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AUB Observatory: XIV Edition

SDA Bocconi, Auditorium Grande, via Sarfatti 10, Milano
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XIV AUB Observatory

Presention of the Results of the XIV AUB Observatory Edition

DIVERSITY IN THE GOVERNANCE STRUCTURES OF ITALIAN FAMILY BUSINESSES

The AUB Observatory (AIDAF, UniCredit, Bocconi), also supported by Borsa Italiana, Milan-MonzaBrianza-Lodi Chamber of Commerce, and Angelini Foundation, has as its primary objective that of presenting an accurate analysis of the governance structures in order to investigate the degree of diversity in the governance structures of family businesses.

With reference to the 11,635 family-owned companies with turnover exceeding 20 million euros in the Country (equal to 65.0% of the total 17,901), the XIV edition of the AUB Observatory aims to: 

  • analyze the degree of diversity of governance structures with reference to openness to gender, age, towards non-family members, both in terms of historical evolution and in terms of geographical location in the various areas of the country;
  • make a comparison of the governance structures, also in terms of diversity, of the top 1,000 Italian, German, French and Spanish family groups;
  • monitor the evolution of the economic-financial performance of family businesses up to 2021 (and the first half of 2022 for listed companies), continuing the comparison between the "Covid crisis" and the 2008-09 crisis that began with the XIII edition of the Observatory;
  • carry out a mapping of the ownership structures of companies listed on the European markets controlled by Euronext and the first comparisons on some governance indicators;
  • present an analysis updated to 2021 on the evolution of the governance structures of Italian listed companies;
  • analyze the diffusion of the buy-back tool.

The Observatory represents the most complete and extensive survey available in Italy on family-owned companies which aims to help researchers, entrepreneurs, managers and institutions to understand the unique characteristics and needs of this particular type of company.

The results of the Fourteenth Edition of the AUB Observatory were presented on January 30, 2023 at 5.30 pm at SDA Bocconi. In this edition, the AUB Observatory highlights how Italian family firms are in good health and have made a considerable rebound after the pandemic, growing sharply in turnover, profitability and solidity. The turnover of family firms, in particular, grew in 2021 by more than 20% compared to the previous year, while the ROE (Return On Equity) more than recovered the levels of 2019 reaching 10.5%. It should be emphasized that this recovery has also translated into an increase in employment, which grew by 3.8% compared to that of pre-pandemic (by 2.3% in non-family businesses). Family firms have also achieved capital strength never seen in recent years, with a level of indebtedness (total assets/equity) down 4 times, about a third less than in 2010.

The event consisted of a preview presentation of data from the AUB Observatory by the AIDAF-EY Chair, which was followed by speeches by AIDAF, Milan Stock Exchange and UniCredit, and a round table with some well-known entrepreneurs and members of family firms.

Below the program of the event.