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Influence of Founder—CEOs' Personal Values on Firm Performance: Moderating Effects of Firm Age and Size

George Mason University, Enterprise Hall, MSN 5F5, 4400 University Dr., Fairfax, VA 22030, YLing{at}gmu.edu

Hao Zhao

Lally School of Management and Technology, Rensselaer Polytechnic Institute, 110 8th St., Pittsburgh Building, Troy, NY 12180

Robert A. Baron

Lally School of Management and Technology, Rensselaer Polytechnic Institute, 110 8th St., Pittsburgh Building, Troy, NY 12180

The effects of two values held by founder—CEOs (collectivism and novelty) on companies' post—start-up performance are investigated. By integrating congruence and organizational lifecycle literatures, the authors hypothesized that the effects of both values are moderated by company age and size, such that collectivism exerts stronger beneficial effects in older and larger firms, whereas novelty exerts stronger beneficial effects in younger and smaller firms. Results based on 92 small- to medium-sized enterprises offer support for most predictions, thus demonstrating the influence of founders' values on new venture performance and highlighting the importance of considering organizational lifecycle for the understanding of this influence.

Key Words: founder—CEO • personal value • congruence theory

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