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How Socioemotional Wealth biases Survival Risk Perceptions among Family Firm Owners

Thomas Zellweger, Tobias Dehlen & Franz W. Kellermanns

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abstract Applying a behavioral perspective, we investigate how threats to firm survival, measured through reduced performance and heightened leverage, impact risk perceptions among family firm owners. More specifically, we test whether socioemotional biases induced by duration of family ownership and transgenerational sustainability intentions, alter the negative relationship between low profitability and high leverage on the acceptable sale price of the firm. In extension to existing literature on family owners’ risk perceptions and organizational risk taking, our study finds increased risk sensitivity for family owners with long ownership traditions, whereas transgenerational sustainability intentions do not bias the negative relationship of low profitability and high leverage on acceptable sale price
   
type conference paper (English)
   
keywords Socioemotional Wealth, Emotional Value
   
project Value and Performance in Family Firms
name of conference 2011 71st Annual Meeting of the Academy of Management Conference (San Antonio)
date of conference 12-8-2011
title of proceedings West meets East
page(s) 1-30
volume / edition Paper Session 609
publisher Academy of Management (New York)
review double-blind review
   
citation Zellweger, T., Dehlen, T., & Kellermanns, F. W. (2011). How Socioemotional Wealth biases Survival Risk Perceptions among Family Firm Owners. In West meets East, Paper Session 609, pp.1-30. New York: Academy of Management.