Benevolence Based Trust And Agency Relations Among Upper Echelons Of Family-Owned Firms

Cristina Cruz (), Luis Gomez - Mejia () and Manuel Becerra ()
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Cristina Cruz: Instituto de Empresa
Luis Gomez - Mejia: Instituto de Empresa
Manuel Becerra: Instituto de Empresa

Working Papers Economia from Instituto de Empresa, Area of Economic Environment

Abstract: We investigate how the family status of owners, CEO, and top management team (TMT) determine CEO´s perceptions regarding the benevolence of his/her TMT and how in turn these perceptions of benevolence-based trust influence the nature of TMT control and incentive mechanisms. Using a sample of 122 Spanish firms, we find that CEOs´ assessment of TMT benevolence in family firms is more positive when (a) the CEO is a family member and the family is in a stronger ownership position; (b) there is greater similarity in family status between CEO and top managers and (c) environmental turbulence is low.

Pages: 36 pages
Date: 2005-05
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Persistent link: https://EconPapers.repec.org/RePEc:emp:wpaper:wp05-23

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