Family involvement in governance and firm performance in industrial districts. The moderating role of the industry’s technological paradigm

Figures & data

Table 1. Descriptives and correlations (N = 55,489)

		Mean	SD	1	2	3	4	5	6	7	8	9
1	Performance (ind. adj. ROS)	0.30	5.6	1.00
2	Size (N of employees)	99.8	88.6	0.04	1.00
3	Age	25.4	22.7	0.06	0.11	1.00
4	Debt/Equity Ratio	1.75	2.9	−0.01	−0.01	−0.01	1.00
5	Industrial District	0.07	-	0.00	0.03	0.05	0.00	1.00
6	High and Medium-High Tech	0.16	-	0.01	0.11	0.05	−0.01	−0.03	1.00
7	Family Directors	2.86	1.45	0.03	0.04	0.13	−0.02	0.06	0.00	1.00
8	First Generation	0.39	-	0.01	−0.09	−0.34	0.01	−0.02	−0.02	0.00	1.00
9	Family CEO	0.83	-	0.03	−0.03	0.14	0.00	0.06	−0.04	0.32	0.16	1.00

Correlations higher than 0.01 and lower than −0.01 are significant at the 0.05 level

Table 2. Difference in the District effects between manufacturing family and non-family firms (1); among family firms with different degrees of family embeddedness (2); among family firms with different degrees of family embeddedness in different conditions of industry’s technological intensity (3)

	(1) Direct effects and controls	(2) Family firms’ family involvement in governance (family embeddedness)	(3) Family embeddedness and technology intensity
Firm Size	0.20*** (0.04)	0.20*** (0.04)	0.27*** (0.08)
Firm Age	0.27*** (0.05)	0.27*** (0.05)	0.31*** (0.09)
Debt/Equity Ratio	−0.00 (0.00)	−0.02*** (0.00)	−0.02*** (0.00)
Industrial District	−0.29 (0.23)	0.45 (0.36)	0.05 (0.38)
Medium high and high technology	0.21 (0.16)	0.21 (0.17)	1.31*** (0.30)
Number of family directors	0.09*** (0.02)	0.12*** (0.03)	0.09**1 (0.03)
First Generation Family Firm	0.18 (0.08)	0.18** (0.08)	0.18** (0.09)
Family CEO	0.00 (0.00)	−0.00 (0.00)	−0.00 (0.00)
Industrial District × Number of Family Directors		−0.25*** (0.09)	−0.14 (0.09)
Industrial District × Medium High and High Technology			4.72*** (1.34)
Number of Family Directors × Medium High and High Technology			0.10 0.08
Industrial District × Number of Family Directors × Medium High and High Technology			−1.29*** (0.35)
Constant	−1.72*** (0.26)	−1.77*** (0.26)	−1.72*** (0.26)
N – obs	55,489	55,489	55,489
Wald chi-square	93.63***	100.40***	115.37***
R-square (between)	0.01	0.01	0.01
Random Effects	YES	YES	YES
Average Obs per group	8.6	8.6	8.6
Hausmann test p-values	0.36	0.41	0.43

Standard errors in parentheses. *** p < 0.001, ** p < 0.01, * p < 0.05, † p < 0.1.

Figure 1. Plot of the interaction effect between the localization in an industrial district and the number of family directors

Figure 2. Plot of the interaction effect between the localization in an industrial district, the number of family directors and the companies’ activity in medium-high- or high-technology industry (H/MH tech)