Preserving Socioemotional Wealth in Family Firms: : Asset or Liability? The Moderating Role of Business Context

• Autores: Lucia Naldi, Carmelo Cennamo, Guido Corbetta, Luis R. Gomez-Mejia
• Localización: Entrepreneurship: Theory & Practice, ISSN-e 1540-6520, Vol. 37, Nº. 6, 2013, págs. 1341-1360
• Idioma: inglés
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• Dialnet Métricas: 5 Citas
• Resumen

  • We ask whether choices aimed at preserving socioemotional wealth ( SEW) represent an asset or a liability in family-controlled firms. Specifically, we consider one major SEW-preserving mechanism-having as chief executive officer (CEO) a member of the controlling family-and hypothesize that this choice is (1) an asset in business contexts, such as industrial districts, in which tacit rules and social norms are relatively more important, but (2) a potential liability in contexts like stock exchange markets, where formal regulations and transparency principles take center stage. The results from our empirical analysis confirm these hypotheses