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Inertia toward Divestitures: A Family Firm's Curse?

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abstract 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.
   
type conference paper (English)
   
keywords Socioemotional wealth, divestitures, family firms
   
project Value and Performance in Family Firms
name of conference 72nd Annual Meeting Academy of Management Annual Meeting (Boston)
date of conference 6-8-2012
title of proceedings The Informal Economy
page(s) 40
volume / edition Paper 1569
publisher Academy of Management (New York)
ISSN 0896-7911
review double-blind review
   
citation Dehlen, T. (2012). Inertia toward Divestitures: A Family Firm's Curse?. In The Informal Economy, Paper 1569, pp.40. New York: Academy of Management.