Bound by laws, or by values? A multi-level and cross-national approach to understanding the protection of minority owners in family firms

• Autores: Charles E. Stevens, Roland E. Kidwell, Robert Sprague
• Localización: Corporate Governance: An International Review, ISSN-e 1467-8683, Vol. 23, Nº. 3, 2015, págs. 203-215
• Idioma: inglés
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• Dialnet Métricas: 1 Cita
• Resumen

  • Manuscript Type Conceptual Research Question/Issue How do firm-level attributes and country-level institutions affect cross-national and firm-level differences in how minority owner rights in family firms are protected? Research Insights We consider differences in family dynamics, stewardship-oriented organizational culture, and countries' legal and cultural dimensions to develop theory predicting differences in minority owner protection in family firms. We advance propositions and a model delineating the role of these key firm-level and country-level constructs.

    Theoretical/Academic Implications We contribute to the literature in three ways: (1) We illustrate the importance of family dynamics for predicting the likelihood of a stewardship-oriented culture to emerge in a family firm; (2) our multi-level and cross-national approach extends earlier explanations of agency and stewardship that are centered at the firm, family, and individual levels of analysis; and (3) we consider the impact of cross-cultural dimensions on family firms, an area that has received limited attention in the literature.

    Practitioner/Policy Implications Our research implies that individuals considering becoming a minority owner in a family firm should take into account not only the legal institutions of that country (which might not be as strong as they first seem) but also intra-firm family dynamics and the prevalent norms and values of the firm's national culture to get a more complete picture of the protections available to them.