“…Such family businesses do not make decisions purely based on economic reasons, but, rather, based on their motivation to preserve “socioemotional wealth” (SEW; e.g. Berrone, Cruz, and Gomez-Mejia 2012; Cennamo et al 2012; Kupp, Habel, and Schmitz 2019). One aspect of SEW is the family firms’ social relationships, which include “time-honored vendors and suppliers, who may be viewed as, or might actually be, members of the family” (Berrone, Cruz, and Gomez-Mejia 2012, p. 263).…”