Family management and family guardianship: Governance effects on family firm innovation strategy

Drawing on agency and stewardship theories, we examine how two dimensions of family governance influence firm innovation strategy. Specifically, differentiate between the effects Family Management (family CEO, managerial involvement, next-generation involvement in business) Guardianship (trustees council) study their explorative exploitative modes Our analysis unique survey data from 328 UK private firms shows that specific (next-generation involvement) (the existence a are significantly positively associated with exploration. Exploitation, however, is only. These findings answer calls to theorize empirically heterogeneity firms’ modes. further respond better understand relationship behavior, advancing scholarly debate at intersection stewardship, governance, innovation.