Conflicting Selves: Family Owners' Multiple Goals and Self-Control Agency Problems in Private Firms

被引：83

作者：

De Massis, Alfredo ^{[1
,2
,3
]}

Kotlar, Josip ^{[3
,4
]}

Mazzola, Pietro ^{[5
]}

Minola, Tommaso ^{[6
,7
]}

Sciascia, Salvatore ^{[8
]}

机构：

[1] Free Univ Bozen Bolzano, Entrepreneurship & Family Business, Fac Econ & Management, Piazza Univ 1, I-39100 Bozen Bolzano, Italy

[2] Univ Lancaster, Dept Entrepreneurship Strategy & Innovat, Management Sch, Lancaster, England

[3] Univ Lancaster, Ctr Family Business, Management Sch, Lancaster, England

[4] Univ Lancaster, Family Business, Dept Entrepreneurship Strategy & Innovat, Management Sch, Lancaster, England

[5] IULM Univ, Dept Business Econ & Law, Business Adm, Via Carlo Bo 8, I-20143 Milan, Italy

[6] Univ Bergamo, Dept Management Informat & Prod Engn, Viale G Marconi 5, I-24044 Dalmine, BG, Italy

[7] Univ Bergamo, Ctr Young & Family Enterprise, Viale G Marconi 5, I-24044 Dalmine, BG, Italy

[8] IULM Univ, Dept Business Econ & Law, Via Carlo Bo 8, I-20143 Milan, Italy

来源：

ENTREPRENEURSHIP THEORY AND PRACTICE | 2018年 / 42卷 / 03期

关键词：

RESOURCE-BASED VIEW; FREE CASH FLOW; INSTITUTIONAL OWNERSHIP; SOCIOEMOTIONAL WEALTH; CORPORATE GOVERNANCE; DEVELOPMENT INVESTMENTS; COMPETITIVE ADVANTAGE; ORGANIZATIONAL SLACK; EMERGING ECONOMIES; BRAND IDENTITY;

D O I：

10.1111/etap.12257

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines the self-control agency problems associated with family ownership in private firms. Theorizing that family owners' inner conflicts between economic and non-economic goals lead to competing preferences in the allocation of financial resources, we predict that the relationship between financial slack and firm profitability is contingent on factors that increase the potential salience of either economic or noneconomic goals for family owners. Accordingly, our findings suggest that self-control is a separate source of agency costs in private firms and that family ownership is not as crucial as owners' goals in predicting the impact of financial slack on firm profitability.

引用

页码：362 / 389

页数：28

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