2.2  Managerial practices and corporate governance  Business and financial literacy may also improve managerial practices that are correlated not only with the firms’ size but also with their corporate governance. SMEs are typically family-owned, both in developing and advanced countries. It is less frequent to find that the CEO and other managerial roles are also covered by family members.
This situation, however, is very common in Italy: among (manufacturing) familyowned firms, two thirds have a management team comprised exclusively of family members, compared with one third in Spain, one fourth in France and Germany and one tenth in the UK.