{"id":3618,"date":"2023-01-27T17:11:52","date_gmt":"2023-01-27T16:11:52","guid":{"rendered":"https:\/\/bifelab.com\/?post_type=avada_portfolio&p=3618"},"modified":"2023-01-27T17:11:52","modified_gmt":"2023-01-27T16:11:52","slug":"financial-literacy-value-creation-and-firm-performance-an-investigation-of-italian-small-and-medium-enterprises-4","status":"publish","type":"avada_portfolio","link":"https:\/\/bifelab.com\/en\/area-di-ricerca\/financial-literacy-value-creation-and-firm-performance-an-investigation-of-italian-small-and-medium-enterprises-4\/","title":{"rendered":"Financial literacy, value creation and firm performance. An investigation of Italian small and medium enterprises"},"content":{"rendered":"

Abstract.\u00a0<\/strong><\/p>\n

Purpose<\/em>
\nDrawing on upper echelons theory (UET) and arguments from behavioral theory of the firm, this paper aims to contribute to the debate on family involvement-performance relationship, by considering the mediating role of the propensity towards merger and acquisition (M&A) and the moderating role of performance feedback.<\/p>\n

Design\/methodology\/approach<\/em>
\nThe hypotheses are tested by applying a moderated mediation analysis on a sample of 111 German family firms. First, a mediation model is run to verify the mediation role of the propensity towards M&A; then, to evaluate the magnitude of the mediation at different values of the moderator (performance feedback), conditional indirect effects are tested using normal-theory standard errors and bootstrapping procedure.<\/p>\n

Findings<\/em>
\nThe main findings suggest that a higher percentage of family members sitting in TMT is related to better performance and that this effect is mediated by the propensity towards M&A. Furthermore, findings also show that a higher percentage of family managers is positively related to the propensity towards M&A and, in turn, exerts a positive effect of firm performance, especially when performance feedback is negative.<\/p>\n

Practical implications<\/em>
\nThe paper suggests to family firms’ managers that when performance feedback is negative, a riskier behavior, such as M&A, could represent a way to improve firm performance.<\/p>\n

Originality\/value<\/em>
\nThe paper provides a full application of UET to the context of family firms, offers the point of view of TMT, instead of that of ownership, to study the propensity towards M&A in family firms and goes beyond the rational view to explain family managers’ risk-taking behaviors.<\/p>\n

Keywords: <\/strong>TMT composition; Merger and acquisition; Performance; Performance feedback; Family firms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cite: Quintiliani A., Modina M., Arnone M. (forthcoming) \u201cFinancial literacy, value creation and firm performance. An investigation of Italian small and medium enterprises\u201d, International Journal of Entrepreneurship and Small Business, doi: 10.1504\/IJESB.2022.10034839.<\/p>\n","protected":false},"author":8,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"footnotes":""},"portfolio_category":[100],"portfolio_skills":[],"portfolio_tags":[],"yoast_head":"\nFinancial literacy, value creation and firm performance. 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