All in the family? An exploratory study of family member advisors and firm performance

Lucia Naldi, Francesco Chirico*, Franz W. Kellermanns, Giovanna Campopiano

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

30 Citations (Scopus)


This exploratory study investigates the relationship between family members serving in an advising capacity and family firm performance. Integrating the stewardship and agency perspectives, we predict an inverted U-shaped relationship between the number of family advisors and family firm performance. We argue that the generation in control moderates this relationship such that family member advisors have a positive relationship with performance in first-generation family firms and an inverted U-shaped relationship with performance in later-generation family firms. Our empirical analysis on a sample of 128 Swedish family firms confirms our hypotheses. In the concluding section, we discuss results, contributions and future research directions.

Original languageEnglish
Pages (from-to)227-242
Number of pages16
JournalFamily Business Review
Issue number3
Publication statusPublished - 1 Sep 2015
Externally publishedYes


  • family business
  • family member advisors
  • generation in control
  • performance


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