메뉴 건너뛰기




Volumn 34, Issue 5, 2013, Pages 553-571

Is family leadership always beneficial?

Author keywords

agency theory; CEO performance; family firms; governance; stewardship theory

Indexed keywords

AGENCY THEORY; CEO PERFORMANCE; FAMILY FIRMS; GOVERNANCE; STEWARDSHIP THEORY;

EID: 84875641840     PISSN: 01432095     EISSN: 10970266     Source Type: Journal    
DOI: 10.1002/smj.2024     Document Type: Article
Times cited : (320)

References (79)
  • 1
    • 79958146100 scopus 로고    scopus 로고
    • How do managerial successions shape corporate financing policies in family firms?
    • Amore MD, Minichilli A, Corbetta G,. 2011. How do managerial successions shape corporate financing policies in family firms? Journal of Corporate Finance 17: 1016-1027.
    • (2011) Journal of Corporate Finance , vol.17 , pp. 1016-1027
    • Amore, M.D.1    Minichilli, A.2    Corbetta, G.3
  • 2
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: Evidence from the S&P 500
    • Anderson RC, Reeb DM,. 2003. Founding-family ownership and firm performance: evidence from the S&P 500. Journal of Finance 58 (3): 1301-1327.
    • (2003) Journal of Finance , vol.58 , Issue.3 , pp. 1301-1327
    • Anderson, R.C.1    Reeb, D.M.2
  • 3
    • 50049109957 scopus 로고    scopus 로고
    • Large shareholders and firm performance: An empirical examination of founding-family ownership
    • Andres C,. 2008. Large shareholders and firm performance: an empirical examination of founding-family ownership. Journal of Corporate Finance 14: 431-445.
    • (2008) Journal of Corporate Finance , vol.14 , pp. 431-445
    • Andres, C.1
  • 4
    • 12344274465 scopus 로고    scopus 로고
    • Family ownership and productivity: The role of owner-management
    • Barth E, Gulbrandsen T, Schøne P,. 2005. Family ownership and productivity: the role of owner-management. Journal of Corporate Finance 11: 107-127.
    • (2005) Journal of Corporate Finance , vol.11 , pp. 107-127
    • Barth, E.1    Gulbrandsen, T.2    Schøne, P.3
  • 7
    • 84865961884 scopus 로고    scopus 로고
    • Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research
    • Berrone P, Cruz C, Gomez-Mejia LR,. 2012. Socioemotional wealth in family firms: theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review 25 (3): 258-279.
    • (2012) Family Business Review , vol.25 , Issue.3 , pp. 258-279
    • Berrone, P.1    Cruz, C.2    Gomez-Mejia, L.R.3
  • 9
    • 37249060605 scopus 로고    scopus 로고
    • Measuring and explaining management practices across firms and countries
    • Bloom N, Van Reenen J,. 2007. Measuring and explaining management practices across firms and countries. Quarterly Journal of Economics 122 (4): 1351-1408.
    • (2007) Quarterly Journal of Economics , vol.122 , Issue.4 , pp. 1351-1408
    • Bloom, N.1    Van Reenen, J.2
  • 10
    • 34249029695 scopus 로고    scopus 로고
    • Political risk, institutions and foreign direct investment
    • Busse M, Hefeker C,. 2007. Political risk, institutions and foreign direct investment. European Journal of Political Economy 27 (2): 397-415.
    • (2007) European Journal of Political Economy , vol.27 , Issue.2 , pp. 397-415
    • Busse, M.1    Hefeker, C.2
  • 11
    • 0035633723 scopus 로고    scopus 로고
    • So close and yet so far: Promotion versus exit for CEO heirs apparent
    • Cannella AA Jr, Shen W,. 2001. So close and yet so far: promotion versus exit for CEO heirs apparent. Academy of Management Journal 44 (2): 252-270.
    • (2001) Academy of Management Journal , vol.44 , Issue.2 , pp. 252-270
    • Cannella, Jr.A.A.1    Shen, W.2
  • 12
    • 0001503722 scopus 로고
    • The missing role of context in OB: The need for a meso-level approach
    • In, Cummings L.L. Staw B.M. (eds.). JAI Press: Greenwich, CT.
    • Cappelli P, Sherer PD,. 1991. The missing role of context in OB: the need for a meso-level approach. In Research in Organizational Behavior (Volume 13), Cummings LL, Staw BM, (eds.). JAI Press: Greenwich, CT; 55-110.
    • (1991) Research in Organizational Behavior (Volume 13) , pp. 55-110
    • Cappelli, P.1    Sherer, P.D.2
  • 13
    • 0036502103 scopus 로고    scopus 로고
    • The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance
    • Carpenter M,. 2002. The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance. Strategic Management Journal 23 (3): 275-284.
    • (2002) Strategic Management Journal , vol.23 , Issue.3 , pp. 275-284
    • Carpenter, M.1
  • 14
    • 27844544646 scopus 로고    scopus 로고
    • Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence
    • Chrisman JJ, Chua JH, Litz RA,. 2004. Comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice 28 (4): 335-354.
    • (2004) Entrepreneurship Theory and Practice , vol.28 , Issue.4 , pp. 335-354
    • Chrisman, J.J.1    Chua, J.H.2    Litz, R.A.3
  • 15
    • 0000200532 scopus 로고    scopus 로고
    • Disentangling the incentive and entrenchment effects of large shareholdings
    • Claessens S, Djankov S, Fan J, Lang HP,. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57: 2741-2771.
    • (2002) Journal of Finance , vol.57 , pp. 2741-2771
    • Claessens, S.1    Djankov, S.2    Fan, J.3    Lang, H.P.4
  • 16
    • 27844586778 scopus 로고    scopus 로고
    • Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: A commentary on 'comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence.'
    • Corbetta G, Salvato C,. 2004. Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: a commentary on 'comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence.' Entrepreneurship Theory and Practice 28 (4): 355-362.
    • (2004) Entrepreneurship Theory and Practice , vol.28 , Issue.4 , pp. 355-362
    • Corbetta, G.1    Salvato, C.2
  • 18
    • 77149122439 scopus 로고    scopus 로고
    • Perceptions of benevolence and the design of agency contracts
    • Cruz C, Gomez-Mejia L, Becerra M,. 2010. Perceptions of benevolence and the design of agency contracts. Academy of Management Journal 53 (1): 69-89.
    • (2010) Academy of Management Journal , vol.53 , Issue.1 , pp. 69-89
    • Cruz, C.1    Gomez-Mejia, L.2    Becerra, M.3
  • 19
    • 40649111839 scopus 로고    scopus 로고
    • Family succession and firm performance: Evidence from Italian family firms
    • Cucculelli M, Micucci G,. 2008. Family succession and firm performance: evidence from Italian family firms. Journal of Corporate Finance 14 (1): 17-31.
    • (2008) Journal of Corporate Finance , vol.14 , Issue.1 , pp. 17-31
    • Cucculelli, M.1    Micucci, G.2
  • 20
    • 77952118625 scopus 로고    scopus 로고
    • How do CEO emotions matter? Impact of CEO affective traits on strategic and performance conformity in the Spanish banking industry
    • Delgado-García JB, De La Fuente-Sabaté JM,. 2010. How do CEO emotions matter? Impact of CEO affective traits on strategic and performance conformity in the Spanish banking industry. Strategic Management Journal 31 (5): 562-574.
    • (2010) Strategic Management Journal , vol.31 , Issue.5 , pp. 562-574
    • Delgado-García, J.B.1    De La Fuente-Sabaté, J.M.2
  • 23
    • 0031283716 scopus 로고    scopus 로고
    • The external ties of top executives: Implications for strategic choice and performance
    • Geletkanycz MA, Hambrick DC,. 1997. The external ties of top executives: implications for strategic choice and performance. Administrative Science Quarterly 42: 654-681.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 654-681
    • Geletkanycz, M.A.1    Hambrick, D.C.2
  • 28
    • 0004296209 scopus 로고    scopus 로고
    • Prentice Hall: Upper Saddle River, NJ.
    • Greene WH,. 2003. Econometric Analysis. Prentice Hall: Upper Saddle River, NJ.
    • (2003) Econometric Analysis
    • Greene, W.H.1
  • 29
    • 0042517597 scopus 로고    scopus 로고
    • A resource-based framework for assessing the strategic advantages of family firms
    • Habbershon TG, Williams M,. 1999. A resource-based framework for assessing the strategic advantages of family firms. Family Business Review 12 (1): 1-25.
    • (1999) Family Business Review , vol.12 , Issue.1 , pp. 1-25
    • Habbershon, T.G.1    Williams, M.2
  • 30
    • 39449129823 scopus 로고    scopus 로고
    • Professional management in family business
    • Hall A, Nordqvist M,. 2008. Professional management in family business. Family Business Review 21 (1): 51-69.
    • (2008) Family Business Review , vol.21 , Issue.1 , pp. 51-69
    • Hall, A.1    Nordqvist, M.2
  • 31
    • 34247471196 scopus 로고    scopus 로고
    • Upper echelons theory: An update
    • Hambrick DC,. 2007. Upper echelons theory: an update. Academy of Management Review 32 (2): 334-343.
    • (2007) Academy of Management Review , vol.32 , Issue.2 , pp. 334-343
    • Hambrick, D.C.1
  • 32
    • 0000194533 scopus 로고
    • Upper echelons: The organization as a reflection of its top managers
    • Hambrick DC, Mason PA,. 1984. Upper echelons: the organization as a reflection of its top managers. Academy of Management Review 9 (2): 193-206.
    • (1984) Academy of Management Review , vol.9 , Issue.2 , pp. 193-206
    • Hambrick, D.C.1    Mason, P.A.2
  • 33
    • 33646237573 scopus 로고    scopus 로고
    • How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance
    • Henderson AD, Miller D, Hambrick DC,. 2006. How quickly do CEOs become obsolete? Industry dynamism, CEO tenure, and company performance. Strategic Management Journal 27 (5): 447-460.
    • (2006) Strategic Management Journal , vol.27 , Issue.5 , pp. 447-460
    • Henderson, A.D.1    Miller, D.2    Hambrick, D.C.3
  • 34
    • 0000165393 scopus 로고
    • The role of majority shareholders in publicly held corporations
    • Holderness C, Sheehan D,. 1988. The role of majority shareholders in publicly held corporations. Journal of Financial Economics 20: 317-346.
    • (1988) Journal of Financial Economics , vol.20 , pp. 317-346
    • Holderness, C.1    Sheehan, D.2
  • 36
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen MC, Meckling WH,. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 37
    • 33646423850 scopus 로고    scopus 로고
    • The essential impact of context on organizational behavior
    • Johns G,. 2006. The essential impact of context on organizational behavior. Academy of Management Review 31 (2): 386-408.
    • (2006) Academy of Management Review , vol.31 , Issue.2 , pp. 386-408
    • Johns, G.1
  • 39
    • 21344490202 scopus 로고
    • Organizational configurations and performance: A comparison of theoretical approaches
    • Ketchen DJ Jr, Thomas JB, Snow CC,. 1993. Organizational configurations and performance: a comparison of theoretical approaches. Academy of Management Journal 36 (6): 1278-1313.
    • (1993) Academy of Management Journal , vol.36 , Issue.6 , pp. 1278-1313
    • Ketchen, Jr.D.J.1    Thomas, J.B.2    Snow, C.C.3
  • 42
    • 77649241790 scopus 로고    scopus 로고
    • Influence of family involvement in management and ownership on firm performance
    • Kowalewski O, Talavera O, Stetsyuk I,. 2010. Influence of family involvement in management and ownership on firm performance. Family Business Review 23 (1): 45-59.
    • (2010) Family Business Review , vol.23 , Issue.1 , pp. 45-59
    • Kowalewski, O.1    Talavera, O.2    Stetsyuk, I.3
  • 44
    • 0037526627 scopus 로고    scopus 로고
    • Harvard Business School Press: Boston, MA.
    • Lansberg I,. 1999. Succeeding Generations. Harvard Business School Press: Boston, MA.
    • (1999) Succeeding Generations
    • Lansberg, I.1
  • 45
    • 70649115417 scopus 로고    scopus 로고
    • Agency vs. stewardship in public family firms: A social embeddedness reconciliation
    • Le Breton-Miller I, Miller D,. 2009. Agency vs. stewardship in public family firms: a social embeddedness reconciliation. Entrepreneurship Theory and Practice 33: 1169-1191.
    • (2009) Entrepreneurship Theory and Practice , vol.33 , pp. 1169-1191
    • Le Breton-Miller, I.1    Miller, D.2
  • 46
    • 79959255378 scopus 로고    scopus 로고
    • A social embeddedness reconciliation of agency and stewardship views of family business
    • Le Breton-Miller I, Miller D, Lester R,. 2011. A social embeddedness reconciliation of agency and stewardship views of family business. Organization Science 22: 704-721.
    • (2011) Organization Science , vol.22 , pp. 704-721
    • Le Breton-Miller, I.1    Miller, D.2    Lester, R.3
  • 47
    • 33745018116 scopus 로고    scopus 로고
    • Family firm performance: Further evidence
    • Lee J,. 2006. Family firm performance: further evidence. Family Business Review 19 (2): 103-114.
    • (2006) Family Business Review , vol.19 , Issue.2 , pp. 103-114
    • Lee, J.1
  • 50
    • 31144442665 scopus 로고    scopus 로고
    • Family ownership and firm performance
    • Maury B,. 2006. Family ownership and firm performance. Journal of Corporate Finance 12 (2): 321-341.
    • (2006) Journal of Corporate Finance , vol.12 , Issue.2 , pp. 321-341
    • Maury, B.1
  • 55
    • 33644817790 scopus 로고    scopus 로고
    • Family governance and firm performance: Agency, stewardship, and capabilities
    • Miller D, Le Breton-Miller I,. 2006. Family governance and firm performance: agency, stewardship, and capabilities. Family Business Review 19 (1): 73-86.
    • (2006) Family Business Review , vol.19 , Issue.1 , pp. 73-86
    • Miller, D.1    Le Breton-Miller, I.2
  • 56
    • 84873324787 scopus 로고    scopus 로고
    • Family firm governance, strategic conformity and performance: Institutional vs. strategic perspectives
    • Advance Online Publication. DOI: 10.1287/orsc.1110.0728.
    • Miller D, Le Breton-Miller I, Lester RH,. 2012. Family firm governance, strategic conformity and performance: Institutional vs. strategic perspectives. Organization Science. Advance Online Publication. DOI: 10.1287/orsc.1110.0728.
    • (2012) Organization Science
    • Miller, D.1    Le Breton-Miller, I.2    Lester, R.H.3
  • 58
    • 38149049077 scopus 로고    scopus 로고
    • Stewardship vs. stagnation: An empirical comparison of small family and non-family businesses
    • Miller D, Le Breton-Miller I, Scholnick B,. 2008. Stewardship vs. stagnation: an empirical comparison of small family and non-family businesses. Journal of Management Studies 45 (1): 50-78.
    • (2008) Journal of Management Studies , vol.45 , Issue.1 , pp. 50-78
    • Miller, D.1    Le Breton-Miller, I.2    Scholnick, B.3
  • 59
    • 67650917071 scopus 로고    scopus 로고
    • Filling the institutional void: The social behavior and performance of family vs non-family technology firms in emerging markets
    • Miller D, Lee J, Chang S, Le Breton-Miller I,. 2009. Filling the institutional void: the social behavior and performance of family vs non-family technology firms in emerging markets. Journal of International Business Studies 40: 802-817.
    • (2009) Journal of International Business Studies , vol.40 , pp. 802-817
    • Miller, D.1    Lee, J.2    Chang, S.3    Le Breton-Miller, I.4
  • 60
    • 74549217185 scopus 로고    scopus 로고
    • Top management teams in family-controlled companies: 'familiness,' 'faultiness,' and their impact on financial performance
    • Minichilli A, Corbetta G, MacMillan IC,. 2010. Top management teams in family-controlled companies: 'familiness,' 'faultiness,' and their impact on financial performance. Journal of Management Studies 47 (2): 205-222.
    • (2010) Journal of Management Studies , vol.47 , Issue.2 , pp. 205-222
    • Minichilli, A.1    Corbetta, G.2    MacMillan, I.C.3
  • 62
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R, Shleifer A, Vishny RW,. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20: 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 63
    • 27744576401 scopus 로고    scopus 로고
    • Corporate governance, economic entrenchment, and growth
    • Morck R, Wolfenzon D, Yeung B,. 2005. Corporate governance, economic entrenchment, and growth. Journal of Economic Literature 43 (3): 655-720.
    • (2005) Journal of Economic Literature , vol.43 , Issue.3 , pp. 655-720
    • Morck, R.1    Wolfenzon, D.2    Yeung, B.3
  • 64
    • 8144220003 scopus 로고    scopus 로고
    • Agency problems in large family business groups
    • Morck R, Yeung B,. 2003. Agency problems in large family business groups. Entrepreneurship Theory and Practice 27 (4): 367-382.
    • (2003) Entrepreneurship Theory and Practice , vol.27 , Issue.4 , pp. 367-382
    • Morck, R.1    Yeung, B.2
  • 65
    • 84888629505 scopus 로고
    • Political dynamics and the circulation of power: CEO succession in U.S. industrial corporations, 1960-1990
    • Ocasio W,. 1994. Political dynamics and the circulation of power: CEO succession in U.S. industrial corporations, 1960-1990. Administrative Science Quarterly 39 (2): 285-312.
    • (1994) Administrative Science Quarterly , vol.39 , Issue.2 , pp. 285-312
    • Ocasio, W.1
  • 66
    • 84858629854 scopus 로고    scopus 로고
    • Faster route to the CEO suite: Nepotism or managerial proficiency?
    • Salvato C, Minichilli A, Piccarreta R,. 2012. Faster route to the CEO suite: nepotism or managerial proficiency? Family Business Review 25 (2): 206-224.
    • (2012) Family Business Review , vol.25 , Issue.2 , pp. 206-224
    • Salvato, C.1    Minichilli, A.2    Piccarreta, R.3
  • 68
    • 0038809082 scopus 로고    scopus 로고
    • Exploring the agency consequences of ownership dispersion among the directors of private family firms
    • Schulze WS, Lubatkin MH, Dino RN,. 2003a. Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal 46 (2): 179-194.
    • (2003) Academy of Management Journal , vol.46 , Issue.2 , pp. 179-194
    • Schulze, W.S.1    Lubatkin, M.H.2    Dino, R.N.3
  • 71
    • 69249156887 scopus 로고    scopus 로고
    • Family involvement in ownership and management: Exploring nonlinear effects on performance
    • Sciascia S, Mazzola P,. 2008. Family involvement in ownership and management: exploring nonlinear effects on performance. Family Business Review 21 (4): 331-345.
    • (2008) Family Business Review , vol.21 , Issue.4 , pp. 331-345
    • Sciascia, S.1    Mazzola, P.2
  • 72
    • 56049104953 scopus 로고    scopus 로고
    • Research on organizational configurations: Past accomplishments and future challenges
    • Short JC, Payne TG, Ketchen DJ Jr,. 2008. Research on organizational configurations: past accomplishments and future challenges. Journal of Management 34 (6): 1053-1079.
    • (2008) Journal of Management , vol.34 , Issue.6 , pp. 1053-1079
    • Short, J.C.1    Payne, T.G.2    Ketchen, Jr.D.J.3
  • 73
    • 0345025014 scopus 로고    scopus 로고
    • Managing resources: Linking unique resources, management, and wealth creation in family firms
    • Sirmon D, Hitt M,. 2003. Managing resources: linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice 27: 339-358.
    • (2003) Entrepreneurship Theory and Practice , vol.27 , pp. 339-358
    • Sirmon, D.1    Hitt, M.2
  • 74
    • 34948902677 scopus 로고    scopus 로고
    • Performance and behavior of family firms: Evidence from the French stock market
    • Sraer D, Thesmar D,. 2007. Performance and behavior of family firms: evidence from the French stock market. Journal of the European Economic Association 5: 709-751.
    • (2007) Journal of the European Economic Association , vol.5 , pp. 709-751
    • Sraer, D.1    Thesmar, D.2
  • 75
    • 77957012143 scopus 로고    scopus 로고
    • Pre- and post-succession governance philosophies in entrepreneurial family firms
    • Steier L, Miller D,. 2010. Pre- and post-succession governance philosophies in entrepreneurial family firms. Journal of Family Business Strategy 1 (3): 145-154.
    • (2010) Journal of Family Business Strategy , vol.1 , Issue.3 , pp. 145-154
    • Steier, L.1    Miller, D.2
  • 77
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control and management affect firm value?
    • Villalonga B, Amit R,. 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics 80 (2): 385-417.
    • (2006) Journal of Financial Economics , vol.80 , Issue.2 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 79
    • 0003071670 scopus 로고    scopus 로고
    • Family firm research: The need for a methodological rethink
    • Westhead P, Cowling M,. 1998. Family firm research: the need for a methodological rethink. Entrepreneurship Theory and Practice 23 (1): 31-56.
    • (1998) Entrepreneurship Theory and Practice , vol.23 , Issue.1 , pp. 31-56
    • Westhead, P.1    Cowling, M.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.