Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economy
Prior literature has provided inconclusive evidence on the effects of family involvement in management (FIM) on family business (FB) performance. However, so far in the literature, there have been very few attempts to investigate FIM and family essence simultaneously as antecedents of FB performance...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
2020-05-01
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| Series: | BAR: Brazilian Administration Review |
| Subjects: | |
| Online Access: | https://bar.anpad.org.br/index.php/bar/article/view/486 |
| _version_ | 1797966925788086272 |
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| author | Daniel Magalhães Mucci Fábio Frezatti Ann Jorissen Diógenes de Souza Bido |
| author_facet | Daniel Magalhães Mucci Fábio Frezatti Ann Jorissen Diógenes de Souza Bido |
| author_sort | Daniel Magalhães Mucci |
| collection | DOAJ |
| description | Prior literature has provided inconclusive evidence on the effects of family involvement in management (FIM) on family business (FB) performance. However, so far in the literature, there have been very few attempts to investigate FIM and family essence simultaneously as antecedents of FB performance. Therefore, we address this gap by studying how a stewardship-oriented culture (being a feature of FB essence) moderates the relationship between FIM and FB performance. We test our hypotheses with the Structural Equation Modeling technique using survey data in combination with archival data on a sample of 69 medium and large private Brazilian FBs. We find that a stewardship-oriented culture makes the relationship between a family CEO and FB performance weaker and observe that a stewardship has no moderating effect on the relationship between FIM and FB performance. These findings contradict prior literature on the beneficial role of stewardship in family-managed FB. Only in case of a nonfamily CEO, a stewardship-oriented culture positively moderates the relationship with FB performance. In addition, our study reveals a U-shaped nonlinear relationship between the level of FIM and FB performance, which is consistent with recent literature on the existence of faultlines derived from heterogeneous TMT and the impact on firm outcome. |
| first_indexed | 2024-04-11T02:23:02Z |
| format | Article |
| id | doaj.art-cd14837d9fb84342a93f33f43070235a |
| institution | Directory Open Access Journal |
| issn | 1807-7692 |
| language | English |
| last_indexed | 2024-04-11T02:23:02Z |
| publishDate | 2020-05-01 |
| publisher | Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD) |
| record_format | Article |
| series | BAR: Brazilian Administration Review |
| spelling | doaj.art-cd14837d9fb84342a93f33f43070235a2023-01-02T23:17:02ZengAssociação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)BAR: Brazilian Administration Review1807-76922020-05-01172e180139e18013910.1590/1807-7692bar2020180139486Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economyDaniel Magalhães Mucci0Fábio Frezatti1Ann Jorissen2Diógenes de Souza Bido3Universidade de São Paulo, BrazilUniversidade de São Paulo, BrazilUniversiteit Antwerpen, BelgiumUniversidade Presbiteriana Mackenzie, BrazilPrior literature has provided inconclusive evidence on the effects of family involvement in management (FIM) on family business (FB) performance. However, so far in the literature, there have been very few attempts to investigate FIM and family essence simultaneously as antecedents of FB performance. Therefore, we address this gap by studying how a stewardship-oriented culture (being a feature of FB essence) moderates the relationship between FIM and FB performance. We test our hypotheses with the Structural Equation Modeling technique using survey data in combination with archival data on a sample of 69 medium and large private Brazilian FBs. We find that a stewardship-oriented culture makes the relationship between a family CEO and FB performance weaker and observe that a stewardship has no moderating effect on the relationship between FIM and FB performance. These findings contradict prior literature on the beneficial role of stewardship in family-managed FB. Only in case of a nonfamily CEO, a stewardship-oriented culture positively moderates the relationship with FB performance. In addition, our study reveals a U-shaped nonlinear relationship between the level of FIM and FB performance, which is consistent with recent literature on the existence of faultlines derived from heterogeneous TMT and the impact on firm outcome.https://bar.anpad.org.br/index.php/bar/article/view/486stewardship theoryperformancefamily firmfamily involvement in managementfamily ceo |
| spellingShingle | Daniel Magalhães Mucci Fábio Frezatti Ann Jorissen Diógenes de Souza Bido Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economy BAR: Brazilian Administration Review stewardship theory performance family firm family involvement in management family ceo |
| title | Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economy |
| title_full | Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economy |
| title_fullStr | Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economy |
| title_full_unstemmed | Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economy |
| title_short | Stewardship-oriented culture and family firm performance: A study on the moderating effects in an emerging economy |
| title_sort | stewardship oriented culture and family firm performance a study on the moderating effects in an emerging economy |
| topic | stewardship theory performance family firm family involvement in management family ceo |
| url | https://bar.anpad.org.br/index.php/bar/article/view/486 |
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