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    Are family firms good employers?

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    Publication type
    FT ranked journal article  
    Author
    Neckebrouck, Jeroen
    Schulze, William
    Zellweyer, Thomas
    Publication Year
    2018
    Journal
    Academy of Management Journal
    Publication Volume
    61
    Publication Issue
    2
    Publication Begin page
    553
    Publication End page
    585
    
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    Abstract
    Family firms employ about 60 percent of the global workforce. While it is widely assumed that they are good employers, data about their conduct is mixed. In this study, we extend stewardship and agency theories to test competing propositions about the impact of family on employment practices using data from 14,961 private Belgian firms over a 19-year period. Higher investments, lower dividend payout, and higher risk tolerance indicate that family firms are better financial stewards of their companies than nonfamily firms. However, family firms are worse organizational stewards than nonfamily firms: They offer lower compensation, invest less in employee training, and exhibit higher voluntary turnover and lower labor productivity. Further, and contrary to earlier research, we find that financial practices in private family firms do not change over time, and that the deleterious influence of family on employment practices rises with both firm age and with heightened family involvement. Together, our findings suggest that a more nuanced understanding of stewardship and agency theory is needed to understand the impact of family on the governance of private firms.
    Keyword
    Family Business, Entrepreneurship
    Knowledge Domain/Industry
    Entrepreneurship
    DOI
    10.5465/amj.2016.0765
    URI
    http://hdl.handle.net/20.500.12127/5789
    ae974a485f413a2113503eed53cd6c53
    10.5465/amj.2016.0765
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