A stewardship perspective in family firms: a new perspective for altruism and social capital

Official URL: https://dx.doi.org/10.1016/j.jbusres.2022.02.030

This research aims to investigate the impact of stewardship in family firms compared to non-family firms. Family firms are typically the dominant business in many countries, yet, the nature, structure, and management can lead to unique behavioural variations compared to non-family firms. This study empirically tests a sample of 316 firms (163 family firms and 153 non-family firms) in Iran. The findings empirically support that stewardship is significantly higher in family firms, and highlights stewardship capabilities as a unique competitive advantage. In this way, the study makes an essential contribution to both theory and practice. For theory, the study has added weight to the importance of the stewardship theory for family businesses. For practice, the study highlights how encouraging and developing stewardship capabilities in family firms offers a unique strategic competitive advantage.