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Understanding the performance consequences of family involvement in the top management team: the role of long-term orientation

  • This article examines the relationship between long-term orientation, family iolvement in the top management team (TMT), and family firm performance. On the basis of agency and stewardship theory, we propose that the inclusion of family members in the TMT only enhances firm performance if it induces a long-term orientation among management. An empirical analysis iolving 201 privately owned family firms from Germany supports our theory that a long-term orientation helps align family and organizational goals. As such, it represents an important mediator that links family iolvement in the TMT to performance.

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Document Type:Article
Author:Sebastian HoffmannORCiD, Torsten WulfORCiD, Stephan Stubner
Chairs and Professorships:Chair of Strategic Management and Digital Entrepreneurship
Center:Center for Strategy and Scenario Planning (CSSP)
Year of Completion:2016
In: International Small Business Journal, 34 (2016) 3, 345–368