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Thomas Zellweger
Title
Prof. Dr.
Last Name
Zellweger
First name
Thomas
Email
thomas.zellweger@unisg.ch
ORCID
Phone
+41 71 224 71 00
Google Scholar
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1 - 4 of 4
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PublicationSocioemotional Wealth and Family Firm Performance: Economic Gains from Pursuing Noneconomic GoalsSocioemotional 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 paperJournal: Academy of Management Proceedings
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PublicationHow Socioemotional Wealth biases Survival Risk Perceptions among Family Firm OwnersApplying 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 priceType: conference paperVolume: Paper Session 609
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PublicationFamily Firm Valuation by Family FIRM CEOs: The Role of Socioemotional ValueBased 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
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PublicationA note on socioemotional wealth as a determinant of family firm valuations by family owners( 2008-07-02)
;Kellermanns, Franz W. ;Chrisman, James J.Chua, Jess H.Type: conference paper