- Original text # 1: (copy & paste)

PP agency cost relates directly to how the controlling majority relates to the minority. It is
a form of agency cost that occurs between the various principals which have a vested
interest in the business or organization (Rachagan and Satkunasingam 2009).

→ Paraphrasing & In-text citation:

According to Rachagan and Satkunasingam (2009) the risk of Principal-principal in

SFB partially comes from PPAC-a form of agency cost occurring among principals
which have a vested interest in the business, and relating directly to the control of
majority on the minority.

- Original text # 2: (copy & paste)

The agency costs of debt are typically described in terms of the asset substitution or the
risk-shifting problem. The potential conflict between equity and debt claimants is such
that shareholders expropriate wealth from bondholders by investing in new projects that
are riskier than those presently held in the firm's portfolio. In this case, shareholders
capture most of the gains (i.e., when high-risk projects payoff), while debtholders bear
most of the cost

→ Paraphrasing; In-text citation:

According to Anderson, et al. (2003), shareholders can increase their profits by

investing in riskier projects, leaving bondholders to bear the consequences if these
ventures fail.

- Original text # 3: (copy & paste)

 Some owner-managers of family businesses have been known to try and justify business
expenses made to support their own offspring or ensure that their own relatives receive
relatively comfortable positions within the business in order to preserve the family’s
socio-emotional wealth (Schulze et al. 2001). These actions of ‘altruism’ can lead to a
misuse of business funds by the owning-managing family members which can cause PP
agency cost and increase the small family business’ risk exposure.

→ Paraphrasing; In-text citation:

Additionally, another disadvantage of SFBs relates to its family-style structure and

governance. It possibly lead to a misuse of business funds by the owning-managing
family members, causing PP agency cost and increasing the small family business’
risk exposure, in the case case mentioned by Schulze et al. (2001): "Some
owner-managers of family businesses have been known to try and justify business
expenses made to support their own offspring or ensure that their own relatives
receive relatively comfortable positions within the business in order to preserve the
family’s socio-emotional wealth".

- Original text # 4: (copy & paste)

SMBs have traditionally faced more challenges than large businesses in attracting the best
and most diverse talent. This can be a drag on management capability, innovation, and
growth.

→ Paraphrasing; In-text citation:

SMBs have traditionally faced more challenges than large businesses in attracting the
best and most diverse talent. This can be a drag on management capability, innovation,
and growth.(Tela Allas, et al)