Agency vs. Stewardship in Public Family Firms: A Social Embeddedness Reconciliation

Entrepreneurship Theory and Practice - Tập 33 Số 6 - Trang 1169-1191 - 2009
Isabelle Le Breton–Miller1, Danny Miller2
1School of Business, University of Alberta; OER, Inc. in Montreal, Strategic Management Journal, Journal of International Business Studies, Entrepreneurship Theory and Practice, Journal of Business Venturing, Long Range Planning, Strategic Organization, and other journals. Managing for the Long Run (Harvard Business School Press, 2005) was selected by JPMorgan Chase as one of the 10 “must read” books for 2005, Entrepreneurship Theory and Practice, Family Business Review, and Business Horizons.
2University of Alberta, Management Science, Strategic Management Journal, Academy of Management Journal, Academy of Management Review, Administrative Science Quarterly, and Quarterly Journal of Economics, ASQ, AMJ, SMJ, Journal of Management, Managing for the Long Run (Harvard Business School Press, 2005).

Tóm tắt

Family businesses (FBs) play a key role in the world's economies. Unfortunately, the current literature surfaces disparate understandings and conclusions concerning their conduct and performance. Much of that literature falls under two insightful perspectives, agency theory and stewardship theory, that conflict quite directly. The agency view, based in economics, maintains that families will pursue utility for themselves to the detriment of their public shareholders. By contrast, stewardship proponents, arguing from a psychological perspective, suggest that family owners will invest deeply in their enterprise, to the benefit of all. This study synthesizes the literature on each of these perspectives to derive core motivational assumptions and expected organizational outcomes. Then, by employing a third sociological perspective, it proposes to reconcile these opposing views by considering the social embeddedness of firms and their key actors within the institution of the family for different types of public family enterprises. It will argue that there is a need for such integration in order to better understand and permit accurate, context–based predictions across various kinds of family businesses and family business situations.

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Entrepreneurship Theory and Practice

Tập 33 Số 6

1169-1191

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