Entrepreneurial Risk Taking of Private Family Firms: The Influence of a Nonfamily CEO and the Moderating Effect of CEO Tenure

被引：149

作者：

Huybrechts, Jolien ^{[1
,2
]}

Voordeckers, Wim ^{[1
,2
]}

Lybaert, Nadine ^{[1
,3
]}

机构：

[1] Hasselt Univ, Res Ctr Entrepreneurship & Innovat, B-3590 Diepenbeek, Belgium

[2] Hasselt Univ, B-3590 Diepenbeek, Belgium

[3] Hasselt Univ, Fac Business Econ, B-3590 Diepenbeek, Belgium

来源：

FAMILY BUSINESS REVIEW | 2013年 / 26卷 / 02期

关键词：

entrepreneurial risk taking; nonfamily CEO; agency theory; psychological ownership; socioemotional wealth; SOCIOEMOTIONAL WEALTH; PSYCHOLOGICAL OWNERSHIP; INSTRUMENTAL VARIABLES; STRATEGIC MANAGEMENT; EQUITY OWNERSHIP; RETURN PARADOX; AGENCY THEORY; PERFORMANCE; DIVERSIFICATION; COMPENSATION;

D O I：

10.1177/0894486512469252

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article aims to increase our understanding of family firms' entrepreneurial risk-taking behavior by looking at the differences between family and nonfamily firms and by studying variations among family firms. We find empirical support for a positive influence of a nonfamily CEO on the family firm's level of entrepreneurial risk taking during the initial years of his or her CEO tenure and a leveling out of entrepreneurial risk taking as the CEO tenure of the nonfamily CEO is extended. We build on the concept of psychological ownership to explain these new findings.

引用

页码：161 / 179

页数：19

共 93 条

[1] Founding family ownership and the agency cost of debt [J].