Exploring the Entrepreneurial Behavior of Family Firms: Does the Stewardship Perspective Explain Differences?

Drawing from stewardship theory, we investigated corporate entrepreneurship in family firms. We argued that stewardship culture determinants––comprehensive strategic decision making, participative governance, long–term orientation, and human capital––differentiate the most entrepreneurial family firms. Based on a study of 179 family firms, we showed that comprehensive strategic decision making and long–term orientation contribute to corporate entrepreneurship. Additionally, family–to–firm unity enhanced the positive effects participative governance and long–term orientation have on corporate entrepreneurship. While we found that family–to–firm unity can compensate for low human capital, unexpectedly, we also found that family–to–firm unity can dampen the positive relationship between human capital and corporate entrepreneurship.