A Stakeholder Perspective on Family Firm Performance

Thomas Markus Zellweger · Robert S. Nason

380 citations0/0 files storedFamily Business Review

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Family Business Performance and Succession Corporate Finance and Governance Accounting and Organizational Management

Abstract

Through the lens of stakeholder theory, this article deepens our understanding of financial and nonfinancial performance outcomes in family firms across multiple stakeholder categories, including the family level of analysis. Based on this foundation, we develop a typology of performance relationships between performance outcomes: overlapping, causal, synergistic, and substitutional. We argue that these relationships, when used between constructive (positive) performance outcomes, are able to increase stakeholder satisfaction, which in turn increases organizational effectiveness. Through this analysis, we extend the common one-dimensional and cause-effect understanding of performance in family firms and move toward a comprehensive stakeholder performance perspective, which provides insights for increasing organizational effectiveness of family firms.

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References

2010Strategic management a stakeholder approach 2019American Economic Review 1996Clarifying the Entrepreneurial Orientation Construct and Linking It To Performance 1997Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of who and What Really Counts 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 1985Mental Accounting and Consumer Choice 2007Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills 2005How do family ownership, control and management affect firm value?

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2014Corporate Social Responsibility Reporting: A Content Analysis in Family and Non-family Firms 2016Development of a socioemotional wealth importance (SEWi) scale for family firm research 2013The Effect of Family Ownership on Different Dimensions of Corporate Social Responsibility: Evidence from Large US Firms 2010A Stakeholder Identity Orientation Approach to Corporate Social Performance in Family Firms 2013Nonfamily Managers, Family Firms, and the Winner's Curse: The Influence of Noneconomic Goals and Bounded Rationality

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