According to the European definition (2003/361/EC), Medium-Sized Enterprises (MSEs) are defined as businesses that employ a number of employees between 50 and 249, with an annual turnover lesser than 50mln euro and/or an annual balance sheet total not exceeding 43mln euro. In 2014, the MSEs mainly worked in the manufacturing sector (European Union, 2015, p.19). In EU28 the manufacturing MSEs accounted for 3% of total SMEs, they produced 52% of value added with 43% of employees. In Italy, MSEs represented 2% of SMEs, contributing to the value added for 41% and employing 28% of workers (European Union, 2015, p. 150-152). They are numerically few but they significantly contribute to the national GDP, employment and exports. The definition that employs the quantitative parameters is necessary but not sufficient to effectively identify this specific firm typology (Marchini, 1987; Ciambotti, 1984); it also needs to take into consideration the qualitative elements, relating to the ownership structure, corporate governance, organizational structure and available strategic resources, in order to qualify the MSEs and to explain their performance (Palazzi, 2012). The aim of this study is to verify which variables significantly affect the good performance of Italian manufacturing MSEs, according to the agency theory and the resource-based theory, as complementary theories, consistent with Hirsch et al. (1987) and Eisenhardt (1989). A typology approach is proposed, that distinguishes MSEs in three classes according to the number of workers, and through which it is possible to compare the effect of independent variables on corporate performance, in order to verify if significant differences exist among three typologies. […]
Key-Words: Performance Measurement and Management
