Do Owners and Managers Really Differ?

This study examines the determinants of satisfaction with overall firm performance by owner- and non-owner-managers of SMEs. It is expected that owners of SMEs will develop contracts for non-owner-managers or monitoring practices that align the interests of agents and principals. As a result of interest alignment, the relationships between entrepreneurial orientation, views on intangible resources, focus on performance metrics and satisfaction with overall financial performance should be similar for owner- and non-owner-managers of SMEs. The study results show differences in risk-taking behaviour and views of resource development between owner-managers and non-owner-managers. However, a strong relationship between short-term performance and overall satisfaction with financial performance existed in the sample of both owner-managers and non-owner-managers.