How do cross-country differences in institutional trust and trust in family explain the mixed performance effects of family management? A meta-analysis

Jaskiewicz, Peter; Block, Joern; Wagner, Dominik; Carney, Michael; Hansen, Christopher

doi:10.1016/j.jwb.2021.101196

Cited by 14 publications

(19 citation statements)

References 110 publications

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“…An enhanced understanding is required of the family and scholarly calls to acknowledge families as ‘intimate relationship systems’ and the impact of this on actions and activities by family members (Jennings et al. , 2014; Jaskiewicz et al. , 2021; Cruz and Basco, 2018; Rezaei et al.…”

Section: Literature Reviewmentioning

confidence: 99%

Family dynamics and relationships in female entrepreneurship: an exploratory study

Dewitt

Jafari‐Sadeghi

Sukumar

et al. 2022

JFBM

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PurposeGiven the recent emergence of China as a dominant economy and internal changes that have led to the encouragement of entrepreneurship and entrepreneurial initiatives, this paper explores whether family dynamics and relationships still play an important role in women's decision to become entrepreneurs. It aims to understand whether there has been a shift in family dynamics and decision-making that supports female entrepreneurship.Design/methodology/approachGiven that the purpose of the study is to understand the role of relationships and family dynamics in their career choice, this study has taken a qualitative approach and carried out interviews with fifteen Chinese female entrepreneurs to understand the role of relationships and family dynamics in their career choice.FindingsThe results note that though there are changes in family dynamics that encourage female entrepreneurship, women still find it difficult to choose entrepreneurship as a career and there are unfair expectations that are placed on them. The expectations create undue stress which directly affects their ability to carry out their professional duties. The research suggests that to foster the development of female entrepreneurship, government agencies and local government bodies should provide further access to family support services that can facilitate women's empowerment and foster entrepreneurial thinking without feeling guilty about family commitments or unfair expectations.Originality/valueRecent studies on women's entrepreneurship have focused on various facets. The role of family dynamics and relationships has long been studied in the context of female entrepreneurship. In emerging economies like China, family dynamics and relationships determine whether women can choose entrepreneurship as a career choice or not. However, there is very limited research on the topic, in the geographical context of China. Hence, this paper is among pioneer research addressing family dynamics in the female entrepreneurship debate in China.

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Section: Literature Reviewmentioning

confidence: 99%

Family dynamics and relationships in female entrepreneurship: an exploratory study

Dewitt

Jafari‐Sadeghi

Sukumar

et al. 2022

JFBM

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“…Specifically, analyzing the performance of equivalent companies run under family or non-family management, respectively, could highlight the relevance of family management in differing contexts. While there already exists a large literature on the performance of family-managed firms (Fang et al, 2022;Jaskiewicz et al, 2021), we know less about contextual influences. Our theoretical model and numerical examples suggest that the performance differences should be larger when economic and non-economic goals are highly interdependent.…”

Section: Limitations and Future Researchmentioning

confidence: 99%

Hiring family or non-family managers when non-economic (sustainability) goals matter? A multitask agency model

Kragl

Palermo

et al. 2023

Small Bus Econ

Self Cite

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Nepotism, altruism, lower managerial abilities, and a small pool of qualified family candidates may speak against family management. However, a large share of family-owned firms is run by family managers. Our study develops a theoretical model that provides an explanation for this paradox, linked to the multitasking problem of managing economic and non-economic tasks in family firms. Comparing the performance of family and non-family managers under moral hazard and imperfect performance measurement, we find that incentive pay leads to an effort distortion towards economic outcomes for both manager types, however less so for family managers. This effort distortion is less pronounced when economic and non-economic management tasks are complements. We show that family managers with excellent skills regarding non-economic goals of the owner family often outperform non-family managers even if they have poor skills in economic tasks or, what is more, if they have lower average abilities altogether. We further show that the interdependence between economic and non-economic goals in the manager’s job tends to have a moderating effect on the family manager’s relative performance. Our study contributes to the literature about family management and agency costs in family firms and has practical implications for family firms’ hiring decisions. By highlighting the importance of non-economic goals, it moreover adds to the current discussion about the compliance with firms’ sustainability goals.

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“…Depending on their evaluation, ones who violate social expectations might be sanctioned (e.g., product boycotts, loss of government contacts and subsidies, or withdrawal of community support) (Jaskiewicz et al, 2021;Reast et al, 2013).…”

Section: Neo-institutional Theory Perspectivementioning

confidence: 99%

How does social trust affect corporate financial performance? The mediating role of corporate social responsibility

Jung

2022

Business Ethics Env & Resp

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Prior studies assert that social trust may positively influence the economic performance of countries and firms (within those countries). This paper proposes a more nuanced mechanism whereby corporate social responsibility (CSR) mediates the relationship between country-level social trust and firm-level financial performance.Anchored in neo-institutional theory, we theorize that social trust instills norms of trustworthiness and willingness to trust others guiding individual and corporate behaviors. In order to comply with such norms and gain legitimacy, firms in hightrust society are more likely to commit to CSR activities that serve the interests of stakeholders. CSR activities, in turn, can positively influence financial performance by enabling firms to access stakeholders' resources and capabilities and to decrease transactions costs in the stakeholder relationships. We tested our theory by analyzing 9818 firm-year observations across 34 countries, during the 2006 to 2015 period.Our analysis shows the expected CSR mediation in the relationship between social trust and firm-level financial performance. Our findings are robust across different models addressing the concerns of endogeneity, alternative measures, and potential moderators.

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How do cross-country differences in institutional trust and trust in family explain the mixed performance effects of family management? A meta-analysis

Cited by 14 publications

References 110 publications

Family dynamics and relationships in female entrepreneurship: an exploratory study

Family dynamics and relationships in female entrepreneurship: an exploratory study

Hiring family or non-family managers when non-economic (sustainability) goals matter? A multitask agency model

How does social trust affect corporate financial performance? The mediating role of corporate social responsibility

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