Is the Family an “Asset” or “Liability” for Firm Performance? The Moderating Role of Environmental Dynamism
研究家族成员在高管团队中的比例与公司绩效的关系，发现两者呈倒U型，且环境动态性低时曲线更陡，高时比例增加提升绩效。
By integrating the stewardship and agency perspectives, our study extends the understanding of the dynamics that regulate the family as either an asset or liability for the firm. Our results show that the percentage of family members on the top management team (TMT) has an inverted U-shaped relationship with firm performance. However, when environmental dynamism is low this curvilinear relationship becomes steeper. When environmental dynamism is high, an increased percentage of family members on the TMT enhances firm performance.