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

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abstract 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.
   
type conference paper (English)
   
keywords Family firms, divestitures, socioemotional wealth
   
name of conference 2012 European Academy of Management Conference (Rotterdam)
date of conference 6-6-2012
title of proceedings TSocial Innovation for Competitiveness, Organisational Performance and Human Excellence
page(s) 40
publisher RSM
review double-blind review
   
citation Dehlen, T. (2012). Stuck in the Middle: Socioemotional Wealth, Financial Wealth, and Divestiture Activity in Family Firms. In TSocial Innovation for Competitiveness, Organisational Performance and Human Excellence, pp.40: RSM.