Linking transgenerational value creation with natural environment and sustainability policy in family and non-family owned firms: Extending the agency-stewardship theory debate

Clay Dibrell, Justin Bailey Craig

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

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 languageEnglish (US)
Title of host publicationFrontiers of Entrepreneurship Research
Subtitle of host publicationProceedings of the 25th Annual Entrepreneurship Research Conference
EditorsS. Zahra
Place of PublicationMassachusetts
PublisherBabson College
Pages177-190
Number of pages14
StatePublished - 2005

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