Comparing the Agency Costs of Family and Non–Family Firms: Conceptual Issues and Exploratory Evidence

Entrepreneurship Theory and Practice - Tập 28 Số 4 - Trang 335-354 - 2004
James J. Chrisman1, Jess H. Chua2, Reginald A. Litz3
1Mississippi State University, Haskayne School of Business at the University of Calgary.
2Centre for Family Business Management and Entrepreneurship, Haskayne School of Business at the University of Calgary.
3I.H. Asper School of Business at the University of Manitoba.

Tóm tắt

Family involvement in a business has the potential to both increase and decrease financial performance due to agency costs. In this article we discuss the different nature of agency costs in family firms and specify the combination of conditions necessary to determine the relative levels of agency costs in family and non–family firms through the impacts of agency cost control mechanisms on performance. We also present exploratory results based on a study of 1,141 small privately held U.S. family and non–family firms that suggest the overall agency problem in family firms could be less serious than that in non–family firms.

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Entrepreneurship Theory and Practice

Tập 28 Số 4

335-354

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