Tobias Dehlen
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Dr.
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Dehlen
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Tobias
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+41 71 224 7141
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  • Publication
    Stuck in the Middle : Socioemotional Wealth, Financial Wealth, and Divestiture Activity in Family Firms
    (RSM, 2012-06-06)
    Dehlen, Tobias
    In addition to a ‘long list' of industry-, firm-, and unit-specific antecedents, behavioral antecedents for divestiture activity increasingly attract scholarly attention. Not exclusively driven by economic considerations, family firms offer a unique setting to examine behavioral influences on corporate divestiture activity; it is therefore surprising that these firms have been disregarded in divestiture research so far. Based on the concept of socioemotional wealth, this study aims to address this gap. Socioemotional wealth exerts a significant influence on the decision to divest; an inertia toward divestitures in family firms is the consequence. However, this perspective is incomplete: Family owners' considerations on financial wealth concentration counterbalance socioeconomic barriers to divest. The results based on a longitudinal sample confirm the theoretical reasoning and reveal an u-shaped relationship between family ownership and the probability to engage in divestiture activity that is strengthened by performance hazard.
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/91496
  • Publication
    The Role of Information Asymmetry for the Choice between Family External and Internal Exit Routes
    (IFERA c/o College of Business & Management, 2012-06-26)
    Dehlen, Tobias
    ;
    Zellweger, Thomas orcid-logo
    ;
    Halter, Frank
    ;
    Kammerlander, Nadine
    ;
    Durst, Susanne
    In our quantitative study we investigate the antecedents of two distinct exit routes. Building on information asymmetry theory, we discuss that the owner's inferior knowledge about the ability of potential family external (in contrast to family internal) successors renders a family internal transition more likely. However, this information asymmetry can be mitigated by activities such as owners' screening and successors' signaling efforts to unveil the successor's ability. Our data exhibits a positive effect of signaling and an inverted u-shaped effect of screening on the probability of an external succession. Socioemotional wealth, generated by long ownership duration, moderates these effects.
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/91405