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Variants of agency contracts in family-financed ventures as a continuum of familial altruistic and market rationalities

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  • Steier, Lloyd
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    Bibliographic Info

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

    Volume (Year): 18 (2003)
    Issue (Month): 5 (September)
    Pages: 597-618

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    Handle: RePEc:eee:jbvent:v:18:y:2003:i:5:p:597-618

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

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Romano, Claudio A. & Tanewski, George A. & Smyrnios, Kosmas X., 2001. "Capital structure decision making: A model for family business," Journal of Business Venturing, Elsevier, vol. 16(3), pages 285-310, May.
    2. 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.
    3. Macmillan, Ian C. & Siegel, Robin & Narasimha, P. N. Subba, 1985. "Criteria used by venture capitalists to evaluate new venture proposals," Journal of Business Venturing, Elsevier, vol. 1(1), pages 119-128.
    4. Lloyd Steier, 1998. "Confounding Market and Hierarchy in Venture Capital Governance: The Canadian Immigrant Investor Program," Journal of Management Studies, Wiley Blackwell, vol. 35(4), pages 511-535, 07.
    5. Fiet, James O., 1995. "Reliance upon informants in the venture capital industry," Journal of Business Venturing, Elsevier, vol. 10(3), pages 195-223, May.
    6. Fama, Eugene F & Jensen, Michael C, 1983. "Agency Problems and Residual Claims," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 327-49, June.
    7. 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.
    8. Pollak, Robert A, 1985. "A Transaction Cost Approach to Families and Households," Journal of Economic Literature, American Economic Association, vol. 23(2), pages 581-608, June.
    9. Herbert A. Simon, 1992. "Altruism and Economics," Eastern Economic Journal, Eastern Economic Association, vol. 18(1), pages 73-83, Winter.
    10. Zacharakis, Andrew L. & Shepherd, Dean A., 2001. "The nature of information and overconfidence on venture capitalists' decision making," Journal of Business Venturing, Elsevier, vol. 16(4), pages 311-332, July.
    11. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
    12. Shepherd, Dean A. & Zacharakis, Andrew, 2002. "Venture capitalists' expertise: A call for research into decision aids and cognitive feedback," Journal of Business Venturing, Elsevier, vol. 17(1), pages 1-20, January.
    13. Gary S. Becker, 1981. "A Treatise on the Family," NBER Books, National Bureau of Economic Research, Inc, number beck81-1.
    14. Tyzoon T. Tyebjee & Albert V. Bruno, 1984. "A Model of Venture Capitalist Investment Activity," Management Science, INFORMS, vol. 30(9), pages 1051-1066, September.
    15. Macmillan, Ian C. & Zemann, Lauriann & Subbanarasimha, P. N., 1987. "Criteria distinguishing successful from unsuccessful ventures in the venture screening process," Journal of Business Venturing, Elsevier, vol. 2(2), pages 123-137.
    16. Barnet-Verzat, Christine & Wolff, Francois-Charles, 2002. "Motives for pocket money allowance and family incentives," Journal of Economic Psychology, Elsevier, vol. 23(3), pages 339-366, June.
    17. Mason, Colin M. & Harrison, Richard T., 2002. "Is it worth it? The rates of return from informal venture capital investments," Journal of Business Venturing, Elsevier, vol. 17(3), pages 211-236, May.
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    Cited by:
    1. Zhou, H. & Uhlaner, L.M., 2009. "Knowledge Management in the SME and its Relationship to Strategy, Family Orientation and Organization Learning," ERIM Report Series Research in Management ERS-2009-026-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni.
    2. Chrisman, James J. & Chua, Jess H. & Steier, Lloyd P. & Wright, Mike & McKee, D’Lisa N., 2012. "An agency theoretic analysis of value creation through management buy-outs of family firms," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 197-206.
    3. 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.
    4. Pittino, Daniel & Visintin, Francesca, 2011. "The propensity toward inter-organizational cooperation in small- and medium-sized family businesses," Journal of Family Business Strategy, Elsevier, vol. 2(2), pages 57-68, June.
    5. Lindow, Corinna M. & Stubner, Stephan & Wulf, Torsten, 2010. "Strategic fit within family firms: The role of family influence and the effect on performance," Journal of Family Business Strategy, Elsevier, vol. 1(3), pages 167-178, September.
    6. Chua, Jess H. & Chrisman, James J. & Kellermanns, Franz & Wu, Zhenyu, 2011. "Family involvement and new venture debt financing," Journal of Business Venturing, Elsevier, vol. 26(4), pages 472-488, July.
    7. Goel, Sanjay & He, Xiaogang & Karri, Ranjan, 2011. "Family involvement in a hierarchical culture: Effect of dispersion of family ownership control and family member tenure on firm performance in Chinese family owned firms," Journal of Family Business Strategy, Elsevier, vol. 2(4), pages 199-206.
    8. Della Piana, Bice & Vecchi, Alessandra & Cacia, Claudia, 2012. "Towards a better understanding of Family Business Groups and their key dimensions," Journal of Family Business Strategy, Elsevier, vol. 3(3), pages 174-192.
    9. Lloyd Steier, 2009. "Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia," Asia Pacific Journal of Management, Springer, vol. 26(3), pages 513-535, September.
    10. Andrea Calabrò & Donata Mussolino, 2013. "How do boards of directors contribute to family SME export intensity? The role of formal and informal governance mechanisms," Journal of Management and Governance, Springer, vol. 17(2), pages 363-403, May.
    11. Rantanen, Noora & Jussila, Iiro, 2011. "F-CPO: A collective psychological ownership approach to capturing realized family influence on business," Journal of Family Business Strategy, Elsevier, vol. 2(3), pages 139-150.
    12. Steier, Lloyd P. & Miller, Danny, 2010. "Pre- and post-succession governance philosophies in entrepreneurial family firms," Journal of Family Business Strategy, Elsevier, vol. 1(3), pages 145-154, September.
    13. M. Scholes & Mike Wright & Paul Westhead & Andrew Burrows & Hans Bruining, 2007. "Information Sharing, Price Negotiation and Management Buy-outs of Private Family-owned Firms," Small Business Economics, Springer, vol. 29(3), pages 329-349, October.
    14. Franz Kellermanns & Kimberly Eddleston & Ravi Sarathy & Fran Murphy, 2012. "Innovativeness in family firms: a family influence perspective," Small Business Economics, Springer, vol. 38(1), pages 85-101, January.
    15. San Martin-Reyna, J.M. & Duran-Encalada, Jorge A., 2012. "The relationship among family business, corporate governance and firm performance: Evidence from the Mexican stock exchange," Journal of Family Business Strategy, Elsevier, vol. 3(2), pages 106-117.
    16. Zellweger, Thomas M. & Eddleston, Kimberly A. & Kellermanns, Franz W., 2010. "Exploring the concept of familiness: Introducing family firm identity," Journal of Family Business Strategy, Elsevier, vol. 1(1), pages 54-63, March.
    17. Chen, Yao-Tung, 2011. "A study on the role of guanxi in entrepreneurship and employment," Economic Modelling, Elsevier, vol. 28(4), pages 2049-2053, July.
    18. 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.
    19. Khanin, Dmitry, 2013. "How to reduce turnover intentions in the family business: Managing centripetal and centrifugal forces," Business Horizons, Elsevier, vol. 56(1), pages 63-73.

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