Open AccessAll in the Family? An Exploratory Study of Family Member Advisors and Firm Performance
Author(s) -
Lucia Naldi,
Francesco Chirico,
Franz W. Kellermanns,
Giovanna Campopiano
Publication year - 2015
Publication title -
family business review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.947
H-Index - 105
eISSN - 1741-6248
pISSN - 0894-4865
DOI - 10.1177/0894486515581951
Subject(s) - stewardship theory , family business , sample (material) , exploratory research , agency (philosophy) , business , family member , marketing , stewardship (theology) , empirical research , accounting , management , psychology , principal–agent problem , sociology , economics , political science , finance , corporate governance , law , genealogy , politics , chromatography , history , philosophy , epistemology , chemistry , social science , anthropology
This exploratory study investigates the relationship between family members serving in an advising capacity and family firm performance. Integrating the stewardship and agency perspectives, we predict an inverted U-shaped relationship between the number of family advisors and family firm performance. We argue that the generation in control moderates this relationship such that family member advisors have a positive relationship with performance in first-generation family firms and an inverted U-shaped relationship with performance in later-generation family firms. Our empirical analysis on a sample of 128 Swedish family firms confirms our hypotheses. In the concluding section, we discuss results, contributions, and future research directions
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