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Family Control and Family Firm Valuation by Family CEOs : The Importance of Intentions for Transgenerational Control

Thomas Zellweger, Franz W. Kellermanns, James J. Chrisman & Jess H. Chua

abstract Family firms are thought to pursue non-financial goals that provide socioemotional wealth but socioemotional wealth is feasible only with family control of the firm. Using prospect theory, we hypothesize that socioemotional wealth increases with the extent of current control, duration of control, and intentions for transgenerational control thus adding to the price at which owners would be willing to sell their firms to non-family buyers. Findings from two countries show that current control has no impact and duration of control has a mixed impact. However, intention for transgenerational control has a consistent positive impact on the perceived acceptable selling price
   
type journal paper
   
keywords Emotional Value, Socioemotional Wealth, Family Firm, Succession
   
project Value and Performance in Family Firms
language English
kind of paper journal article
date of appearance 5-2012
journal Organization Science
publisher InformsOnline (Hanover, MD/USA)
ISSN 1047-7039
ISSN (online) 1526-5455
DOI 10.1287/orsc.1110.0665
volume of journal 23
number of issue 3
page(s) 851-868
review double-blind review
   
citation Zellweger, T., Kellermanns, F. W., Chrisman, J. J., & Chua, J. H. (2012). Family Control and Family Firm Valuation by Family CEOs: The Importance of Intentions for Transgenerational Control. Organization Science, 23(3), 851-868, DOI:10.1287/orsc.1110.0665.