Open Innovation in Family-Owned Firms

This paper investigates the impact of family ownership on firms' adoption of open innovation strategies. Using data from the VIII UniCredit "Survey on small and medium-sized enterprises", we find that family ownership is positively and significantly associated with the adoption of open innovation models by firms. The propensity to engage in open innovation by family firms is particularly pronounced in firms involved in product innovation and in collaborations with suppliers. The paper also delves into the inherent characteristics of family owners, emphasizing that the positive association between family ownership and open innovation is largely driven by their long-term perspective and relational abilities.