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Author(s)

C. Dibrell

Justin B. Craig

In this paper, we extend the existing agency-stewardship theory debate by linking transgenerational value creation with the natural environment. We enlist stewardship and agency theories to frame our discussion. Specifically, a firm with a positive natural environmental sustainability policy (ESP) acts as a proxy for the attributes of stewardship theory, whereas a neutral firm position toward ESP operates as a surrogate for agency theory. We test stewardship theory within the context of non-family (n=175) and family-owned (n=216) firms. Our findings suggest that family-owned firms do exhibit forms of stewardship behavior, while non-family-owned firms displayed propensity toward agency-like actions.
Date Published: 2006
Citations: Dibrell, C., Justin B. Craig. 2006. Linking transgenerational value creation with natural environment and sustainability policy in family and non-family owned firms: Extending the agency-stewardship theory debate. Frontiers of Entrepreneurship Research. 177-190.