Now showing 1 - 5 of 5
  • Publication
    Extending the Socioemotional Wealth Perspective: A Look at the dark Side
    (Wiley, 2012-11)
    Kellermanns, Franz W.
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    Eddleston, Kimberley H.
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    We extend the socioemotional wealth (SEW) perspective by arguing that SEW can be negatively associated with proactive stakeholder engagement (PSE). We further suggest that the SEW dimensions can be associated with positive or negative valence. Lastly, we propose that negatively valenced SEW dimensions lead to family centric behavior, which negatively affects PSE. This multifaceted conceptualization of SEW allows us to explain how family firms can partake in harmful stakeholder behaviors despite having seemingly strong SEW. Our paper suggests that SEW can be either an affective endowment or burden for family firms and their constituents.
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    Scopus© Citations 315
  • Publication
    Family Control and Family Firm Valuation by Family CEOs : The Importance of Intentions for Transgenerational Control
    (InformsOnline, 2012-05) ;
    Kellermanns, Franz W.
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    Chrisman, James J.
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    Chua, Jess H.
    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
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    Scopus© Citations 576
  • Publication
    Entrepreneurial Orientation in long-lived Family Firms
    (Springer Science, 2012-01) ;
    We apply a key construct from the entrepreneurship field, entrepreneurial orientation (EO), in the context of long-lived family firms. Our qualitative in-depth case studies show that a permanently high level of the five EO dimensions is not a necessary condition for long-term success, as traditional entrepreneurship and EO literature implicitly suggest. Rather, we claim that the level of EO is dynamically adapted over time and that the original EO scales (autonomy, innovativeness, risk taking, proactiveness, and competitive aggressiveness) do not sufficiently capture the full extent of entrepreneurial behaviors in long-lived family firms. Based on these considerations we suggest extending the existing EO scales to provide a more fine-grained depiction of firm-level corporate entrepreneurship in long-lived family firms
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    Scopus© Citations 282
  • Publication
    Exploring the Concept of Familiness : Introducing Family Firm Identity
    (Elsevier, 2010-03) ;
    Eddleston, Kimberley H.
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    Kellermanns, Franz W.
    Our paper contributes to the overarching question: "How does the family contribute to firm success?" We add to the nomological net of the familiness construct, by reaching beyond the components of involvement and the essence approach and by introducing organizational identity as a third dimension of familiness. As such, we investigate which families are most likely to build familiness. Specifically, the organizational identity dimension of familiness reflects how the family defines and views the firm, which can facilitate performance advantages through leveraging familiness both internally and externally. Lastly, we discuss how the combinations of components of involvement, essence and identity dimensions of familiness interact and explain why and how some families are a key resource to their firms while others add little value to their organizations.
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    Scopus© Citations 500
  • Publication
    The outperformance of family firms: the role of variance in earnings per share and analyst forecast dispersion on the Swiss market
    (Springer, 2007-06-01) ;
    Meister, Roger
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    Recent studies provide empirical evidence that family firms are outperforming their non-family counterparts in terms of stock market performance. For the Swiss stock market we find that family firms indeed outperform their non-family counterparts after controlling for firm size and beta. In addition, our data shows that family firms display more stable earnings per share in contrast to their non-family counterparts. Furthermore we find that the variance of earnings per share positively affects analyst forecast dispersion. According to anomaly literature, lower analyst forecast dispersion has been found to induce higher excess return, which our data supports for the Swiss stock market. By linking variance of earnings per share, analyst forecast dispersion and stock performance we provide an insightful explanation for the excess stock market returns of family firms. In addition, our text extends the theory of dispersion effect with an additional empirical element, the variance of earnings per share.
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    Scopus© Citations 11