Understanding the performance consequences of family involvement in the top management team: The role of long-term orientation
研究家族成员参与高管团队如何通过培养长期导向来提升企业绩效，基于代理和管家理论，对201家德国家族企业的分析支持了长期导向的中介作用。
This article examines the relationship between long-term orientation, family involvement 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 involving 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 involvement in the TMT to performance.