs an empirical methodology in two stages: first, Propensity Score Matching (PSM) to build a similar sample of family and non-family businesses, followed by OLS regressions on the samples created. In addition, an OLS model is calculated on the entire sample as a reference.
The findings demonstrate substantial variations in ESG indicators between family and non-family firms over the entire sample; however, these differences tend to narrow and lose statistical significance when similar companies are compared. During the study period, family-owned firms did not outperform non-family-owned enterprises in terms of ESG performance; in fact, they had somewhat lower average ESG ratings, particularly in the social and governance aspects. Similarly, there is no lower cost of capital for family firms; the WACC is comparable to, if not somewhat greater than, non-family competitors. This research demonstrates that, after controlling for size, sector, and profitability,
family ownership does not guarantee a better position in ESG practices or a lower cost of financing.
File
| Nome file | Dimensione |
|---|---|
Ci sono 1 file riservati su richiesta dell'autore. |
|