Abstract
This paper analyses the effects that the family status (family vs. non-family) of the chief financial officer (CFO) has on small and medium-sized family firms (SMFFs) performance. We analyse these effects also considering the family status of the chief executive officer (CEO) and across generations. Using data from 630 Italian SMFFs during the period 2011-2013, our results show that: 1) a non-family CFO has a positive effect on firm performance; 2) the best performance is achieved when the CEO is a family member and the CFO is not; 3) across generations, a non-family CFO has always a positive effect on firm performance and reduces the agency costs.
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