A interdependência da teoria da agência e da stewardship theory para compreensão do comportamento que leva à longevidade das empresas familiares

Abstract

To define a firm´s longevity and to understand it in the "corporate" world has been a challenge. Size, age and profitability are elements commonly used as measurement variable, although being less representative. It is the ability to survive that define them as long-living. In this context, when the family element is added, the intention of the current and future family members needs to be considered. Thus, with the understanding that the ability and intentions cause the particularistic behavior [1] oriented by the family, and that theoretical approaches and the Agency Theory and Stewardship Theory are adequate to understand it, this research has the objective of understanding the family members´ behavior characteristics of family which allow the firm´s longevity. A qualitative exploratory study was conducted based on four cases of centennial and bi-centennial Spanish family-companies. These were selected using the snowball technique and fulfilled the requirement of being at least 100 years old and to provide at least two members for interviews, preferably, one being the current CEO and one belonging to following generation. Data collection was made through interviews with the support of historical archives of such families, which optimized the interview time, allowing the semi-structured scripts to be covered. The adopted data analysis technique was content analysis. The definition of the analysis categories was done in deductive form, having as literature their sources. In the process of data preparation, the software package NVivo was used. This allowed the analysis of elements that characterize the abilities and intentions, which in turn, made evident the results of this research. With this analysis it is evident the role of each of the adopted theoretical approaches. Stewardship Theory, with its sociological and psychological approach of governance, has the role of maintenance of each of the elements which characterize the intentions and abilities of the behavior of family members which lead the firm to longevity. Agency Theory is necessary in limit situations of the Stewardship Theory, whose main tendency is to take the shape of homo economicus, which portraits subordinates (in this context - family members) as individualistic, opportunistic and selfish. Thus, the combination of Stewardship Theory and Agency Theory explain the behavioral characteristics of family members which take the firm to longevity.