Entrepreneurial Risk Taking of Private Family Firms: The Influence of a Nonfamily CEO and the Moderating Effect of CEO Tenure

Jolien Huybrechts*, Wim Voordeckers, Nadine Lybaert

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

79 Citations (Web of Science)


This article aims to increase our understanding of family firms’ entrepreneurial risk-taking behavior by looking at the differences between family and nonfamily firms and by studying variations among family firms. We find empirical support for a positive influence of a nonfamily ceo on the family firm’s level of entrepreneurial risk taking during the initial years of his or her ceo tenure and a leveling out of entrepreneurial risk taking as the ceo tenure of the nonfamily ceo is extended. We build on the concept of psychological ownership to explain these new findings.
Original languageEnglish
Pages (from-to)161-179
Journalfamily business review
Issue number2
Publication statusPublished - Jun 2013
Externally publishedYes


  • entrepreneurial risk taking
  • nonfamily CEO
  • agency theory
  • psychological ownership
  • socioemotional wealth

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