Business · Companies · 8 hrs ago
Bank of Italy study urges outside investors in family firms during succession
Bank of Italy researchers say family firms should consider bringing in outside shareholders when control passes to a new generation.
The study looks at Italian family businesses, which are a defining part of the country’s economy.
These firms are generally smaller and grow less than other businesses, but show greater resilience and relatively high operating margins.
A change in control can give a company a chance to reorganise, the researchers say.
When control stays within the family, the business tends to continue as before; bringing in outside owners, especially other companies, is linked to clearer signs of stronger size and production capacity.
The researchers say policy and market conditions could encourage firms to open ownership, including restoring an inheritance tax; the study does not set out any next steps.
A Bank of Italy study says bringing outside investors into family firms during generational succession could strengthen their size and production.
The researchers describe succession as a crucial moment and a possible opportunity to reorganise a business.
They say family firms are systematically smaller and grow less, although they show greater resilience and relatively high operating margins.
The study says clearer signs of strengthening emerge when control passes to outside parties, particularly non-financial companies.
It says institutional, tax and market conditions could encourage firms to open their ownership structure, including restoring an inheritance tax.
- Who
- Researchers at the Bank of Italy. The study concerns family businesses and potential outside investors.
- What
- The study recommends encouraging outside investors to enter family firms during generational succession.
- When
- The study was published on November 8, 2026. It focuses on the generational succession of family firms.
- Where
- Italy.
- Why
- Outside investors could help family firms strengthen their size and production. The study says firms need supportive institutional, tax and market conditions.
This story does not have two clearly opposing sides.
The researchers reviewed changes in the production system and examined transfers of control in family firms with older shareholders.
ANSA reported on the Bank of Italy study.
- Study
- Bank of Italy
- Publication date
- November 8, 2026
- Potential investors
- Outside shareholders, particularly non-financial companies
- Family firms
- Systematically smaller and grow less
- Possible policy measure
- Restore an inheritance tax
What people are saying
The transfer of control in family firms constitutes a crucial moment in this balance. It represents a window for possible reorganisation of the business.
Family firms are systematically smaller.
They grow less.