In this paper, we extend the existing agency-stewardship theory debate by linking transgenerational value creation with the natural environment. We enlist stewardship and agency theories to frame our discussion. Specifically, a firm with a positive natural environmental sustainability policy (ESP) acts as a proxy for the attributes of stewardship theory, whereas a neutral firm position toward ESP operates as a surrogate for agency theory. We test stewardship theory within the context of non-family (n=175) and family-owned (n=216) firms. Our findings suggest that family-owned firms do exhibit forms of stewardship behavior, while non-family-owned firms displayed propensity toward agency-like actions.
|Original language||English (US)|
|Title of host publication||Frontiers of Entrepreneurship Research|
|Subtitle of host publication||Proceedings of the 25th Annual Entrepreneurship Research Conference|
|Place of Publication||Massachusetts|
|Number of pages||14|
|State||Published - 2005|