Going private: A socioemotional wealth perspective on why family controlled companies decide to leave the stock-exchange

Boers, Börje; Ljungkvist, Torbjörn; Brunninge, Olof; Nordqvist, Mattias

doi:10.1016/j.jfbs.2017.01.005

Cited by 35 publications

(40 citation statements)

References 54 publications

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“…The identity (I), binding ties (B), and emotional attachment (E) dimensions are often used to describe both internal and external motivations related to noneconomic goals. Our review illustrates that these three dimensions of SEW can exist independently of one another (e.g., Debicki et al, 2016) but also complement each other to explain SEW and the strategic decision making of family firms (e.g., Berrone et al, 2010; Boers et al, 2017). For instance, Berrone et al (2012) suggest that the emotional attachment and identification of family members are likely to vary with changes in ownership.…”

Section: Discussionmentioning

confidence: 84%

“SEW” What Do We Know and Where Do We Go? A Review of Socioemotional Wealth and a Way Forward

Swab

Sherlock

Markin

et al. 2020

Family Business Review

146

127

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This analysis provides a review of family business literature concerning the application of socioemotional wealth (SEW) and its extension through the FIBER framework. Specifically, we answer Brigham and Payne’s call by assessing the multidimensionality of the SEW construct, the interrelatedness of the dimensions, and its specificity to family firms. We contribute to the literature by conducting a systematic review of the SEW literature and examining the applications of the FIBER dimensions, noting the evolution of specific research themes. Last, using necessary condition analysis, we provide four conceptual inferences regarding the assumptions of SEW to provide a way forward.

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Section: Discussionmentioning

confidence: 84%

“SEW” What Do We Know and Where Do We Go? A Review of Socioemotional Wealth and a Way Forward

Swab

Sherlock

Markin

et al. 2020

Family Business Review

146

127

View full text Add to dashboard Cite

show abstract

“…This indicates that the green dumpers are addressing environmental variables not only in response to their environmental awareness (Kuckertz & Wagner, 2010) but also from the perspective of expansion and profit. This indicates the presence of a “mixed gamble” (Boers, Ljungkvist, Brunninge, & Nordqvist, 2017) regarding environmental and economic awareness. The small manufacturing businesses with the highest growth and profitability act according to a “good enough” attitude, that is, their low values for waste management are compensated for by relatively high values in the three other measured environmental areas, indicating that waste management incurs relatively high costs.…”

Section: Discussionmentioning

confidence: 99%

“…However, the factor balance within each cluster appears to be sensitive. Regardless of EO, a low level of one of the environmental variables can result in better financial results, implying a mixed gamble (Boers et al, 2017) in which several companies (i.e., a cluster) have identified the value of not developing a particular type of costly environmental practice, resulting in higher growth and profitability.…”

Section: Discussionmentioning

confidence: 99%

A taxonomy of ecopreneurship in small manufacturing firms: A multidimensional cluster analysis

Ljungkvist

Andersén

2020

Bus Strat Env

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This study presents a multidimensional taxonomy of “ecopreneurship” for small manufacturing firms. Based on a cluster analysis of 312 Swedish firms, four distinct clusters are identified: pioneers, green dumpers, overlookers, and recyclers. These clusters are compared regarding their level of entrepreneurial orientation and firm performance. Based on the results, and because of the resource constraints associated with small firms, managers of such companies are advised to examine the economic consequences of specific environmental business practices and to adopt a less aggregated approach to ecopreneurship. This study illustrates the usefulness of a multidimensional scale when researching environmental behaviors and is a response to the lack of an empirically based classification of ecopreneurship configurations.

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“…(Schulze & Kellermanns, 2015). Os estudos empíricos utilizam, em sua maioria, proxies de controle para inferir a SEW (Boers et al, 2017;Hauck et al, 2016;Miller & Le Breton-Miller, 2014), porém, o conceito é centrado nas emoções envolvidas no processo decisório.…”

Section: Resultados Da Sewunclassified

“…Primeiro, as empresas familiares foram definidas a partir de sua essência e não dos componentes do envolvimento familiar, que são uma condição necessária, mas não suficiente para distinguir uma empresa familiar de uma não familiar Dawson & Mussolino, 2014). Segundo, os dados para medir SEW foram coletados diretamente com as empresas familiares; com isso, é atendido o chamado de diversos autores em favor da utilização de dados primários para testar o efeito da SEW como um conceitochave na diferenciação das empresas familiares (Boers, Ljungkvist, Brunninge, & Nordqvist, 2017;Debicki et al, 2016;Hauck, Suess-Reyes, Beck, Prügl, & Frank, 2016;Miller & Le Breton-Miller, 2014;Schulze & Kellermanns, 2015). Terceiro, ao fazer uma diferenciação entre as empresas familiares e as possíveis combinações que as levam à efetividade no processo decisório de seus conselhos, contribui-se para a discussão da heterogeneidade em empresas familiares Chua et al, 2012), evitando a visão dicotômica entre empresas familiares e não familiares.…”

Section: Contribuiçõesunclassified

Efetividade das decisões em conselhos de administração de empresas familiares: uma abordagem configuracional.

Parente¹

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The objective of this study was to answer the following research question: What do make the board of directors of family firms be effective in strategic decisions? Therefore, the configurational approach was adopted, since there are multiple ways of achieving effectiveness in strategic decisions. Conceptually, strategic decisions were considered effective when reached or exceeded the results previously established by the decision makers. In relation to family firms, they were defined based on sociometional wealth (SEW), which consists of the importance attached by decision-makers to the non-economic benefits generated to the family from the company's operations. The dimensions of SEW combined with the roles and psychosocial processes of boards of directors generate different configurations that lead to effectiveness in strategic decisions. To demonstrate this, a survey with 59 family firms was carried out in Brazil. The respondents were board members who participated in a strategic decision-making in these firms. The results show that there are multiple ways to achieve effectiveness in strategic decisions. Among the core factors, the roles of control and mediation are necessary conditions, as well as the use of knowledge and skills and cognitive conflict. It is also possible to identify three different family business profiles from SEW. The first attaches little importance to family continuity in the business in their decisions, the second does not give importance to family prominence, and the third considers all SEW atributes in their decisions. Even with different reference points, these firms can be effective in their strategic decisions. This research has theoretical and practical implications, especially for reinforcing the argument that there is no single way to achieve a result, and the effectiveness of boards of directors goes beyond the control and service functions, being linked to the strategic decision effectiveness.

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Going private: A socioemotional wealth perspective on why family controlled companies decide to leave the stock-exchange

Cited by 35 publications

References 54 publications

“SEW” What Do We Know and Where Do We Go? A Review of Socioemotional Wealth and a Way Forward

“SEW” What Do We Know and Where Do We Go? A Review of Socioemotional Wealth and a Way Forward

A taxonomy of ecopreneurship in small manufacturing firms: A multidimensional cluster analysis

Efetividade das decisões em conselhos de administração de empresas familiares: uma abordagem configuracional.

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