All in the Family? An Exploratory Study of Family Member Advisors and Firm Performance

Family Business Review, Forthcoming

35 Pages Posted: 13 Apr 2015

See all articles by Lucia Naldi

Lucia Naldi

Jonkoping University - Jonkoping International Business School (JIBS)

Francesco Chirico

Macquarie University, Macquarie Business School; Jonkoping University - Jonkoping International Business School (JIBS)

Franz Kellermanns

University of Tennessee, Knoxville - Department of Management

Giovanna Campopiano

University of Witten/Herdecke

Date Written: April 9, 2015

Abstract

This exploratory study investigates the relationship between family members serving in an advising capacity and family firm performance. Integrating the stewardship and agency perspectives, we predict an inverted U-shaped relationship between the number of family advisors and family firm performance. We argue that the generation in control moderates this relationship such that family member advisors have a positive relationship with performance in first-generation family firms and an inverted U-shaped relationship with performance in later-generation family firms. Our empirical analysis on a sample of 128 Swedish family firms confirms our hypotheses. In the concluding section, we discuss results, contributions, and future research directions.

Keywords: Family Member Advisors, generation in control, firm performance, family business

Suggested Citation

Naldi, Lucia and Chirico, Francesco and Kellermanns, Franz and Campopiano, Giovanna, All in the Family? An Exploratory Study of Family Member Advisors and Firm Performance (April 9, 2015). Family Business Review, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2592608

Lucia Naldi

Jonkoping University - Jonkoping International Business School (JIBS) ( email )

Jönköping, 55111
Sweden

Francesco Chirico (Contact Author)

Macquarie University, Macquarie Business School ( email )

New South Wales 2109
Australia

Jonkoping University - Jonkoping International Business School (JIBS) ( email )

Jönköping, 55111
Sweden

Franz Kellermanns

University of Tennessee, Knoxville - Department of Management

Knoxville, TN
United States

Giovanna Campopiano

University of Witten/Herdecke ( email )

Alfred-Herrhausen-Straße 50
Witten, 58448
Germany

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