Women’s Experiences in Building Trust in Single-Family Office Activities: A Stewardship Theory Perspective

Abstract

Family offices are growth-promoting organizations that support multigenerational business families to preserve and grow their wealth. Women inclusion in leadership positions of family firms is increasing, but females are still under-represented, especially in the family office activities.

The purpose of the chapter is to explore trust building in the context of Finnish single-family offices (SFOs). Trust building means both trust development and trust repair. We focus on how seven experienced Finnish female business owners who are actively involved in their SFOs, went through the process of trust building in the SFO activities.

Our findings indicate that social interaction connected with stewardship attitudes and behavior (i.e., being altruistic, collectivistic and pro-organizational) helps to build emotional and cognitive trust in the SFO activities. We also realize that the development of trust skills requires the need for specific family values, circumstances, and processes (doing, learning, experiencing and influencing). A conceptual model describing the trust building process in SFO activities is suggested for forthcoming studies. To conclude, practical recommendations and insights are offered for business families and their SFO executives.

Citation

Miettinen, M. and Koiranen, M. (2022), "Women’s Experiences in Building Trust in Single-Family Office Activities: A Stewardship Theory Perspective", Trevinyo-Rodríguez, R.N. and Gallo, M.Á. (Ed.) The Power of Inclusion in Family Business, Emerald Publishing Limited, Leeds, pp. 177-190. https://doi.org/10.1108/978-1-80117-578-420221010