Just about money? CEO satisfaction and firm performance in small family firms

Lucía Garcés-Galdeano (), Martin Larraza-Kintana (), Cristina Cruz () and Ignacio Contín-Pilart ()
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Lucía Garcés-Galdeano: Universidad Pública de Navarra, Institute for Advanced Research in Business and Economics (INARBE)
Martin Larraza-Kintana: Universidad Pública de Navarra, Institute for Advanced Research in Business and Economics (INARBE)
Cristina Cruz: IE University
Ignacio Contín-Pilart: Universidad Pública de Navarra, Institute for Advanced Research in Business and Economics (INARBE)

Small Business Economics, 2017, vol. 49, issue 4, No 7, 825-839

Abstract: Abstract This paper examines how family ownership and family ties influence the relative importance of economic and non-economic goals on the CEO’s satisfaction with the firm. Using a sample of small high-tech family and non-family firms, we show that the influence of past firm economic performance on CEO satisfaction is weaker in the case of CEOs leading a family firm. Our results also suggest that this influence becomes weaker as the family firm transitions into subsequent generations. However, contrary to our expectations, we were not able to find a differential effect of firm performance on CEO satisfaction between CEOs who belong to the controlling family and those who do not.

Keywords: CEO satisfaction; Economic performance; Non-economic goals; Family firms (search for similar items in EconPapers)
JEL-codes: M12 M14 M21 M50 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (11)

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DOI: 10.1007/s11187-017-9863-9

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