To analyze the impact of management team composition on firm performance, Caselli & Di
Giuli (2010) surveyed small- and medium-sized Italian firms. Other than Gallo & Vilaseca
(1998), who focused on large companies, Caselli & Di Giuli (2010) found a significant
positive correlation between the existence of a non-family CFO and firm performance. This
could indicate that the existence of a non-family CFO only has a positive impact on FB
performance in small and medium-sized companies, and not in large companies. Caselli &
Di Giuli (2010) also found that the executive board composition most likely to foster FB
performance consists of a family CEO and a non-family CFO, thus highlighting the
important relationship between the CFO and a family CEO. Furthermore, according to their
findings, regardless of the FB’s generation, a non-family CFO always has a positive impact
on firm performance.