Peter Jaskiewicz, François Belot, James G. Combs, Emmanuel Boutron, Céline Barrédy
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When Do Shareholder Agreements Add Value? Mitigating Superprincipal-Agency Conflicts in Family Firms
Researchers are divided on whether shareholder agreements (SAs) improve or hurt firm value. We offer family firms as a context where SAs add value and explain why; SAs limit “superprincipal” agency conflicts between family owners and other family members. A panel of French firms and a second study of French Initial Public Offerings show shareholders value SAs more in family than in nonfamily firms. Among family firms, SAs add greater value when weak governance undermines family owners’ resistance to other family members’ demands. Our study helps reconcile competing theory about SAs and distinguishes superprincipal conflicts from other family-firm agency problems.
期刊介绍：
Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense.
Article Topics:
Topics covered in ETP include, but are not limited to:
New Venture Creation, Development, Growth, and Performance
Characteristics, Behaviors, and Types of Entrepreneurs
Small Business Management
Family-Owned Businesses
Corporate, Social, and Sustainable Entrepreneurship
National and International Studies of Enterprise Creation
Research Methods in Entrepreneurship
Venture Financing
Content:
The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.
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