Abstract
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 language | English |
|---|---|
| Pages (from-to) | 161-179 |
| Journal | family business review |
| Volume | 26 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - Jun 2013 |
| Externally published | Yes |
Keywords
- entrepreneurial risk taking
- nonfamily CEO
- agency theory
- psychological ownership
- socioemotional wealth