Tobias Dehlen
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Dehlen
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Tobias
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+41 71 224 7141
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Publication

The Role of Information Asymmetry in the Choice of Entrepreneurial Exit Routes

2014-11-08 , Dehlen, Tobias , Zellweger, Thomas , Kammerlander, Nadine , Halter, Frank

Our quantitative study investigates the determinants of internal versus external exit routes in family firms. Building on information asymmetry theory, we examine how an owner's inferior knowledge about the abilities of potential external entrants (in contrast to family internal successors) renders a family internal transfer more likely. This information asymmetry, however, can be mitigated by activities such as owners' screening and transfer candidates' signaling efforts to reveal the candidates' abilities. Our data exhibits a positive effect of signaling and an inverted U-shaped effect of screening on the probability of external exit routes. Firm age, as a driver of emotional attachment, weakens these effects.

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Publication

Inertia toward Divestitures: A Family Firm's Curse?

2012-08-07 , Dehlen, Tobias

Despite scholars' calls to extend the ‘long list' of antecedents for firms' divestiture activity and to examine behavioral antecedents for divestiture decisions, research in that regard has been scarce. Based on the concept of socioemotional wealth, this study therefore aims to address this gap by focusing on family firms' divestiture activity. 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' financial wealth considerations counterbalance socioeconomic barriers to divest. The results 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.

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The Role of Information Asymmetry for the Choice between Family External and Internal Exit Routes

2012-06-26 , Dehlen, Tobias , Zellweger, Thomas , 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.

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Publication

Value is in the Eye of the Owner : Affect Infusion and Minimum Acceptable Sale Prices for Private Family Ownership

2010-10-20 , Zellweger, Thomas , Dehlen, Tobias

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Publication

Informationsasymmetrien zwischen Übergeber und Nachfolger : Herausforderungen und Lösungsmöglichkeiten am Beispiel des Management Buy Ins in Familienunternehmen

2013-05-21 , Halter, Frank , Dehlen, Tobias , Sieger, Philipp , Wolter, Hans-Jürgen

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Publication

Stuck in the Middle : Socioemotional Wealth, Financial Wealth, and Divestiture Activity in Family Firms

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.

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Publication

How Socioemotional Wealth Biases Survival Risk Perceptions among Family Owners

2011-06-28 , Zellweger, Thomas , Dehlen, Tobias

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Value is in the Eye of the Owner : Affect Infusion and Socioemotional Wealth among Family Firm Owners

2012-09-01 , Zellweger, Thomas , Dehlen, Tobias

Drawing on the Affect Infusion Model (AIM) from cognitive psychology we develop a conceptual framework that explains how affect related to corporate ownership impacts the formation of socioemotional wealth perceptions among family firm owners reflected in altered subjective value perceptions for the ownership stake. We explore target, personal, and situational features in the subjective valuation process for the ownership stake and explain how these factors mediate the relationship between affect and socioemotional wealth perceptions. We further our understanding about the level of bias in family owners' subjective firm value assessments and offer new approaches for socioemotional wealth research

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Publication

Acquisitions by Family Firms : The Role of Socioemotional Wealth

2012-08-07 , Dehlen, Tobias , Zellweger, Thomas

By blending the behavioral theory of the firm with the socioemotional wealth perspective of family firm ownership our paper investigates how family ownership impacts timing and resource similarity of acquisitions. We show that the influence of socioemotional wealth concerns tied to family ownership when engaging in acquisitions alters with performance framing and, hence, whether performance aspiration levels are achieved. We also discuss how slack resources interact with socioemotional wealth concerns and ultimately bias acquisition activity in family firms. Our study makes several contributions to acquisition literature, the behavioral theory of the firm, and the emerging socioemotional wealth perspective.

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Publication

How Socioemotional Wealth biases Survival Risk Perceptions among Family Firm Owners

2011-08-15 , Zellweger, Thomas , Dehlen, Tobias , Kellermanns, Franz W.

Applying a behavioral perspective, we investigate how threats to firm survival, measured through reduced performance and heightened leverage, impact risk perceptions among family firm owners. More specifically, we test whether socioemotional biases induced by duration of family ownership and transgenerational sustainability intentions, alter the negative relationship between low profitability and high leverage on the acceptable sale price of the firm. In extension to existing literature on family owners' risk perceptions and organizational risk taking, our study finds increased risk sensitivity for family owners with long ownership traditions, whereas transgenerational sustainability intentions do not bias the negative relationship of low profitability and high leverage on acceptable sale price

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