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The Impact of Relationship Conflict on subjective Family Firm Valuation

Thomas Zellweger, Franz W. Kellermanns & Philipp Sieger

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abstract The present paper empirically investigates the impact of family relationship conflict on subjective firm valuation by family firm owner managers. Drawing on the emerging socioemotional wealth perspective of corporate ownership, we find a U-shaped relationship between relationship conflict inside the family firm and subjective family firm valuation. This finding suggests that negatively valenced emotions induced by the conflict, at low levels of conflict, lead to emotion congruent withdrawal behavior and hence lower valuation. With conflicts gaining in fervor and severity, owner-managers start endowing and pricing sunk costs related to the conflict. This finding suggests that emotions do indeed have spill-over effects on monetary value perceptions and that negatively valenced emotions induced by relationship conflict are not linearly appraised. Rather, to understand the impact of negative emotions on corporate ownership appraisal and attachment it is required to reconcile the emotion congruency with the prospect theory perspective.
   
type conference paper (English)
   
keywords
   
name of conference 70th Annual Meeting of the Academy of Management (Montreal)
date of conference 6-8-2010
title of proceedings Dare to Care: Passion & Compassion in Management Practice & Research
page(s) 41
volume / edition Paper Session 1171
publisher Academy of Management (New York)
review double-blind review
   
citation Zellweger, T., Kellermanns, F. W., & Sieger, P. (2010). The Impact of Relationship Conflict on subjective Family Firm Valuation. In Dare to Care: Passion & Compassion in Management Practice & Research, Paper Session 1171, pp.41. New York: Academy of Management.