000171073 001__ 171073
000171073 005__ 20260505142650.0
000171073 0247_ $$2doi$$a10.1002/mde.70107
000171073 0248_ $$2sideral$$a149146
000171073 037__ $$aART-2026-149146
000171073 041__ $$aeng
000171073 100__ $$0(orcid)0000-0003-2114-5033$$aOrtiz, Javier$$uUniversidad de Zaragoza
000171073 245__ $$aProfessionalization as a Factor of Heterogeneity in Family and Nonfamily Firms: Effects on Performance
000171073 260__ $$c2026
000171073 5060_ $$aAccess copy available to the general public$$fUnrestricted
000171073 5203_ $$aThis study examines the relationship between firm ownership and organizational performance with a focus on heterogeneity in the professionalization of management. Using a comprehensive panel dataset of Spanish manufacturing firms, the study identifies significant ownership‐ and management model‐related differences in productive efficiency. The results reveal that while family firms are marginally less productive than nonfamily firms, professionalized management substantially enhances their performance, putting it above that of professionally managed nonfamily firms. The results indicate that external management effectively addresses agency problems and mitigates asymmetrical altruism issues in family firms while simultaneously leveraging their inherent strengths, such as concentrated ownership and alignment of interests. As such, the best outcomes are achieved by combining family ownership and professionalized management. This conclusion underscores the importance of accounting for both ownership structure and heterogeneity in management models in the study of firm efficiency. Additionally, these insights have practical economic implications, suggesting that the strategic separation of ownership and management could unlock new avenues to improve organizational performance.
000171073 536__ $$9info:eu-repo/grantAgreement/ES/AEI/PID2020-113338RB-I00$$9info:eu-repo/grantAgreement/ES/DGA/S42-23R-CREVALOR$$9info:eu-repo/grantAgreement/ES/UZ/JIUZ2024-CSJ-03
000171073 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttps://creativecommons.org/licenses/by/4.0/deed.es
000171073 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000171073 700__ $$0(orcid)0000-0001-8054-8997$$aGargallo-Castel, Ana F.$$uUniversidad de Zaragoza
000171073 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas
000171073 773__ $$g(2026), [16 pp.]$$pMDE. Manage. decis. econ. (Print)$$tMDE. Managerial and decision economics$$x0143-6570
000171073 8564_ $$s355557$$uhttps://zaguan.unizar.es/record/171073/files/texto_completo.pdf$$yVersión publicada
000171073 8564_ $$s2393788$$uhttps://zaguan.unizar.es/record/171073/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000171073 909CO $$ooai:zaguan.unizar.es:171073$$particulos$$pdriver
000171073 951__ $$a2026-05-05-13:37:10
000171073 980__ $$aARTICLE