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 language | English (US) |
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Title of host publication | Frontiers of Entrepreneurship Research |
Subtitle of host publication | Proceedings of the 25th Annual Entrepreneurship Research Conference |
Editors | S. Zahra |
Place of Publication | Massachusetts |
Publisher | Babson College |
Pages | 177-190 |
Number of pages | 14 |
State | Published - 2005 |