Is the Family an ‘Asset’ or ‘Liability’ for Firm Performance? The Moderating Role of Environmental Dynamism
Additional information
Authors
Chirico F.,
Bau M.
Type
Journal Article
Year
2014
Language
English
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.
Journal
Journal of Small Business Management
