Do leaders affect workplace transparency? We conduct an experiment to study how leaders affect the way in which workers report a monetary outcome. We find that workers are more likely to choose transparent reporting – rather than self-reporting – when their leaders voluntarily act in a...

I empirically investigate the effect of social capital on family control in a comprehensive data set from Italy. Exploiting historically-driven variations in social capital provided by the experience of self-government during the Middle Ages, I find that when social capital is weak, family...

We study how family ownership shapes the firms' likelihood of being involved in antitrust indictments. Using data from Italy, we show that family firms are significantly less likely than other firms to commit antitrust violations. To achieve identification, we exploit a law change that made it...

What type of firms are more likely to survive or even thrive in disaster events such as earthquakes, wildfires, and the COVID-19 pandemic? We investigate whether family ownership and industry positioning affect firms’ ability to capture opportunities for business recovery after a natural...

A vast literature in economics has focused on the role of culture in financial development and growth. Here, I review works which have adopted a cultural perspective to the study of family businesses. While family firms are ubiquitous, their prevalence displays wide spatial differences. Also,...

We show that families are an engine of venturing activities: one third of all corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms orchestrate CVC activities differently than non-family firms: they syndicate more often and with more...

The working environment is a key driver of firms’ success. Using unique survey and register data from Denmark, we show that firms led by neighborhood CEOs – defined by physical distance and personal values - exhibit better workplace conditions as perceived both by a regulatory authority and...

We show that families are an engine of venturing activities: one third of all corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms have a distinct venturing style: they syndicate more often, join larger syndicates, and make closer deals...