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All in the Family?: An Exploratory Study of Family Member Advisors and Firm Performance

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<mark>Journal publication date</mark>09/2015
<mark>Journal</mark>Family Business Review
Issue number3
Number of pages16
Pages (from-to)227-242
Publication StatusPublished
Early online date26/05/15
<mark>Original language</mark>English


This exploratory study investigates the relationship between family members serving in an advising capacity and family firm performance. Integrating the stewardship and agency perspectives, we predict an inverted U-shaped relationship between the number of family advisors and family firm performance. We argue that the generation in control moderates this relationship such that family member advisors have a positive relationship with performance in first-generation family firms and an inverted U-shaped relationship with performance in later-generation family firms. Our empirical analysis on a sample of 128 Swedish family firms confirms our hypotheses. In the concluding section, we discuss results, contributions and future research directions.