Family control and SMEs characteristics: empirical evidence from the Province of Bergamo

We studied the effects of family control on firm’s characteristics by using a set of data on small and medium enterprises located in the Northern Italian province of Bergamo. We investigated the demographic characteristics, labour distinctiveness, financial structure, and performance of 745 SMEs. Family-controlled firms appeared to be a predominant organizational type in almost all the industries, and a number of remarkable differences were found between family-controlled and non-family firms. Ultimately, family-controlled firms in our sample outperformed their non-family counterparts in terms of return on sales, return on equity, and return on assets.