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Managerial Long-Term Responsibility in Family-Controlled Firms

Author(s): Dietmar Sternad

Journal: Management
ISSN 1854-4223

Volume: 8;
Issue: 2;
Start page: 93;
Date: 2013;
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Keywords: managerial responsibility | long-term orientation

Evidence suggests that long-term orientation (LTO) as a dominantstrategic logic contributes to the sustainable performance offamily-controlled firms (FCFS). Combining a review of the literatureon lto with stewardship theory and upper echelons theoryreasoning, this article presents a typology of managerial responsibilityand introduces the concept of long-term responsibility as amanagerial characteristic constituting a major driving force behindcreating lto. The antecedents of long-term responsibilityunder family firm-specific conditions (stemming from the familysystem, the governance system, and family-firm managers’ personalcharacteristics) are also identified and presented in an integratedmodel. The paper contributes to a more comprehensiveunderstanding of intertemporal choice in fcfs and explains whythey tend to be more long-term oriented than other types of firms.

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