PEOPLE.IDEAS.PERFORMANCE

43 employees will decrease not only due to occasional new branches but also for this above described reason after the founders’ retirement. It does not rule out the further possibility of dynastic succession after some decades. D.X. also admitted that succession within the family can prevail over efficiency aspects if it is about holding a managerial position, as it has already been discussed in the section about stewardship. As for reputation, the aspects mentioned in the interviews have been formerly described. On the other hand, the firm has additional activities in the area of social responsibility. In terms of environmental protection, they contribute to air quality with planting trees. They plant a tree after every traveling groups each year, which meant 202 saplings in 2014. Furthermore, A.X. practices charity as a member of a local charity organization, helps the people in need and has a post in the organization. All this indicates that the firm and its management has a good reputation not only in the industry but it also an appreciated member of the local civil society, thus the socio-emotional wealth has a substantial value from this perspective as well. &21&/86,216 Agency theory has been long dominant in describing the relationship and contracts between owners and managers. Contrary to this theory built on self-interestedness and distrust, stewardship acknowledges that prosocial behavior can also occur in these relationships, it may even be beneficial. Nevertheless, it requires the existence of certain conditions, which are present in family businesses more frequently. By using the findings of behavioral economics, we do not have to choose between the image of an excessively self- interested and altruist leader. Behavioral agency theory is able to explain why management behavior seems self-interested at one time and altruist at other times, taking account of both environmental conditions and internal connections. It is a particularly productive field in the case of family businesses because it is capable of describing and even predicting experience related to several concepts which have been difficult to define (e.g. familiness, transgenerational wealth). Exposing further details and refining the measuring possibilities of socio-emotional wealth will be the task of the following years for researchers. In our research, we managed to support each theory by examples from the four interviews. A single case is obviously not sufficient to make generalizations, but we still can assume that if these theories can be supported by examples from this business, conducting further examinations may provide even more such cases. It also has to be noted that not only separate examples but also overlaps can be found between the interviews. There are examples which fit into several models. The question is that if these frameworks change the interpretation, which can we consider scientifically more founded, more truthful and more efficient? In our opinion, the current research trend in family businesses aims at a synergy which is premature by fixing socio-emotional wealth to behavioral agency theory. Compared to agency theory, behavioral agency theory is an actual progress in the sense that the level of risk perception is not constant. With this change, prediction power may increase in terms of firm decisions. However, there are insufficient empirical research results about non-family firms as well in this regard. The factors affecting the level of risk perception in agency decisions should be further examined before we add the effect of the family, i.e. the multi-actor decision-making processes to this complex system. The connection of socio-emotional wealth and stewardship needs to be further addressed. There is a significant overlap in the related factors in the literature. In would require a more precise separation of the cause and effect level. Which managerial behavior increases socio-emotional wealth? What is its behavioral part and what can be showed as