Thomas Zellweger
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Prof. Dr.
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Zellweger
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Thomas
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thomas.zellweger@unisg.ch
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+41 71 224 71 00
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Socioemotional Wealth and Family Firm Performance: Economic Gains from Pursuing Noneconomic Goals

2013-08-09 , Madison, Kristen , Kellermanns, Franz W. , Zellweger, Thomas

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.

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Family Firm Valuation by Family Firm CEOs

2008-11-23 , Zellweger, Thomas , Kellermanns, Franz W. , Chrisman, James J. , Chua, Jess H.

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Total Value: Determining the True Value of Privately Held Firms.

2005-04-04 , Zellweger, Thomas

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How Socioemotional Wealth biases Survival Risk Perceptions among Family Firm Owners

2011-08-15 , Zellweger, Thomas , Dehlen, Tobias , Kellermanns, Franz W.

Applying 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 price

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A note on socioemotional wealth as a determinant of family firm valuations by family owners

2008-07-02 , Zellweger, Thomas , Kellermanns, Franz W. , Chrisman, James J. , Chua, Jess H.

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Publication

Total Value - oder vom Wert des Glücks

2006-07-05 , Zellweger, Thomas

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Family Firm Valuation by Family FIRM CEOs: The Role of Socioemotional Value

2009-04-24 , Zellweger, Thomas , 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.

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Why do firms strive for non-pecuniary performance?

2008-08-13 , Zellweger, Thomas , 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.

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Was ist wertvoll?

2005-12-05 , Zellweger, Thomas

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