Value is in the Eye of the Owner : Affect Infusion and Minimum Acceptable Sale Prices for Private Family Ownership

Drawing on cognitive psychology we develop a conceptual framework that explores how affect biases acceptable sale prices for private family firm ownership. We explore target, personal, and situational features of the subjective valuation process and discuss how these factors drive socioemotional wealth perceptions and thereby alter acceptable sale prices for the ownership stake. Our study contributes to the socioemotional wealth (Gomez-Mejia et al., 2007) and family business literatures.