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Are family managers agents or stewards? An exploratory study in privately held family firms

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  • Chrisman, James J.
  • Chua, Jess H.
  • Kellermanns, Franz W.
  • Chang, Erick P.C.
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    File URL: http://www.sciencedirect.com/science/article/B6V7S-4NFXGB2-1/2/fc880821575d6da1b6aacb661d990b9a
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Research.

    Volume (Year): 60 (2007)
    Issue (Month): 10 (October)
    Pages: 1030-1038

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    Handle: RePEc:eee:jbrese:v:60:y:2007:i:10:p:1030-1038

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    Web page: http://www.elsevier.com/locate/jbusres

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    References

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    1. Ishiguro, S. & Itoh, H., 1998. "Moral Hazard and Renegotiation with Multiple Agents," ISER Discussion Paper 0471, Institute of Social and Economic Research, Osaka University.
    2. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
    3. Demski, Joel S. & Sappington, David, 1984. "Optimal incentive contracts with multiple agents," Journal of Economic Theory, Elsevier, vol. 33(1), pages 152-171, June.
    4. Milgrom, Paul & Roberts, John, 1990. "The Economics of Modern Manufacturing: Technology, Strategy, and Organization," American Economic Review, American Economic Association, vol. 80(3), pages 511-28, June.
    5. Cadenillas, Abel & Cvitanic, Jaksa & Zapatero, Fernando, 2004. "Leverage decision and manager compensation with choice of effort and volatility," Journal of Financial Economics, Elsevier, vol. 73(1), pages 71-92, July.
    6. Lubatkin, Michael H. & Durand, Rodolphe & Ling, Yan, 2007. "The missing lens in family firm governance theory: A self-other typology of parental altruism," Journal of Business Research, Elsevier, vol. 60(10), pages 1022-1029, October.
    7. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    8. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    9. Henry L. Tosi & Amy L. Brownlee & Paula Silva & Jeffrey P. Katz, 2003. "An Empirical Exploration of Decision-making Under Agency Controls and Stewardship Structure," Journal of Management Studies, Wiley Blackwell, vol. 40(8), pages 2053-2071, December.
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    Cited by:
    1. Dehlen, Tobias & Zellweger, Thomas & Kammerlander, Nadine & Halter, Frank, 2014. "The role of information asymmetry in the choice of entrepreneurial exit routes," Journal of Business Venturing, Elsevier, vol. 29(2), pages 193-209.
    2. Ferrari, Filippo, 2013. "'The employees are all equal... but some are more equals than others'. Altruism, opportunism and discrimination in family SMEs," MPRA Paper 52391, University Library of Munich, Germany.
    3. Block, Joern H., 2012. "R&D investments in family and founder firms: An agency perspective," Journal of Business Venturing, Elsevier, vol. 27(2), pages 248-265.
    4. Memili, Esra & Chrisman, James J. & Chua, Jess H. & Chang, Erick P.C. & Kellermanns, Franz W., 2011. "The determinants of family firms' subcontracting: A transaction cost perspective," Journal of Family Business Strategy, Elsevier, vol. 2(1), pages 26-33, March.
    5. Hiebl, Martin R.W., 2013. "Bean counter or strategist? Differences in the role of the CFO in family and non-family businesses," Journal of Family Business Strategy, Elsevier, vol. 4(2), pages 147-161.
    6. Dawson, Alexandra, 2012. "Human capital in family businesses: Focusing on the individual level," Journal of Family Business Strategy, Elsevier, vol. 3(1), pages 3-11.
    7. Memili, Esra & Eddleston, Kimberly A. & Kellermanns, Franz W. & Zellweger, Thomas M. & Barnett, Tim, 2010. "The critical path to family firm success through entrepreneurial risk taking and image," Journal of Family Business Strategy, Elsevier, vol. 1(4), pages 200-209, December.
    8. Dawson, Alexandra, 2011. "Private equity investment decisions in family firms: The role of human resources and agency costs," Journal of Business Venturing, Elsevier, vol. 26(2), pages 189-199, March.
    9. Alessandra Tognazzo & Federica Destro & Paolo Gubitta, 2012. "Patenting in family firms," "Marco Fanno" Working Papers 0155, Dipartimento di Scienze Economiche "Marco Fanno".
    10. Segaro, Ethiopia L. & Larimo, Jorma & Jones, Marian V., 2014. "Internationalisation of family small and medium sized enterprises: The role of stewardship orientation, family commitment culture and top management team," International Business Review, Elsevier, vol. 23(2), pages 381-395.
    11. Kim, Y. & Gao, F.Y., 2013. "Does family involvement increase business performance? Family-longevity goals’ moderating role in Chinese family firms," Journal of Business Research, Elsevier, vol. 66(2), pages 265-274.
    12. Basco, Rodrigo, 2013. "The family's effect on family firm performance: A model testing the demographic and essence approaches," Journal of Family Business Strategy, Elsevier, vol. 4(1), pages 42-66.
    13. Goel, Sanjay & Mazzola, Pietro & Phan, Phillip H. & Pieper, Torsten M. & Zachary, Ramona K., 2012. "Strategy, ownership, governance, and socio-psychological perspectives on family businesses from around the world," Journal of Family Business Strategy, Elsevier, vol. 3(2), pages 54-65.
    14. Zellweger, Thomas M. & Kellermanns, Franz W. & Eddleston, Kimberly A. & Memili, Esra, 2012. "Building a family firm image: How family firms capitalize on their family ties," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 239-250.
    15. Guidice, Rebecca M. & Mero, Neal P. & Greene, Juanne V., 2013. "Perceptions of accountability in family business: Using accountability theory to understand differences between family and nonfamily executives," Journal of Family Business Strategy, Elsevier, vol. 4(4), pages 233-244.
    16. Pieper, Torsten M., 2010. "Non solus: Toward a psychology of family business," Journal of Family Business Strategy, Elsevier, vol. 1(1), pages 26-39, March.
    17. Kuan, Tsung-Han & Li, Chu-Shiu & Chu, Shin-Herng, 2011. "Cash holdings and corporate governance in family-controlled firms," Journal of Business Research, Elsevier, vol. 64(7), pages 757-764, July.
    18. Simon, Alexandra & Marquès, Pilar & Bikfalvi, Andrea & Dolors Muñoz, M., 2012. "Exploring value differences across family firms: The influence of choosing and managing complexity," Journal of Family Business Strategy, Elsevier, vol. 3(3), pages 132-146.
    19. Wright, Mike & Kellermanns, Franz W., 2011. "Family firms: A research agenda and publication guide," Journal of Family Business Strategy, Elsevier, vol. 2(4), pages 187-198.
    20. Almudena Martinez-Campillo & Roberto Fernandez-Gago, 2008. "The Diversification-Performance relationship in Spanish Firms: Does The CEO/S Behaviour Style matter?," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 57-70.

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