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Family Involvement and Agency Cost Control Mechanisms in Family Small and Medium‐Sized Enterprises

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  • Lucrezia Songini
  • Luca Gnan

Abstract

Family firms may experience different agency conflicts to the classical principal‐agent conflict, which arise depending on the varying extent of family involvement. Agency cost control mechanisms should be introduced to cope with them. The paper focuses on family involvement, in governance () and in management (), agency cost control mechanisms, and financial performance in family . The results show that is negatively related to agency cost control mechanisms, but they are positively related to , Finally, the importance of agency cost control mechanisms positively influences the financial performance. Hypotheses were tested using .

Suggested Citation

  • Lucrezia Songini & Luca Gnan, 2015. "Family Involvement and Agency Cost Control Mechanisms in Family Small and Medium‐Sized Enterprises," Journal of Small Business Management, Taylor & Francis Journals, vol. 53(3), pages 748-779, July.
    • Handle: RePEc:taf:ujbmxx:v:53:y:2015:i:3:p:748-779
    DOI: 10.1111/jsbm.12085
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    Cited by:

    1. Laura Zapata-Cantu & Ramón Sanguino & Ascensión Barroso & Laura Nicola-Gavrilă, 2023. "Family Business Adapting a New Digital-Based Economy: Opportunities and Challenges for Future Research," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(1), pages 408-425, March.
    2. Ivo Hristov & Antonio Chirico & Francesco Ranalli & Riccardo Camilli, 2022. "La pianificazione della sostenibilit? nelle aziende familiari: il ruolo dei key value drivers," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2022(3), pages 109-134.
    3. Han Long & Gen-Fu Feng & Chun-Ping Chang, 2023. "How does ESG performance promote corporate green innovation?," Economic Change and Restructuring, Springer, vol. 56(4), pages 2889-2913, August.
    4. Fábio Frezatti & Diógenes Souza Bido & Daniel Magalhães Mucci & Franciele Beck & Ana Paula Capuano Cruz, 2023. "The Impact of the Management Control System on the Family Business’ Intention to Maintain the Organization for Future Generations," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 1145-1176, June.
    5. Tan, Qingmei & Yan, Kexin & Zou, Gaofeng, 2024. "Family involvement in management, social trust and the environmental responsibility performance of family firms," Research in International Business and Finance, Elsevier, vol. 69(C).

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