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| Research on the Model、Pattern and Pattern Selection of Contract Governance in Family Business Based on Agency and Stewardship Theory |
| ZHOU Zhi qiang1,TIAN Yin hua1,WANG Ke xi1 |
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Abstract This paper forms a three-loop model of contractual governance of family business based on the mainline of explicit contract and inexplicit contract. It forms contract governance grid theory of family business, which includes nine modes of contract governance. We analyze the characteristics, merits and demerits of five common modes and discuss the choosing of contract governance mode of family business in terms of Agent Theory and Stewardship Theory. Research shows that Agent Theory views people as economic person and emphasize visible contract governance while at the same time the Stewardship Theory views the director as a social person with emphasis on the invisible contract governance, but in fact the two theories can be well combined. The director is a complex person with both actions of agent and steward paying attention to invisible contract governance as well as the visible one. Family business can take corresponding managing mode in line with their different stages of developmen
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Received: 09 July 2012
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Corresponding Authors:
ZHOU Zhi qiang
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2013, Vol. 1 
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