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

Abstract

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.

Scientometric Analysis of Research on Socioemotional Wealth

“…All in all, it is can be stated that the growth of scientific production in the family firm area is due, to some extent, to the appearance of the concept of socioemotional wealth. We, therefore, agree with Brigham and Payne [34] and Swab et al [35] when they state that the onset of socioemotional wealth on the agenda of many researchers has led to progress in the analysis of family firms' behavior. As can be observed, the researchers' preoccupation focuses more on the analysis of internal aspects than on other factors external to this type of business [36].…”

“…This paper focuses on socioemotional wealth as it is one of the distinctive attributes of family firms [32], which sets them apart from other types of businesses [33]. Moreover, we agree with Brigham and Payne [34] and Swab et al [35] when they state that, to some extent, the rise and consolidation of the research on family firms are due to the appearance of the concept of socioemotional wealth, especially considering the definition by Gómez-Mejía et al [2] and their measurement based on the model proposed by Berrone et al [33]. According to Gómez-Mejía et al [2], socioemotional wealth relates to the "non-financial aspects of the firm that meet the family's affective needs, such as identity, the ability to exercise family influence, and the perpetuation of the family dynasty" (p. 106).…”

“…According to Gómez-Mejía et al [2], socioemotional wealth relates to the "non-financial aspects of the firm that meet the family's affective needs, such as identity, the ability to exercise family influence, and the perpetuation of the family dynasty" (p. 106). Furthermore, Swab et al [35] state that the model proposed by Berrone et al [33], that is, the FIBER model (Family, Identification, Binding, Emotional and Renewal) has been the most used one to measure socioemotional wealth. Indeed, the academia now recognizes socioemotional wealth as an essential factor both for the identity of family firms [36] and of the family itself [37] and its performance [38].…”

Can family firms nurture socioemotional wealth in the aftermath of Covid-19? Implications for research and practice

“…The first dimension of SEW signifies the owning family’s desire to control and influence the firm as a means of preserving their SEW ( Swab et al, 2020 ). The ability to control the firm can be directly exerted by assuming key positions such as the CEO or the chairman of the board, or indirectly by appointing members of the top management team.…”

The Centrality of Family

“…We had 16 articles published in the four issues, along with five editorials. Topics ranged from new spins on traditional topics such as succession (Campopiano et al, 2020), innovation (Becerra et al, 2020), and socioemotional wealth (Swab et al, 2020) to more contemporary topics such as political activity (Combs et al, 2020) and metaphorical interpretations (Tognazzo & Neubaum, 2020).…”