The DOI matches its Crossref record; 92 of the 92 references it cites were found in a registry or an index.
Nonfamily Managers, Family Firms, and the Winner's Curse: The Influence of Noneconomic Goals and Bounded Rationality
Open accessAbstract
We explain why family–centered noneconomic goals and bounded rationality decrease the willingness and ability of small– and medium–sized family firms to hire and provide competitive compensation to nonfamily managers even in a labor market composed of stewards rather than agents. Family–centered noneconomic goals attenuate the ability to attract high–quality, nonfamily managers by promoting inferior total compensation packages, fewer opportunities for advancement, idiosyncratic strategies, and higher performance expectations. Furthermore, bounded rationality limits nonfamily managers’ ability to meet performance expectations when hired. The result is the “winner's curse,” where neither the economic nor noneconomic goals of family owners are fully achieved.
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Cites
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Cited by
Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward
Daspit, J. J., Chrisman, J. J., Ashton, T., & Evangelopoulos, N. (2021) · Family Business Review · doi:10.1177/08944865211008350 · Cited by 336
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Metadata
- Authors
- Chrisman, J. J., Memili, E., & Misra, K.
- Venue
- Entrepreneurship Theory and Practice
- Publisher
- SAGE Publications
- Published
- 2014-09
- Volume
- 38
- Issue
- 5
- Pages
- 1-25
- ISSN
- 1042-2587 (ISSN-L)
- 1540-6520
- OpenAlex
- W3210762296
- Cited by
- 292
- References
- 92
- FWCI
- 27.51
- Type
- journal article
- Language
- en
- Open access
- green
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