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Agency theory and the family business
Department of Strategic Management, University of Innsbruck, Austria.
2015 (English)In: Theoretical perspectives on family businesses / [ed] Mattias Nordqvist, Leif Melin, Matthias Waldkirch and Gershon Kumeto, Cheltenham: Edward Elgar Publishing, 2015, 58-77 p.Chapter in book (Refereed)
Abstract [en]

The conceptual domain of agency theory is one of the dominant organisational theory perspectives applied in current family business research (Chrisman et al., 2010). According to agency theory (Jensen and Meckling, 1976), agency costs generally arise due to individuals’ selfinterest and decision making based on rational thinking and oriented toward own preferences. With more people involved in decision making, such as through the separation of ownership and management, agency costs occur due to different preferences and information asymmetries between the owner (principal) and the employed management (agent) (Jensen and Meckling, 1976). In other words, agents take decisions based on their individual preferences (for example, short term, financial gains) instead of the owners’ preferences (for example, long term, sustainable development).

Place, publisher, year, edition, pages
Cheltenham: Edward Elgar Publishing, 2015. 58-77 p.
Keyword [en]
family business, agency theory, agency costs, altruism, monitoring, heterogeneity, entrepreneurial attitudes
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-34241DOI: 10.4337/9781783479665.00011ISBN: 9781783479658 (print)ISBN: 9781783479665 (print)OAI: oai:DiVA.org:hj-34241DiVA: diva2:1054857
Available from: 2016-12-09 Created: 2016-12-09 Last updated: 2016-12-15Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
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  • asciidoc
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