CORPORATE ENTREPRENEURSHIP IN FAMILY FIRMS: A STEWARDSHIP PERSPECTIVE 

 

It is often questioned whether the family acts as a resource or a constraint to family firms. Family firms are often depicted as having problems with nepotism and hiring family members that lack the appropriate skills or experience, often referred to as ‘adverse selection’ in the agency theory literature. Leaders of family firms are also commonly portrayed as limiting family members’ involvement in decision-making and being reluctant to invest in innovation or entrepreneurship. However, recently there has been research that has taken a very different view of the family; research that considers how family members can act as stewards of their firms, thereby contributing to firm performance.  Read More…