Composition VI, Wassily Kandinsky, 1913 (Courtesy: The State Hemitage Museum, St Petersburg)

A Symphony of Agency and Stewardship Values Ensures Family Business Success

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Key Concept

Agency theory describes a contractual relationship between managers and shareholders who have divergent interests. Stewardship theory describes a collaborative relationship between managers and shareholders toward shared goals. Which works best for family businesses? New research reveals that a combination of the two, changing as the business moves through its lifecycle, offers the best recipe for success. 

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