firm performance (Dollar, Hallward-Driemeier, and Mengistae, 2005; Lasagni, Nifo and Vecchione, 2015; Aiello, Pupo and …-implications, may not necessarily have positive implications for firm performance (Bhaumik and Dimova 2014). Thus, the proper level of … specification, the 2008-value of TFP depends on key-drivers of firm performance (size, family-management, group membership …