This study examines the self-control agency problems associated with family ownership in private firms. Theorizing that family owners’ inner conflicts between economic and noneconomic 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.

Conflicting selves: Family owners’ multiple goals and self-control agency problems in private firms, 2016.

Conflicting selves: Family owners’ multiple goals and self-control agency problems in private firms

MAZZOLA, PIETRO ALBERICO C.;SCIASCIA, SALVATORE
2016-01-01

Abstract

This study examines the self-control agency problems associated with family ownership in private firms. Theorizing that family owners’ inner conflicts between economic and noneconomic 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.
Inglese
2016
Wiley-Blackwell
October
28
internazionale
esperti anonimi
con ISI Impact Factor
A stampa
Settore SECS-P/07 - Economia Aziendale
An abridged version of this article appeared in the Best Paper Proceedings of the Academy of Management 2014 Annual Meeting
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10808/18524
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