PEOPLE.IDEAS.PERFORMANCE

36 or any other option. In family businesses, the involvement of stakeholders often takes place in a less formal manner. The head of the family does not guarantee a better Christmas gift in the contract if the firm performs well. However, as the welfare and honor of the entire family is closely related to the firm, the members will be loyal to organizational goals (Breton-Miller & Miller, 2009). Entrepreneurship for the leader is a tool for achieving personal and professional goals; it is particularly true for family businesses, where the entire family community can take advantage of these possibilities (Gomez-Mejía et al. 2007). Family business membership may represent a status, or at least a distinctive value, in the local social community, which also strengthens loyalty (Sirmon &Hitt, 2003). Succession also enhances long-term perspectives, in which process not only knowledge is transferred, but the managers want to deliver the firm assets in the best possible state for the successor (James, 1999). This approach also has a major influence at the level of employees. Contrary to the transactionalist approach of agency theory, here the basis of hierarchical relationships is a psychological contract. The employees believe that they have common interests with the organization. The feeling of loyalty may have a greater effect on workplace behavior and attitudes than formalized contracts. Psychological contract has three fields which affect behavior. Its economic part is that employees undertake a certain amount of work in exchange for financial compensations. Its socio-emotional aspect is that employees have job responsibilities in exchange for certain benefits, such as the possibility of professional development or the sense of group membership. Finally, it has an ideological element, which defines the objectives the organization intends to achieve and what the employee can feel involved in through their work. (Hernandez, 2012) This loyalty to the long-term goals of the group corresponds with benevolence, one of the universal values Schwartz (2012) defined. It is also characterized by that the individual considers the interests of the group more important than personal interests. It can be a typical feature of family businesses because there is a significant overlap between the group of personnel and the family as the primary group. In the resulting psychological contracts, the socioemotional and ideological relationship will be more important than the financial aspect. As a consequence, it is more than only identification with organizational goals. This psychological contract acting through cognitive and affective factors leads to the development of the feeling of psychological ownership. Psychological ownership is not equal to loyalty, identification or internalization (Pierce et al. 2001). This is a mental “state in which individuals feel as though the target of ownership or a piece of that target is ‘theirs’” (Pierce et al. 2003, p. 86). This feeling triggers the behaviors of stewardship in the community, which may thereby spread in entire organization. Based on the research of Bernhard and Driscoll (2011), in family businesses, leadership styles have a strong influence on the feeling of psychological ownership, in the cases of both family and non-family employees. It is not only a one-way, controlling, rewarding relation as in the case of agency theory, but a social context focusing on group interest is created, which relies on the actors’ cognitive and affective state. Owing to a long-term perspective, it is not an altruist community where sometimes certain members prioritize other members’ interests to their own ones. Instead, there are reciprocal processes working between the generations. Everybody wants to transfer resources to the next generation in good condition, which the next generation repays with a similar stewardship not for the members of the former but for the next generation (Wade-Benzoni, 2002). Hernandez (2012) finds it important that we should not see stewardship as an alternative which excludes agency theory. It is rather a continuum where the long-term processes result in that a joint responsibility gains an increased focus instead of a controlling attitude. Nevertheless, personal interests may be prioritized from time to time.