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An Organizational Justice-Based View of Self-Control and Agency Costs in Family Firms

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  • Michael H. Lubatkin
  • Yan Ling
  • William S. Schulze
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    Abstract

    By integrating insights from two seemingly disparate literatures - economics and organizational justice - within the general agency framework, we advance propositions that suggest a fine-grained explanation of agency costs at family firms. In so doing, we account for the differential effects of the controlling owners' self-control (i.e. the governance mechanisms they adopt and how they administer those mechanisms) on the justice perceptions of the family and non-family employees. Our integrative view allows us to strike a realistic balance between the overly optimistic views about family firm governance that have been expressed by agency scholars and the overly pessimistic views expressed by management scholars in the past few years. Copyright Blackwell Publishing Ltd 2007.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Management Studies.

    Volume (Year): 44 (2007)
    Issue (Month): 6 (09)
    Pages: 955-971

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    Handle: RePEc:bla:jomstd:v:44:y:2007:i:6:p:955-971

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2380

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    Cited by:
    1. Alessandra Tognazzo & Federica Destro & Paolo Gubitta, 2012. "Patenting in family firms," "Marco Fanno" Working Papers 0155, Dipartimento di Scienze Economiche "Marco Fanno".
    2. Emma Su & Michael Carney, 2013. "Can China’s family firms create intellectual capital?," Asia Pacific Journal of Management, Springer, vol. 30(3), pages 657-675, September.
    3. Webb, Justin W. & Ketchen Jr., David J. & Ireland, R. Duane, 2010. "Strategic entrepreneurship within family-controlled firms: Opportunities and challenges," Journal of Family Business Strategy, Elsevier, vol. 1(2), pages 67-77, June.
    4. Lien, Yung-Chih & Li, Shaomin, 2013. "Does diversification add firm value in emerging economies? Effect of corporate governance," Journal of Business Research, Elsevier, vol. 66(12), pages 2425-2430.
    5. Ling, Yan & Baldridge, David & Craig, Justin B., 2012. "The impact of family structure on issue selling by successor generation members in family firms," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 220-227.
    6. Ducassy, Isabelle & Prevot, Frédéric, 2010. "The effects of family dynamics on diversification strategy: Empirical evidence from French companies," Journal of Family Business Strategy, Elsevier, vol. 1(4), pages 224-235, December.
    7. Collin, Sven-Olof Yrjö & Ahlberg, Jenny, 2012. "Blood in the boardroom: Family relationships influencing the functions of the board," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 207-219.
    8. Lorraine Uhlaner & Mike Wright & Morten Huse, 2007. "Private Firms and Corporate Governance: An Integrated Economic and Management Perspective," Small Business Economics, Springer, vol. 29(3), pages 225-241, October.
    9. Sieger, Philipp & Bernhard, Fabian & Frey, Urs, 2011. "Affective commitment and job satisfaction among non-family employees: Investigating the roles of justice perceptions and psychological ownership," Journal of Family Business Strategy, Elsevier, vol. 2(2), pages 78-89, June.

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