PhD Seminar Series: Family Imprinting

Family Imprinting

Speaker: Valentino D'Angelo (Bocconi University)

Abstract: How does family ownership influence firm performance? While prior literature has extensively examined mature family firms, less is known about when “familiness” begins to shape performance trajectories. Do the distinctive features of family firms—such as aligned ownership and control, long-term orientation, and the pursuit of socioemotional wealth (SEW)—affect outcomes from the moment of founding, or do their effects emerge gradually over time? To address this gap, we investigate the timing and evolution of performance differentials between family and non-family firms from inception. We consider whether early-stage differences arise due to pre-existing socioemotional ties and psychological ownership, or whether they accumulate through sustained family involvement. Empirically, we construct a novel longitudinal dataset covering a full cohort of Italian firms founded in the same year and tracked over nearly two decades. The dataset provides detailed information on financial performance, ownership structures, survival, and exit outcomes. Leveraging matching techniques, we compare comparable family and non-family firms at founding, while also accounting for heterogeneity in family involvement through proxies for SEW, including eponymy.