Socioemotional Wealth and Family Firm Performance: Economic Gains from Pursuing Noneconomic Goals
Journal
Academy of Management Proceedings
ISSN
0065-0668
Type
conference paper
Date Issued
2013-08-09
Author(s)
Abstract
Socioemotional wealth recently emerged as an important distinguishing characteristic between family and nonfamily firms. It is used in extant literature as a theoretical framework to rationalize the behavior of protecting family interests at the expense of financial success. We present socioemotional wealth differently: as a measureable construct, conceptualized through a stewardship theory lens, with empirical support for its positive relationship with family firm financial performance. Results also show hostile environments attenuate the SEW–performance relationship, indicating that firms with high socioemotional wealth are unable to make the necessary strategic adjustments needed to enhance performance in difficult environments.
Funding(s)
Language
English
Keywords
family business
noneconomic goals
socioemotional wealth
HSG Classification
contribution to scientific community
HSG Profile Area
SoM - Responsible Corporate Competitiveness (RoCC)
Refereed
Yes
Book title
Capitalism in Question
Publisher
Academy of Management
Publisher place
New York
Start page
40
Event Title
73rd Academy of Management Annual Meeting (AOM) 2013 "Capitalism in Question"
Event Location
Orlando, FL
Event Date
09.-13.08.2013
Subject(s)
Eprints ID
221756