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Is the Family an “Asset” or “Liability” for Firm Performance? The Moderating Role of Environmental Dynamism

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  • Francesco Chirico
  • Massimo Bau’

Abstract

By integrating the stewardship and agency perspectives, our study extends the understanding of the dynamics that regulate the family as either an asset or liability for the firm. Our results show that the percentage of family members on the top management team (TMT) has an inverted U‐shaped relationship with firm performance. However, when environmental dynamism is low, this curvilinear relationship becomes steeper. When environmental dynamism is high, an increased percentage of family members on the TMT enhances firm performance.

Suggested Citation

  • Francesco Chirico & Massimo Bau’, 2014. "Is the Family an “Asset” or “Liability” for Firm Performance? The Moderating Role of Environmental Dynamism," Journal of Small Business Management, Taylor & Francis Journals, vol. 52(2), pages 210-225, April.
    • Handle: RePEc:taf:ujbmxx:v:52:y:2014:i:2:p:210-225
    DOI: 10.1111/jsbm.12095
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    Cited by:

    1. Kerai, Anita & Kumar, Vikas & Singla, Chitra, 2023. "Impact of TMT structural power asymmetry on family firm internationalization," International Business Review, Elsevier, vol. 32(4).
    2. Feito-Ruiz, Isabel & Menéndez-Requejo, Susana, 2022. "Debt maturity in family firms: Heterogeneity across countries," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    3. Tin Horvatinovic & Mihaela Mikic & Marina Dabić, 2023. "Dissecting entrepreneurial team research: a bibliometric analysis," Review of Managerial Science, Springer, vol. 17(8), pages 2973-3011, November.

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