Managerial Long-Term Responsibility in Family-Controlled Firms

Dietmar Sternad
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Dietmar Sternad: Carinthia University of Applied Sciences, Austria

Management, 2013, vol. 8, issue 2, 93-107

Abstract: Evidence suggests that long-term orientation (LTO) as a dominant strategic logic contributes to the sustainable performance of family-controlled firms (FCFS). Combining a review of the literature on lto with stewardship theory and upper echelons theory reasoning, this article presents a typology of managerial responsibility and introduces the concept of long-term responsibility as a managerial characteristic constituting a major driving force behind creating lto. The antecedents of long-term responsibility under family firm-specific conditions (stemming from the family system, the governance system, and family-firm managers’ personal characteristics) are also identified and presented in an integrated model. The paper contributes to a more comprehensive understanding of intertemporal choice in fcfs and explains why they tend to be more long-term oriented than other types of firms.

Keywords: managerial responsibility; long-term orientation; family-controlled firms; stewardship (search for similar items in EconPapers)
Date: 2013
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