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Escalation of commitment in private family businesses: The influence of outside board members
► We extend escalation of commitment and resource dependence theories. ► We examine new antecedents and moderators which influence escalation of commitment in private family businesses. ► Our work encourages the use of outside board members who can help owner–managers to avoid escalation of commitme...
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Published in: | Journal of family business strategy 2012-03, Vol.3 (1), p.18-27 |
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Main Authors: | , , |
Format: | Article |
Language: | English |
Subjects: | |
Citations: | Items that this one cites Items that cite this one |
Online Access: | Get full text |
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Summary: | ► We extend escalation of commitment and resource dependence theories. ► We examine new antecedents and moderators which influence escalation of commitment in private family businesses. ► Our work encourages the use of outside board members who can help owner–managers to avoid escalation of commitment.
Owner–managers of private family businesses are vulnerable to escalation of commitment, which can lead to costly failure. In an effort to help private family businesses reduce such costs and contribute to the resource dependence literature, we extend prior research on escalation of commitment (Staw, 1981). Specifically, we develop a model that examines how outside board members influence the antecedents, and moderate the processes, that lead to escalation of commitment. Our work encourages the use of outside board members, insofar as they are likely to help the owner–managers of private family businesses to avoid escalation of commitment. |
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ISSN: | 1877-8585 1877-8593 |
DOI: | 10.1016/j.jfbs.2012.01.002 |