An exploration of cooperative stakeholder engagement and risk-taking behavior in privately held family firms
- UNCW Author/Contributor (non-UNCW co-authors, if there are any, appear on document)
- Andrew Bryant (Creator)
- Institution
- The University of North Carolina Wilmington (UNCW )
- Web Site: http://library.uncw.edu/
Abstract: This study explores the impact of cooperative engagement with nonfamily employees, consumers, and communities on risk-taking behavior of privately held, long-lived family firms. We posit that cooperative relations can build and reinforce connectedness among the family and nonfamily stakeholders which, in turn, can lead to increased risk-taking. More specifically, the increased stability from widespread cooperative nonfamily engagement will positively moderate risk-taking behavior by amplifying the influence of family involvement in privately held family firms. Using a unique survey of long-lived, privately held family firms, we find support for our hypotheses: cooperative engagement interacts with the essence of family involvement to amplify risk-taking. This study contributes to the stakeholder engagement and family firm literatures and offers managerial and policy implications by underscoring the benefits of cooperative engagement as it enhances risk-taking of family firms, a precursor of growth.
An exploration of cooperative stakeholder engagement and risk-taking behavior in privately held family firms
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Created on 8/26/2024
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Additional Information
- Publication
- Youm, Y. N., Griffin, J. J., & Bryant, A. (2024). An exploration of cooperative stakeholder engagement and risk-taking behavior in privately held family firms. Business Ethics, the Environment & Responsibility, 00, 1–16. https://doi.org/10.1111/beer.12720
- Language: English
- Date: 2024
- Keywords
- family firms, family involvement, risk-taking, stakeholder engagement