Thomas Zellweger
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Prof. Dr.
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Zellweger
First name
Thomas
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thomas.zellweger@unisg.ch
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+41 71 224 71 00
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  • Publication
    Socioemotional Wealth and Family Firm Performance: Economic Gains from Pursuing Noneconomic Goals
    (Academy of Management, 2013-08-09)
    Madison, Kristen
    ;
    Kellermanns, Franz W.
    ;
    Zellweger, Thomas orcid-logo
    Socioemotional wealth recently emerged as an important distinguishing characteristic between family and nonfamily firms. It is used in extant literature as a theoretical framework to rationalize the behavior of protecting family interests at the expense of financial success. We present socioemotional wealth differently: as a measureable construct, conceptualized through a stewardship theory lens, with empirical support for its positive relationship with family firm financial performance. Results also show hostile environments attenuate the SEW–performance relationship, indicating that firms with high socioemotional wealth are unable to make the necessary strategic adjustments needed to enhance performance in difficult environments.
    Type: conference paper
    Journal: Academy of Management Proceedings
    DOI: 10.5465/AMBPP.2013.13006abstract
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/88886
  • Publication
    Family Firm Valuation by Family FIRM CEOs: The Role of Socioemotional Value
    (FERC, 2009-04-24)
    Zellweger, Thomas orcid-logo
    ;
    Kellermanns, Franz W.
    ;
    Chrisman, James J.
    ;
    Chua, Jess H.
    Based on the contentions of prospect theory that ownership endows possessions with a value premium, this study provides evidence that socioemotional value in family firms influences the monetary value attached to the firm by family owners. Ability to measure socioemotional value is a critical step toward establishing that it has a direct instead of an imputed link to family firm behavior. The results from two different samples of family firm owner-CEOs show that the socioemotional values for their firms increase with their desires for transgenerational sustainability, a distinctive socioemotional attribute of family firm ownership.
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/76188
  • Publication
    Why do firms strive for non-pecuniary performance?
    ( 2008-08-13)
    Zellweger, Thomas orcid-logo
    ;
    Nason, Robert S.
    ;
    Nordqvist, Mattias
    The present paper develops an explanation of non-pecuniary performance of firms, which extends current ethical and financial rational and encompasses multiple levels of stakeholder analysis. Drawing from social identity theory and the literature on organizational reputation, we show that identity overlaps between managers and organizations create an incentive to protect and build corporate reputation, thereby motivating managers to produce non-pecuniary performance outcomes that satisfy reputation forming stakeholders. We suggest that the link between identity overlaps and the incentives to build and protect corporate reputation is moderated by the type of the manager's commitment and provide empirically testable propositions for our claims. We use the family business, a particularly high identity overlap organization, as a context to explore our arguments.
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/77977
  • Publication
    Financial performance of privately held family firms
    (KMU Verlag HSG, 2006-09-18)
    Zellweger, Thomas orcid-logo
    ;
    Halter, Frank
    ;
    Frey, Urs
    ;
    Fueglistaller, Urs
    ;
    Volery, Thierry
    The present text examines how the organizational input variable "family" and the financial output variable "return" are interrelated. This question is crucial since there are serious doubts brought forward by Schulze et al. (2003) whether family firms really exhibit the ideal precondition of low agency costs as hypothesized by Fama and Jensen (1983a and 1983b). Schulze et al. (2003) find that family firms suffer from costly agency conflicts induced by altruism between family principals (e.g. parents) and family agents (e.g. children). Hence there is a need for research that examines the question whether family influence on a firm is boosting or hampering the financial performance.
    Type: conference paper
    URI: https://www.alexandria.unisg.ch/handle/20.500.14171/82505