Abstract
The objective of the article is to identify from the perspective of socio-emotional wealth the key challenges that formal advisors cooperating with family businesses face and the factors determining their effective cooperation. The paper has a theoretical character. Using the assumptions of socio-emotional wealth construct the propositions indicating the future research directions were formulated. The main challenge of formal advisors working with family businesses is to understand and accept that socio-emotional wealth is an important point of reference in the process of making strategic decisions. Therefore, one of the most important factors for their effective cooperation is the advisor’s awareness of the importance of SEW for the owners’ family, sources of socio-emotional wealth and the current phase in the life cycle of the family business.
References
Alessandri, T. M., D. Cerrato, and K. A. Eddleston. 2018. “The Mixed Gamble of Internationalization in Family and Nonfamily Firms: The Moderating Role of Organizational Slack.” Global Strategy Journal 8: 46–72, https://doi.org/10.1002/gsj.1201.Search in Google Scholar
Barbera, F., and T. Hasso. 2013. “Do We Need to Use an Accountant? the Sales Growth and Survival Benefits to Family SMEs.” Family Business Review 26 (3): 271–92. https://doi.org/10.1177/0894486513487198.Search in Google Scholar
Basco, R. 2017. ““Where Do You Want to Take Your Family Firm?” A Theoretical and Empirical Exploratory Study of Family Business Goals.” BRQ Business Research Quarterly 20 (1): 28–40. https://doi.org/10.1016/j.brq.2016.07.001.Search in Google Scholar
Berrone, P., C. Cruz, L. R. Gomez-Mejia, and M. Larraza-Kintana. 2010. “Socioemotional Wealth and Corporate Responses to Institutional Pressures: Do Family-Controlled Firms Pollute Less?” Administrative Science Quarterly 55 (1): 82–113. https://doi.org/10.2189/asqu.2010.55.1.82.Search in Google Scholar
Berrone, P., C. Cruz, and L. R. Gómez-Mejía. 2012. “Socioemotional Wealth in Family Firms: Theoretical Dimensions, Assessment Approaches, and Agenda for Future Research.” Family Business Review 25 (3): 258–79. https://doi.org/10.1177/0894486511435355.Search in Google Scholar
Bertschi-Michel, A., N. Kammerlander, and V. M. Strike. 2020. “Unearthing and Alleviating Emotions in Family Business Successions.” Entrepreneurship Theory and Practice 44 (1): 81–108. https://doi.org/10.1177/1042258719834016.Search in Google Scholar
Bertschi-Michel, A., P. Sieger, and N. Kammerlander. 2021. “Succession in Family-Owned SMEs: The Impact of Advisors.” Small Business Economics 56: 1531–51. https://doi.org/10.1007/s11187-019-00266-2.Search in Google Scholar
Bonaccio, S., and R. Dalal. 2010. “Evaluating Advisors: A Policy-Capturing Study under Conditions of Complete and Missing Information.” Journal of Behavioral Decision Making 23: 227–49. https://doi.org/10.1002/bdm.649.Search in Google Scholar
Brigham, K. H., and G. T. Payne. 2019. “Socioemotional Wealth (SEW): Questions on Construct Validity.” Family Business Review 32 (4): 326–9. https://doi.org/10.1177/0894486519889402.Search in Google Scholar
Calabro, A., and D. Mussolino. 2013. “How Do Boards of Directors Contribute to Family SME Export Intensity? the Role of Formal and Informal Governance Mechanisms.” Journal of Management & Governance 17: 363–403. https://doi.org/10.1007/s10997-011-9180-7.Search in Google Scholar
Castanos, C., and D. H. B. Welsh. 2013. “Training Marriage and Family Therapists as Family Business Advisors: A Supervisory Model.” Academy of Entrepreneurship Journal 19 (1): 1–40.Search in Google Scholar
Cennamo, C., P. Berrone, C. Cruz, and L. R. Gomez-Mejia. 2012. “Socioemotional Wealth and Proactive Stakeholder Engagement: Why Family-Controlled Firms Care More about Their Stakeholders.” Entrepreneurship Theory and Practice 36 (6): 1153–73. https://doi.org/10.1111/j.1540-6520.2012.00543.x.Search in Google Scholar
Chrisman, J. J., and P. C. Patel. 2012. “Variations in R&D Investments of Family and Nonfamily Firms: Behavioral Agency and Myopic Loss Aversion Perspectives.” Academy of Management Journal 55 (4): 976–97. https://doi.org/10.5465/amj.2011.0211.Search in Google Scholar
Chrisman, J. J., J. H. Chua, A. W. Pearson, and T. Barnett. 2012. “Family Involvement, Family Influence, and Family–Centered Non–economic Goals in Small Firms.” Entrepreneurship Theory and Practice 36 (2): 267–93. https://doi.org/10.1111/j.1540-6520.2010.00407.x.Search in Google Scholar
Chua, J. H., J. J. Chrisman, L. P. Steier, and S. B. Rau. 2012. “Sources of Heterogeneity in Family Firms: An Introduction.” Entrepreneurship Theory and Practice 36 (6): 1103–13. https://doi.org/10.1111/j.1540-6520.2012.00540.x.Search in Google Scholar
Chung, H. M., and S. T. Chan. 2012. “Ownership Structure, Family Leadership, and Performance of Affiliate Firms in Large Family Business Groups.” Asia Pacific Journal of Management 29 (2): 303–29, https://doi.org/10.1007/s10490-011-9281-5.Search in Google Scholar
Collin, S., J. Ahlberg, K. Berg, P. Broberg, and A. Karlsson. 2017. “The Auditor as Consigliere in Family Firm.” Journal of Family Business Management 7 (1): 2–20. https://doi.org/10.1108/jfbm-08-2016-0019.Search in Google Scholar
Daspit, J. J., J. J. Chrisman, T. Ashton, and N. Evangelopoulos. 2021. “Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward.” Family Business Review 34 (3): 296–322. https://doi.org/10.1177/08944865211008350.Search in Google Scholar
Davis, W. D., C. Dibrell, J. B. Craig, and J. Green. 2013. “The Effects of Goal Orientation and Client Feedback on the Adaptive Behaviors of Family Enterprise Advisors.” Family Business Review 26 (3): 215–34. https://doi.org/10.1177/0894486513484351.Search in Google Scholar
De Hooge, I. E., P. W. J. Verlegh, and S. C. Tzioti. 2014. “Emotions in Advice Taking: The Roles of Agency and Valence.” Journal of Behavioral Decision Making 27: 246–58. https://doi.org/10.1002/bdm.1801.Search in Google Scholar
De Massis, A., and E. Rondi. 2020. “Covid-19 and the Future of Family Business Research.” Journal of Management Studies 57: 1727–31. https://doi.org/10.1111/joms.12632.Search in Google Scholar
Debicki, B. J., F. W. Kellermanns, J. J. Chrisman, A. W. Pearson, and B. A. Spencer. 2016. “Development of a Socioemotional Wealth Importance (SEWi) Scale for Family Firm Research.” Journal of Family Business Strategy 7 (1): 47–57. https://doi.org/10.1016/j.jfbs.2016.01.002.Search in Google Scholar
Deephouse, D. L., and P. Jaskiewicz. 2013. “Do Family Firms Have Better Reputations Than Non-family Firms? an Integration of Socioemotional Wealth and Social Identity Theories.” Journal of Management Studies 50: 337–60. https://doi.org/10.1111/joms.12015.Search in Google Scholar
De Groote, J. K., and A. Bertschi-Michel. 2021. “From Intention to Trust to Behavioral Trust: Trust Building in Family Business Advising.” Family Business Review 34 (2): 132–53. https://doi.org/10.1177/0894486520938891.Search in Google Scholar
Dibrell, C., and E. Memili. 2019. “A Brief History and A Look to the Future of Family Business Heterogeneity: An Introduction.” In The Palgrave Handbook of Heterogeneity Among Family Firms, edited by E. Memili and C. Dibrell, 1–15. Cham: Palgrave Macmillan.10.1007/978-3-319-77676-7_1Search in Google Scholar
Dyck, B., M. Mauws, F. A. Starke, and G. A. Mischke. 2002. “Passing the Baton: The Importance of Sequence, Timing, Technique and Communication in Executive Succession.” Journal of Business Venturing 17: 143–62. https://doi.org/10.1016/s0883-9026(00)00056-2.Search in Google Scholar
Firfiray, S., and L. R. Gomez-Mejia. 2021. “When Is Ambivalence Good for Family Firms? Understanding the Impact of Family Managers’ Emotional Ambivalence on Decision Making.” Entrepreneurship Research Journal 11 (3): 177–89. https://doi.org/10.1515/erj-2021-0181.Search in Google Scholar
Gersick, K. 2015. “Essay on Practice: Advising Family Enterprise in the Fourth Decade.” Entrepreneurship Theory and Practice 39 (6): 1433–50. https://doi.org/10.1111/etap.12176.Search in Google Scholar
Gersick, K. E., J. Davis, M. Hampton, and I. Lansberg. 1997. Generation to Generation: Life Cycles of the Family Business. Boston: Harvard Business School Press.Search in Google Scholar
Gersick, K. E., I. Lansberg, M. Desjardins, and B. Dunn. 1999. “Stages and Transitions: Managing Change in the Family Business.” Family Business Review 12 (4): 287–97. https://doi.org/10.1111/j.1741-6248.1999.00287.x.Search in Google Scholar
Garcés-Galdeano, L., M. Larraza-Kintana, C. García-Olaverri, and M. Makri. 2016. “Entrepreneurial Orientation in Family Firms: The Moderating Role of Technological Intensity and Performance.” The International Entrepreneurship and Management Journal 12: 27–45. https://doi.org/10.1007/s11365-014-0335-2.Search in Google Scholar
Gino, F., J. Shang, and R. Croson. 2009. “The Impact of Information from Similar or Different Advisors on Judgment.” Organizational Behavior and Human Decision Processes 108: 287–302. https://doi.org/10.1016/j.obhdp.2008.08.002.Search in Google Scholar
Gomez-Mejia, L. R., K. Takacs-Haynes, M. Nunez-Nickel, K. J. L. Jacobson, and J. Moyano-Fuentes. 2007. “Socioemotional Wealth and Business Risks in Family-Controlled Firms: Evidence from Spanish Olive Oil Mills.” Administrative Science Quarterly 52 (1): 106–37. https://doi.org/10.2189/asqu.52.1.106.Search in Google Scholar
Gomez-Mejia, L. R., M. Makri, and M. L. Kintana. 2010. “Diversification Decisions in Family-Controlled Firms.” Journal of Management Studies 47: 223–52. https://doi.org/10.1111/j.1467-6486.2009.00889.x.Search in Google Scholar
Gomez-Mejia, L. R., C. Cruz, P. Berrone, and J. De Castro. 2011. “The Bind that Ties: Socioemotional Wealth Preservation in Family Firms.” The Academy of Management Annals 5 (1): 653–707. https://doi.org/10.5465/19416520.2011.593320.Search in Google Scholar
Gomez-Mejia, L. R., J. T. Campbell, G. Martin, R. E. Hoskisson, M. Makri, and D. G. Sirmon. 2014. “Socioemotional Wealth as a Mixed Gamble: Revisiting Family Firm R&D Investments with the Behavioral Agency Model.” Entrepreneurship Theory and Practice 38 (6): 1351–74. https://doi.org/10.1111/etap.12083.Search in Google Scholar
Graves, C., H. X. Shi, and F. Barbera. 2022. “Family-centred Non-economic Goals and the Internationalisation of Family Firms: Evidence from Australia.” International Business Review 31 (4): 101974. https://doi.org/10.1016/j.ibusrev.2022.101974.Search in Google Scholar
Gurd, B., and J. Thomas. 2012. “Family Business Management: Contribution of the CFO.” International Journal of Entrepreneurial Behavior & Research 18 (3): 286–304. https://doi.org/10.1108/13552551211227684.Search in Google Scholar
Hammond, N. L., A. W. Pearson, and D. T. Holt. 2016. “The Quagmire of Legacy in Family Firms: Definition and Implications of Family and Family Firm Legacy Orientations.” Entrepreneurship Theory and Practice 40 (6): 1209–31. https://doi.org/10.1111/etap.12241.Search in Google Scholar
Hauck, J., J. Suess-Reyes, S. Beck, R. Prügl, and H. Frank. 2016. “Measuring Socioemotional Wealth in Family-Owned And-Managed Firms: A Validation and Short Form of the FIBER Scale.” Journal of Family Business Strategy 7 (3): 133–48. https://doi.org/10.1016/j.jfbs.2016.08.001.Search in Google Scholar
Hiebl, M. R. W. 2013. “Bean Counter or Strategist? Differences in the Role of the CFO in Family and Non-family Businesses.” Journal of Family Business Strategy 4 (2): 147–61. https://doi.org/10.1016/j.jfbs.2013.02.003.Search in Google Scholar
Hiebl, M. R. W. 2014. “A Finance Professional Who Understands the Family: Family Firms’ Specific Requirements for Non-family Chief Financial Officers.” Review of Managerial Science 8 (4): 465–94. https://doi.org/10.1007/s11846-013-0112-6.Search in Google Scholar
Hilburt-Davis, J., and P. Senturia. 1995. “Using the Process/content Framework: Guidelines for the Content Expert.” Family Business Review 8 (3): 189–99. https://doi.org/10.1111/j.1741-6248.1995.00189.x.Search in Google Scholar
Holt, D. T., A. W. Pearson, J. C. Carr, and T. Barnett. 2017. “Family Firm(s) Outcomes Model: Structuring Financial and Nonfinancial Outcomes across the Family and Firm.” Family Business Review 30 (2): 182–202. https://doi.org/10.1177/0894486516680930.Search in Google Scholar
Jiang, D. S., F. W. Kellermanns, T. P. Munyon, and M. L. Morris. 2018. “More than Meets the Eye: A Review and Future Directions for the Social Psychology of Socioemotional Wealth.” Family Business Review 31 (1): 125–57. https://doi.org/10.1177/0894486517736959.Search in Google Scholar
Kadis, L. B., and R. McClendon. 2006. “Preserving the Family Business: An Interpersonal Model for Reconciling Relationships.” In Handbook of Family Business & Family Business Consultation: A Global Perspective, edited by F. W. Kaslow, 95–111. Binghamton: International Business Press.Search in Google Scholar
Kammerlander, N. 2022. “Family Business and Business Family Questions in the 21st Century: Who Develops SEW, How Do Family Members Create Value, and Who Belongs to the Family?” Journal of Family Business Strategy 13 (2): 1–7. https://doi.org/10.1016/j.jfbs.2021.100470.Search in Google Scholar
Kellermanns, F. W., K. A. Eddleston, and T. M. Zellweger. 2012. “Extending the Socioemotional Wealth Perspective: A Look at the Dark Side.” Entrepreneurship Theory and Practice 36 (6): 1175–82. https://doi.org/10.1111/j.1540-6520.2012.00544.x.Search in Google Scholar
Kidwell, R. E., K. A. Eddleston, J. J. CaterIII, and F. W. Kellermanns. 2013. “How One Bad Family Member Can Undermine a Family Firm: Preventing the Fredo Effect.” Business Horizons 56 (1): 5–12. https://doi.org/10.1016/j.bushor.2012.08.004.Search in Google Scholar
Kotlar, J., and A. De Massis. 2013. “Goal Setting in Family Firms: Goal Diversity, Social Interactions, and Collective Commitment to Family–Centered Goals.” Entrepreneurship Theory and Practice 37 (6): 1263–88. https://doi.org/10.1111/etap.12065.Search in Google Scholar
Kotlar, J., A. Signori, A. De Massis, and S. Vismara. 2018. “Financial Wealth, Socioemotional Wealth, and IPO Underpricing in Family Firms: A Two-Stage Gamble Model.” Academy of Management Journal 61 (3): 1073–99. https://doi.org/10.5465/amj.2016.0256.Search in Google Scholar
Kubíček, A., L. Dofkova, and O. Machek. 2021. “Advice-seeking Process in Family Businesses: A Qualitative Study.” Journal of Family Business Management 11 (1): 19–31. https://doi.org/10.1108/jfbm-07-2019-0048.Search in Google Scholar
Labaki, R., and M. J. Mustafa. 2023. “The Family Effect: A Compass for Research on Heterogeneity of Family Businesses in Embedded Contexts.” Entrepreneurship Research Journal 13 (3): 533–48, https://doi.org/10.1515/erj-2023-0221.Search in Google Scholar
Le Breton-Miller, I., and D. Miller. 2013. “Socioemotional Wealth across the Family Firm Life Cycle: A Commentary on “Family Business Survival and the Role of Boards.” Entrepreneurship Theory and Practice 37 (6): 1391–7. https://doi.org/10.1111/etap.12072.Search in Google Scholar
Lussier, R. N., and M. C. Sonfield. 2015. ““Micro” versus “Small” Family Businesses: A Multinational Analysis.” Journal of Small Business and Enterprise Development 22 (3): 380–96. https://doi.org/10.1108/jsbed-02-2015-0029.Search in Google Scholar
Mahto, R. V., D. E. Cavazos, A. Calabrò, and J. P. Vanevenhoven. 2021. “CEO Succession Game in Family Firms: Owners vs. Advisors.” Journal of Small Business Management. https://doi.org/10.1080/00472778.2021.1934851.Search in Google Scholar
Martin, G. P., and L. R. Gomez-Mejia. 2016. “The Relationship between Socioemotional and Financial Wealth: Revisiting Family Firm Decision Making.” Management Research: The Journal of the Iberoamerican Academy of Management 14 (3): 215–33. https://doi.org/10.1108/mrjiam-02-2016-0638.Search in Google Scholar
Michael-Tsabari, N., and Y. Lavee. 2012. “Too Close and Too Rigid: Applying the Circumplex Model of Family Systems to First-Generation Family Firms.” Journal of Marital and Family Therapy 38 (s1): 105–16. https://doi.org/10.1111/j.1752-0606.2012.00302.x.Search in Google Scholar
Michael-Tsabari, N., R. Labaki, and R. K. Zachary. 2014. “Toward the Cluster Model: The Family Firm’s Entrepreneurial Behavior over Generations.” Family Business Review 27 (2): 161–85. https://doi.org/10.1177/0894486514525803.Search in Google Scholar
Michel, A., and N. Kammerlander. 2015. “Trusted Advisors in a Family Business’s Succession-Planning Process – an Agency Perspective.” Journal of Family Business Strategy 6 (1): 45–57. https://doi.org/10.1016/j.jfbs.2014.10.005.Search in Google Scholar
Miller, D., and I. Le Breton-Miller. 2014. “Deconstructing Socioemotional Wealth.” Entrepreneurship Theory and Practice 38 (4): 713–20. https://doi.org/10.1111/etap.12111.Search in Google Scholar
Miller, D., and I. Le Breton-Miller. 2021. “Family Firms: A Breed of Extremes?” Entrepreneurship Theory and Practice 45 (4): 663–81. https://doi.org/10.1177/1042258720964186.Search in Google Scholar
Mole, K., D. North, and R. Baldock. 2017. “Which SMEs Seek External Support? Business Characteristics, Management Behaviour and External Influences in a Contingency Approach.” Environment and Planning C: Politics and Space 35 (3): 476–99. https://doi.org/10.1177/0263774x16665362.Search in Google Scholar
Murphy, L., J. Huybrechts, and F. Lambrechts. 2019. “The Origins and Development of Socioemotional Wealth within Next-Generation Family Members: An Interpretive Grounded Theory Study.” Family Business Review 32 (4): 396–424. https://doi.org/10.1177/0894486519890775.Search in Google Scholar
Mustafa, M., R. Labaki, and B. Henssen. 2023. “Psychological Ownership in Heterogeneous Family Firms: A Promising Path and a Call for Further Investigation.” Entrepreneurship Research Journal 13 (3): 631–64, https://doi.org/10.1515/erj-2022-0156.Search in Google Scholar
Naldi, L., C. Cennamo, G. Corbetta, and L. Gomez-Mejia. 2013. “Preserving Socioemotional Wealth in Family Firms: Asset or Liability? the Moderating Role of Business Context.” Entrepreneurship Theory and Practice 37 (6): 1341–60. https://doi.org/10.1111/etap.12069.Search in Google Scholar
Naldi, L., F. Chirico, F. W. Kellermanns, and G. Campopiano. 2015. “All in the Family? an Exploratory Study of Family Member Advisors and Firm Performance.” Family Business Review 28 (3): 227–42. https://doi.org/10.1177/0894486515581951.Search in Google Scholar
Nason, R. S., A. Mazzelli, and M. Carney. 2019. “The Ties that Unbind: Socialization and Business-Owning Family Reference Point Shift.” Academy of Management Review 44 (4): 846–70. https://doi.org/10.5465/amr.2017.0289.Search in Google Scholar
Ng, P. Y., M. Dayan, and A. Di Benedetto. 2019. “Performance in Family Firm: Influences of Socioemotional Wealth and Managerial Capabilities.” Journal of Business Research 102: 178–90. https://doi.org/10.1016/j.jbusres.2019.05.026.Search in Google Scholar
Perry, J. T., J. K. Ring, and J. C. Broberg. 2015. “Which Type of Advisors Do Family Businesses Trust Most? an Exploratory Application of Socioemotional Selectivity Theory.” Family Business Review 28 (3): 211–26. https://doi.org/10.1177/0894486514538652.Search in Google Scholar
Quarchioni, S., R. Ciccola, and M. S. Chiucchi. 2022. “Advising in Family Firms: Shaping Relational Dynamics and Trustful Connections in Strategy Work.” Family Business Review 35 (4): 338–60. https://doi.org/10.1177/08944865221124356.Search in Google Scholar
Rau, S. B., V. Schneider-Siebke, and C. Günther. 2019. “Family Firm Values Explaining Family Firm Heterogeneity.” Family Business Review 32 (2): 195–215. https://doi.org/10.1177/0894486519846670.Search in Google Scholar
Reay, T., A. W. Pearson, and W. Gibb Dyer. 2013. “Advising Family Enterprise: Examining the Role of Family Firm Advisors.” Family Business Review 26 (3): 209–14. https://doi.org/10.1177/0894486513494277.Search in Google Scholar
Reddrop, A., and G. Mapunda. 2015. “Family Businesses: Seekers of Advice.” Journal of Family Business Management 5 (1): 90–115. https://doi.org/10.1108/jfbm-08-2014-0018.Search in Google Scholar
Salvato, C., and G. Corbetta. 2013. “Transitional Leadership of Advisors as a Facilitator of Successors’ Leadership Construction.” Family Business Review 26 (3): 235–55. https://doi.org/10.1177/0894486513490796.Search in Google Scholar
Sawers, D., and R. H. Whiting. 2010. “Perceived Usefulness of Business Succession Planning and Chartered Accountants’ Involvement in the Process.” Small Enterprise Research 17 (1): 87–102. https://doi.org/10.5172/ser.17.1.87.Search in Google Scholar
Schulze, W. G., M. H. Lubatkin, and R. N. Dino. 2003. “Exploring the Agency Conse-Quences of Ownership Dispersion Among the Directors of Private Family Firms.” Academy of Management Journal 46 (2): 179–203. https://doi.org/10.2307/30040613.Search in Google Scholar
Sciascia, S., P. Mazzola, and F. W. Kellermanns. 2014. “Family Management and Profitability in Private Family-Owned Firms: Introducing Generational Stage and the Socioemotional Wealth Perspective.” Journal of Family Business Strategy 5 (2): 131–7. https://doi.org/10.1016/j.jfbs.2014.03.001.Search in Google Scholar
Snyder, H. 2019. “Literature Review as a Research Methodology: An Overview and Guidelines.” Journal of Business Research 104: 333–9. https://doi.org/10.1016/j.jbusres.2019.07.039.Search in Google Scholar
Strike, V. M. 2012. “Advising the Family Firm: Review the Past to Build the Future.” Family Business Review 25 (2): 156–77. https://doi.org/10.1177/0894486511431257.Search in Google Scholar
Strike, V. M. 2013. “The Most Trusted Advisor and the Subtle Advice Process in Family Firms.” Family Business Review 26 (3): 293–313. https://doi.org/10.1177/0894486513492547.Search in Google Scholar
Strike, V. M., and C. Rerup. 2016. “Mediated Sensemaking.” Academy of Management Journal 59 (3): 880–905. https://doi.org/10.5465/amj.2012.0665.Search in Google Scholar
Strike, V. M., A. Michel, and N. Kammerlander. 2018. “Unpacking the Black Box of Family Business Advising: Insights from Psychology.” Family Business Review 31 (1): 80–124. https://doi.org/10.1177/0894486517735169.Search in Google Scholar
Su, E., and J. Dou. 2013. “How Does Knowledge Sharing Among Advisors from Different Disciplines Affect the Quality of the Services provided to the Family Business Client? an Investigation from the Family Business Advisor’s Perspective.” Family Business Review 26 (3): 1–15. https://doi.org/10.1177/0894486513491978.Search in Google Scholar
Suess, J. 2014. “Family Governance: Literature Review and the Development of a Conceptual Model.” Journal of Family Business Strategy 5: 138–55. https://doi.org/10.1016/j.jfbs.2014.02.001.Search in Google Scholar
Swab, R. G., C. Sherlock, E. Markin, and C. Dibrell. 2020. ““SEW” what Do We Know and where Do We Go? A Review of Socioemotional Wealth and a Way Forward.” Family Business Review 33 (4): 424–45. https://doi.org/10.1177/0894486520961938.Search in Google Scholar
Widz, M., and A. Michel. 2018. “Family Firms Advisors and Engagement in Radical Innovation.” Academy of Management Proceedings 1: 12149, https://doi.org/10.5465/ambpp.2018.12149abstract.Search in Google Scholar
Wiseman, R. M., and L. R. Gomez-Mejia. 1998. “A Behavioral Agency Model of Managerial Risk Taking.” Academy of Management Review 23 (1): 133–53. https://doi.org/10.5465/amr.1998.192967.Search in Google Scholar
Zellweger, T. M., and T. Dehlen. 2012. “Value Is in the Eye of the Owner: Affect Infusion and Socioemotional Wealth Among Family Firm Owners.” Family Business Review 25 (3): 280–97. https://doi.org/10.1177/0894486511416648.Search in Google Scholar
Zellweger, T. M., F. W. Kellermanns, J. J. Chrisman, and J. H. Chua. 2012. “Family Control and Family Firm Valuation by Family CEOs: The Importance of Intentions for Transgenerational Control.” Organization Science 23 (3): 851–68. https://doi.org/10.1287/orsc.1110.0665.Search in Google Scholar
© 2023 Walter de Gruyter GmbH, Berlin/Boston
Articles in the same Issue
- Frontmatter
- Competitive Research Articles
- Entrepreneurship in the Age of Social Media
- Entrepreneurship Trainings and Human Capital Endowment: When Learning from External Sources Does (Not) Increase Performance
- Entrepreneurial Passion: A Key Driver of Social Innovations for Tourism Firms
- Effects of Firm-Level Entrepreneurship Orientation on Digital Transformation in SMEs: The Moderating Role of Strategic Agility
- Boomerang Entrepreneurs and the Declining Home City’s Place Image: Away on the Brain Drain Flow and Back on the Homesick Flow
- The Entrepreneurial Intention-Action Relationships among Young Entrepreneurs: A Taxonomy-Based Perspective
- Exploring the Behaviours of Small Business Entrepreneurs in the Gastro-Dining Industry: Risks, Relationships and Gourmet Chefs in Action
- An Advisor to a Family Business. Main Challenges from the Perspective of Socio-Emotional Wealth (SEW)
Articles in the same Issue
- Frontmatter
- Competitive Research Articles
- Entrepreneurship in the Age of Social Media
- Entrepreneurship Trainings and Human Capital Endowment: When Learning from External Sources Does (Not) Increase Performance
- Entrepreneurial Passion: A Key Driver of Social Innovations for Tourism Firms
- Effects of Firm-Level Entrepreneurship Orientation on Digital Transformation in SMEs: The Moderating Role of Strategic Agility
- Boomerang Entrepreneurs and the Declining Home City’s Place Image: Away on the Brain Drain Flow and Back on the Homesick Flow
- The Entrepreneurial Intention-Action Relationships among Young Entrepreneurs: A Taxonomy-Based Perspective
- Exploring the Behaviours of Small Business Entrepreneurs in the Gastro-Dining Industry: Risks, Relationships and Gourmet Chefs in Action
- An Advisor to a Family Business. Main Challenges from the Perspective of Socio-Emotional Wealth (SEW)