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Self–Serving or Self–Actualizing? Models of Man and Agency Costs in Different Types of Family Firms: A Commentary on “Comparing the Agency Costs of Family and Non–family Firms: Conceptual Issues and Exploratory Evidence”

Self–Serving or Self–Actualizing? Models of Man and Agency Costs in Different Types of Family... 1042-2587 Copyright 2004 by Baylor University Self-Serving or Self- Actualizing? Models of ET P Man and Agency Costs in Different Types of Family Firms: A Commentary on “Comparing the Agency Costs of Family and Non-family Firms: Conceptual Issues and Exploratory Evidence” Guido Corbetta Carlo Salvato In their article “Comparing the agency costs of family and non-family firms: Con- ceptual issues and exploratory evidence,” Chrisman, Chua, & Litz (2004) develop a con- ceptualization and empirical investigation of the effects of agency relationships in family firms. Their main purpose is to understand whether, and to what extent, family firms have higher total agency costs than non-family firms. The authors develop a conceptual frame- work, which is of particular value to researchers of family businesses, outlining four conditions that determine the relative level of agency costs in family and non-family firms. These are (1) asymmetric altruism; (2) separation of ownership and management; (3) conflict of interests between owners and lenders; and (4) conflict of interests between dominant and minority shareholders. Although the framework is not directly tested by the authors, it is, in itself, a valuable addition to the literature and research thrust of the Please send correspondence to: Guido Corbetta at http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Entrepreneurship Theory and Practice SAGE

Self–Serving or Self–Actualizing? Models of Man and Agency Costs in Different Types of Family Firms: A Commentary on “Comparing the Agency Costs of Family and Non–family Firms: Conceptual Issues and Exploratory Evidence”

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References (21)

Publisher
SAGE
Copyright
© 2004 SAGE Publications
ISSN
1042-2587
eISSN
1540-6520
DOI
10.1111/j.1540-6520.2004.00050.x
Publisher site
See Article on Publisher Site

Abstract

1042-2587 Copyright 2004 by Baylor University Self-Serving or Self- Actualizing? Models of ET P Man and Agency Costs in Different Types of Family Firms: A Commentary on “Comparing the Agency Costs of Family and Non-family Firms: Conceptual Issues and Exploratory Evidence” Guido Corbetta Carlo Salvato In their article “Comparing the agency costs of family and non-family firms: Con- ceptual issues and exploratory evidence,” Chrisman, Chua, & Litz (2004) develop a con- ceptualization and empirical investigation of the effects of agency relationships in family firms. Their main purpose is to understand whether, and to what extent, family firms have higher total agency costs than non-family firms. The authors develop a conceptual frame- work, which is of particular value to researchers of family businesses, outlining four conditions that determine the relative level of agency costs in family and non-family firms. These are (1) asymmetric altruism; (2) separation of ownership and management; (3) conflict of interests between owners and lenders; and (4) conflict of interests between dominant and minority shareholders. Although the framework is not directly tested by the authors, it is, in itself, a valuable addition to the literature and research thrust of the Please send correspondence to: Guido Corbetta at

Journal

Entrepreneurship Theory and PracticeSAGE

Published: Jul 1, 2004

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