When does family involvement produce superior performance in Family business?

Results on a new study from University of Valencia show three combinations that lead to high performance: 1. A large-enough Family business with a family CEO and a board with significant presence of non-family directors 2. A large-enough Family business in its first generation, without family governance structures and run by non-familial top managerial team  3. A large-enough Family business with low ownership concentration and family governance structures.