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Are Founder-Led Firms Less Susceptible to Managerial Myopia?

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  • Charlotte L. Schuster
  • Alexander T. Nicolai
  • Jeffrey G. Covin

Abstract

Considerable evidence suggests that CEOs often behave myopically. It is open to debate, however, whether managerial myopia is equally prevalent among founder-led firms. Drawing on agency theory and stewardship theory, we analyze whether founder-led firms are less likely than nonfounder-led firms to cut R&D expenditures in order to meet the short-term earnings goals suggested by these firms’ past performance histories. Our analysis of Standard & Poor’s 1,500 companies from 1992 to 2013 indicates that myopia is an enduring phenomenon and prevalent among very large companies. However, founder-led firms are less likely than nonfounder-led firms to exhibit myopic behavior.

Suggested Citation

  • Charlotte L. Schuster & Alexander T. Nicolai & Jeffrey G. Covin, 2020. "Are Founder-Led Firms Less Susceptible to Managerial Myopia?," Entrepreneurship Theory and Practice, , vol. 44(3), pages 391-421, May.
    • Handle: RePEc:sae:entthe:v:44:y:2020:i:3:p:391-421
    DOI: 10.1177/1042258718806627
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