On the Emotional Value of owning a Firm

This article examines how owners of firms subjectively value their ownership stake in monetary terms. We utilize endowment and possession attachment literature to investigate how emotional benefits and costs related to organizational ownership affect emotional value. Thereby we define emotional value as that part of Willingness to Accept, unexplained by the financial value of the ownership stake and the financial private benefits of control accruing to the owner. Our research provides new insight into firm owners' psychology and value considerations where an owner values non-financial aspects of the ownership stake.