The Impact of Family Involvement on SMEs’ Performance: Theory and Evidence
通过补充行为假设的代理理论，研究了家族涉入的三个维度对中小企业绩效的非线性、直接和交互效应，发现家族所有权与绩效呈倒U型关系，家族成员所有权分散有负面影响，而高管团队中家族与非家族成员的平衡有益于绩效。
By complementing agency theory with behavioral assumptions, we explore the effects of family involvement on small and medium enterprises' (SMEs) performance. We identify three separate dimensions of family involvement and hypothesize nonlinear, direct, and interaction effects on the performance of an SME. The evidence on 787 SMEs suggests that an inverted U-shaped relationship exists between family ownership and performance, and ownership dispersion among family members negatively affects performance. Balancing family and nonfamily members in the top management team (TMT) is found to be beneficial to SMEs' performance, but the family ratio in the TMT becomes crucial only at high levels of family ownership. © 2015 International Council for Small Business.