MANZANO, Italy—The generation of entrepreneurs that built Europe’s modern economy has clung to control. How those baby boomers proceed could affect how it performs for years to come. Business owners become more risk-averse as they age, as compared with younger entrepreneurs, according to researchers at the Bank of Italy. They are likely to shun mergers, outside investors, nonfamily managers and nonbank financing to fund expansion, all things correlated with stronger growth. A wave of restructuring and consolidation brought...

Source: Wall Street Journal December 26, 2019 16:30 UTC