Benevolence Based Trust And Agency Relations Among Upper Echelons Of Family-Owned Firms
We investigate how the family status of owners, CEO, and top management team (TMT) determine CEOÂ´s perceptions regarding the benevolence of his/her TMT and how in turn these perceptions of benevolence-based trust influence the nature of TMT control and incentive mechanisms. Using a sample of 122 Spanish firms, we find that CEOsÂ´ assessment of TMT benevolence in family firms is more positive when (a) the CEO is a family member and the family is in a stronger ownership position; (b) there is greater similarity in family status between CEO and top managers and (c) environmental turbulence is low.
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