The Perceived Utility of Owning an Agricultural Family Business: Disentangling the Role of Emotional Attachment in Divestment and Reinvestment Decisions
Abstract
One of the main characteristics of family businesses lies in their owners’ pursuit of financial and non-financial utility. One core dimension of non-financial utility is emotional attachment. However, we know little about the role of emotional attachment in shaping the owners’ divestment or reinvestment decisions in volatile, uncertain and ambiguous environments. Based on an in-depth case study of a displaced agricultural family that lost its business in Colombia, we investigate the role of family members’ perceived emotional attachment and financial utility in shaping their strategic decisions. Our findings broaden the notion of emotional attachment to comprise the family, the former family business, and the land, identifying six utility patterns. These patterns capture combinations of perceived emotional attachment and financial utility. We label these patterns hybrid family, family control, family splitting, entrepreneurial family, family safety and accommodating family utility, and find that they play a crucial role in each family member’s preference for divestment and/or reinvestment decisions. The experience of trauma influenced two utility patterns favoured by women. This article contributes to the family business literature by advancing our knowledge of utility combinations transcending generations and ownership statuses in their preferred divestment and reinvestment decisions.
Funding source: Universidad Antonio Nariño - UAN (High-Level Training Program PFAN)
Funding source: COLFUTURO
-
Research funding: This work was supported by Universidad Antonio Nariño - UAN (High-Level Training Program PFAN) and COLFUTURO.
References
Adams, A. F.III., G. E. MannersJr., J. H. Astrachan, and P. Mazzola. 2004. “The Importance of Integrated Goal Setting: The Application of Cost-Of-Capital Concepts to Private Firms.” Family Business Review 17 (4): 287–302. https://doi.org/10.1111/j.1741-6248.2004.00019.x.Search in Google Scholar
Aguinis, H., I. Villamor, S. G. Lazzarini, R. S. Vassolo, J. E. Amorós, and D. G. Allen. 2020. “Conducting Management Research in Latin America: Why and What’s in it for You?” Journal of Management 46 (5): 615–36. https://doi.org/10.1177/0149206320901581.Search in Google Scholar
Aldrich, H. E., and P. H. Kim. 2007. “A Life Course Perspective on Occupational Inheritance: Self-Employed Parents and Their Children.” Research in the Sociology of Organizations 25: 33–82. https://doi.org/10.1016/s0733-558x(06)25002-x.Search in Google Scholar
Amato, S., and A. Patuelli. 2023. Firms in Territories: The Local Roots of Family Firms. Switzerland, Cham: Springer Nature.10.1007/978-3-031-31793-4_4Search in Google Scholar
Angelo, P. 2017. “The Colombian Peace Process: Trial and Error.” Survival 59 (1): 135–48. https://doi.org/10.1080/00396338.2017.1282680.Search in Google Scholar
Aparicio, J. R. 2017. “Affective Capitalism, Humanitarianism and Extractivism in Colombia: Old and New Borders for Future Times.” Cultural Studies 31 (2–3): 331–52. https://doi.org/10.1080/09502386.2017.1303431.Search in Google Scholar
Akhter, N., P. Sieger, and F. Chirico. 2016. “‘If We Can’t Have it, Then No One Should: Shutting Down versus Selling in Family Business Portfolios.” Strategic Entrepreneurship Journal 10 (4): 371–94. https://doi.org/10.1002/sej.1237.Search in Google Scholar
Astrachan, J. H., and P. Jaskiewicz. 2008. “Emotional Returns and Emotional Costs in Privately Held Family Businesses: Advancing Traditional Business Valuation.” Family Business Review 11 (2): 139–49. https://doi.org/10.1111/j.1741-6248.2008.00115.x.Search in Google Scholar
Barredy, C., and S. Casperez. 2023. “A Turn of Events: The Case of the Repurchase of Champagne Taittinger.” Long Range Planning 56 (5): 102241. https://doi.org/10.1016/j.lrp.2022.102241.Search in Google Scholar
Basco, R. 2017a. “Epilogue: Multiple Embeddedness Contexts for Entrepreneurship.” In Contextualizing Entrepreneurship in Emerging Economies and Developing Countries, edited by M. Ramirez Pasillas, E. Brundin, and M. Markowska, 329–36. Cheltenham: Edward Elgar.10.4337/9781785367533.00032Search in Google Scholar
Basco, R. 2017b. “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): 28–44. https://doi.org/10.1016/j.brq.2016.07.001.Search in Google Scholar
Bauer, F., S. Schriber, D. Degischer, and D. King. 2018. “Contextualizing Speed and Cross-Border Acquisition Performance: Labor Market Flexibility and Efficiency Effects.” Journal of World Business 53 (2): 290–301. https://doi.org/10.1016/j.jwb.2018.01.001.Search in Google Scholar
Belloso Martin, N. 2017. “Transitional Justice: The Renounce of the Cannot Give?” Quaestio Iuris 10 (1): 333–64. https://doi.org/10.12957/rqi.2017.25941.Search in Google Scholar
Bernhard, F., and R. Labaki. 2016. “To Sell or Not to Sell? The Financial and Socio-Emotional Dilemma of the Ownership Decision in the Family Business.” In International Fragmentation: Impacts and Prospects for Manufacturing, Marketing, Economy, and Growth, edited by A. Arora, and S. Bacouel-Jentjens, 141–51. London: Palgrave-Macmillan.10.1007/978-3-319-33846-0_8Search in Google Scholar
Berrone, P., C. Cruz, and L. R. Gomez-Mejia. 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
Bierl, P., and N. Kammerlander. 2019. “Family equity as a transgenerational mechanism for entrepreneurial families.” Journal of Family Business Management, https://doi.org/10.1108/JFBM-09-2018-0043.Search in Google Scholar
Björnberg, Å., and N. Nicholson. 2012. “Emotional Ownership: The Next Generation’s Relationship with the Family Firm.” Family Business Review 25 (4): 374–90. https://doi.org/10.1177/0894486511432.Search in Google Scholar
Brundin, E., and P. Sharma. 2012. “Love, Hate, and Desire: The Role of Emotional Messiness in the Business Family.” In Understanding Family Businesses: Undiscovered Approaches, Unique Perspectives, and Neglected Topics, edited by A. Carsrud, and M. Brännback, 55–71. New York: Springer.10.1007/978-1-4614-0911-3_5Search in Google Scholar
Castro-Nunez, A., O. Mertz, A. Buritica, C. C. Sosa, and S. T. Lee. 2017. “Land Related Grievances Shape Tropical Forest-Cover in Areas Affected by Armed-Conflict.” Applied Geography 85 (Supplement C): 39–50. https://doi.org/10.1016/j.apgeog.2017.05.007.Search in Google Scholar
Chen, C., S. Zhang, and G. Liu. 2024. “Family Business Origin and Investment Preference: An Empirical Study of Imprinting Theory.” The British Accounting Review 56 (5). https://doi.org/10.1016/j.bar.2023.101273.Search in Google Scholar
Cheshire, L., C. Meurk, and M. Woods. 2013. “Decoupling Farm, Farming and Place: Recombinant Attachments of Globally Engaged Family Farmers.” Journal of Rural Studies 30: 64–74, https://doi.org/10.1016/j.jrurstud.2012.11.005.Search in Google Scholar
Chirico, F., L. R. Gomez-Mejia, K. Hellerstedt, M. Withers, and M. Nordqvist. 2020. “To Merge, Sell, or Liquidate? Socioemotional Wealth, Family Control, and the Choice of Business Exit.” Journal of Management 46 (8): 1342–79. https://doi.org/10.1177/0149206318818723.Search in Google Scholar
Chua, J. H., J. J. Chrisman, A. de Massis, and H. Wang. 2018. “Reflections of Family Firm Goals and the Assessment of Performance.” Journal of Family Business Strategy 9 (2): 107–13. https://doi.org/10.1016/j.jfbs.2018.02.001.Search in Google Scholar
Crandall, R. 2002. “Clinton, Bush and Plan Colombia.” Survival 44 (1): 159–72. https://doi.org/10.1080/00396338.2002.9688545.Search in Google Scholar
Cruz, C., and H. Arredondo. 2016. “Going Back to the Roots of Socioemotional Wealth.” Management Research: Journal of the Iberoamerican Academy of Management 14 (3): 234–43. https://doi.org/10.1108/mrjiam-07-2016-0678.Search in Google Scholar
Cujabante Villamil, X. A. 2016. “La comunidad internacional y su partici-pación en los procesos de paz en Colombia.” Equidad & Desarrollo 26 (July–December): 207–22, https://doi.org/10.19052/ed.3479.Search in Google Scholar
Danes, S. M., N. Fitzgerald, and K. C. Doll. 2000. “Financial and Relationship Predictors of Family Business Goal Achievement.” Journal of Financial Counseling and Planning 11 (2): 43–51.Search in Google Scholar
De Massis, A., K. A. Eddleston, I. Hatak, R. H. Humphrey, and Y. Tang. 2023. “Emotions in the Strategic Management of Family Business Organizations: Opening up the Black Box.” Long Range Planning 56 (5): 102373. https://doi.org/10.1016/j.lrp.2023.102373.Search in Google Scholar
Feyerabend, P. 1993. Against method. London: Verso.Search in Google Scholar
Feito-Ruiz, I., and S. Menéndez-Requejo. 2010. “Family Firm Mergers and Acquisitions in Different Legal Environments.” Family Business Review 23: 60–75.10.1177/0894486509353419Search in Google Scholar
Feldman, E., R. Amit, and B. Villalonga. 2019. “Family Firms and the Stock Market Performance of Acquisitions and Divestitures.” Strategic Management Journal 40 (5): 757–80. https://doi.org/10.1002/smj.2999.Search in Google Scholar
Fletcher, D., A. de Massis, and M. Nordqvist. 2016. “Qualitative Research Practices and Family Business Scholarship: A Review and Future Research Agenda.” Journal of Family Business Strategy 7 (1): 8–25. https://doi.org/10.1016/j.jfbs.2015.08.001.Search in Google Scholar
Firchow, P. 2017. “Do Reparations Repair Relationships? Setting the Stage for Reconciliation in Colombia.” International Journal of Transitional Justice 11 (2): 315–38. https://doi.org/10.1093/ijtj/ijx010.Search in Google Scholar
Fuad, M., V. Thakur, and A. K. Sinha. 2021. “Entry Timing as a Mixed Gamble in Cross-Border Acquisition Waves: A Study of Family Firms.” Family Business Review 34 (3): 323–41. https://doi.org/10.1177/08944865211026175.Search in Google Scholar
Fuad, M., V. Thakur, C. Pattnaik, and R. Jain. 2024. “Family Firms and the Mixed Gamble Perspective in Cross-Border Acquisitions: A Study of Indian Firms.” International Business Review 33 (1): 102205. https://doi.org/10.1016/j.ibusrev.2023.102205.Search in Google Scholar
Gomez-Mejia, L. R., and I. Herrero. 2022. “Back to Square One: The Measurement of Socioemotional Wealth (SEW).” Journal of Family Business Strategy 13 (4): 100480. https://doi.org/10.1016/j.jfbs.2021.100480.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
Gómez-Mejía, L. R., K. T. Haynes, M. Núnez-Nickel, K. J. 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.Search in Google Scholar
Gomez-Mejia, L. R., A. Mendoza-Lopez, C. Cruz, P. Duran, and H. Aguinis. 2024. “Socioemotional Wealth in Volatile, Uncertain, Complex, and Ambiguous Contexts: The Case of Family Firms in Latin America and the Caribbean.” Journal of Family Business Strategy 15 (1): 100551, https://doi.org/10.1016/j.jfbs.2022.100551.Search in Google Scholar
Gomez-Mejia, L. R., P. C. Patel, and T. M. Zellweger. 2018. “In the Horns of the Dilemma: Socioemotional Wealth, Financial Wealth, and Acquisitions in Family Firms.” Journal of Management 44 (4): 1369–97. https://doi.org/10.1177/0149206315614375.Search in Google Scholar
Gomez-Suarez, A., and J. Newman. 2013. “Safeguarding Political Guarantees in the Colombian Peace Process: Have Santos and FARC Learnt the Lessons from the Past?” Third World Quarterly 34 (5): 819–37. https://doi.org/10.1080/01436597.2013.800747.Search in Google Scholar
Gruner, S. 2017. “Territory, Autonomy, and the Good Life: Afro-Colombian and Indigenous Ethno-Territorial Movements in Colombia’s Peace Process.” Journal of Latin American and Caribbean Anthropology 22 (1): 174–82. https://doi.org/10.1111/jlca.12269.Search in Google Scholar
Hamilton, E., A. Discua Cruz, and S. Jack. 2017. “Re-framing the Status of Narrative in Family Business Research: Towards an Understanding of Families in Business.” Journal of Family Business Strategy 8 (1): 3–12. https://doi.org/10.1016/j.jfbs.2016.11.001.Search in Google Scholar
Hayward, M., R. Hunt, and D. Miller. 2022. “How Vulnerability Enriches Family Firm Relationships: A Social Exchange Perspective.” Journal of Family Business Strategy 13 (1): 100450. https://doi.org/10.1016/j.jfbs.2021.100450.Search in Google Scholar
Hussinger, K., and A. Issah. 2019. “Firm Acquisitions by Family Firms: A Mixed Gamble Approach.” Family Business Review 32 (4): 354–77. https://doi.org/10.1177/0894486519885544.Search in Google Scholar
Isen, A. M. 2001. “An Influence of Positive Affect on Decision Making in Complex Situations: Theoretical Issues with Practical Implications.” Journal of Consumer Psychology 11 (2): 75–85. https://doi.org/10.1207/153276601750408311.Search in Google Scholar
James, A. E., E. Hadjielias, M. Guerrero, A. Discua Cruz, and R. Basco. 2020. “Entrepreneurial Families in Business across Generations, Context, and Cultures.” Journal of Family Business Management 11 (4): 355–67. https://doi.org/10.1108/jfbm-01-2020-0003.Search in Google Scholar
Jaskiewicz, P., and W. G. Dyer. 2017. “Addressing the Elephant in the Room: Disentangling Family Heterogeneity to Advance Family Business Research.” Family Business Review 30 (2): 111–8. https://doi.org/10.1177/0894486517700469.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): 100470. https://doi.org/10.1016/j.jfbs.2021.100470.Search in Google Scholar
Kellermanns, F. W., C. Dibrell, and C. Cruz. 2014. “The Role and Impact of Emotions in Family Business Strategy: New Approaches and Paradigms.” Journal of Family Business Strategy 5 (3): 277–9. https://doi.org/10.1016/j.jfbs.2014.08.002.Search in Google Scholar
King, D. R., O. Meglio, L. Gomez-Mejia, F. Bauer, and A. de Massis. 2022. “Family Business Restructuring: A Review and Research Agenda.” Journal of Management Studies 59 (1): 197–235. https://doi.org/10.1111/joms.12717.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., H. Fang, A. de Massis, and F. Frattini. 2014. “Profitability Goals, Control Goals, and the R&D Investment Decisions of Family and Nonfamily Firms.” Journal of Product Innovation Management 31 (6): 1128–45. https://doi.org/10.1111/jpim.12165.Search in Google Scholar
Kotlar, J., A. de Massis, M. Wright, and F. Frattini. 2018. “Organizational Goals: Antecedents, Formation Processes and Implications for Firm Behavior and Performance.” International Journal of Management Reviews 20: S3–S18. https://doi.org/10.1111/ijmr.12170.Search in Google Scholar
Kavadis, N., and X. Castañer. 2015. “Who Drives Corporate Restructuring? Co-existing Owners in French Firms.” Corporate Governance: An International Review 23: 417–33. https://doi.org/10.1111/corg.12108.Search in Google Scholar
Labaki, R., and G. Hirigoyen. 2020. “The Strategic Divestment Decision in the Family Business through the Real Options and Emotional Lenses.” In Handbook of Research on the Strategic Management of Family Businesses, edited by Barros Palma-Ruiz, and Gnan, 244–79. Hershey, USA: IGI Global.10.4018/978-1-7998-2269-1.ch012Search in Google Scholar
Labaki, R., M. Cherni, and L. Sauveé. 2022. “The Neglected Enterprising Family in Agriculture: A Review and a Proposal for a Research Agenda in Management Sciences.” Journal of Enterprising Culture 30 (3): 241–78. https://doi.org/10.1142/S0218495822300013.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
Leahy, J., and P. Lyons. 2021. “Place Attachment and Concern in Relation to Family Forest Landowner Behavior.” Forests 12 (3): 295, https://doi.org/10.3390/f12030295.Search in Google Scholar
Lewicka, M. 2011. “Place Attachment: How Far Have We Come in the Last 40 Years?” Journal of Environmental Psychology 31 (3): 207–30, https://doi.org/10.1016/j.jenvp.2010.10.001.Search in Google Scholar
Low, S. M. 1992. “Symbolic Ties that Bind: Place Attachment in the Plaza.” In Place Attachment, edited by I. Altman, and S. M. Low. New York and London: Plenum Press.10.1007/978-1-4684-8753-4_8Search in Google Scholar
Memili, E., and C. Dibrell. 2019. The Palgrave Handbook of Heterogeneity Among Family Firms. UK: Springer.10.1007/978-3-319-77676-7Search in Google Scholar
McHugh, K. E., and R. C. Mings. 1996. “The Circle of Migration: Attachment to Place and Aging.” Annals of the Association of American Geographers 86 (3): 530–50. https://doi.org/10.1111/j.1467-8306.1996.tb01765.x.Search in Google Scholar
Meertens, D., and M. Zambrano. 2010. “Citizenship Deferred: The Politics of Victimhood, Land Restitution and Gender Justice in the Colombian (Post?) Conflict.” International Journal of Transitional Justice 4 (2): 189–206. https://doi.org/10.1093/ijtj/ijq009.Search in Google Scholar
Montañez Gómez, G. 2016. “Territories for Peace in Colombia: Between Life Process and Capital.” Bitácora Urbano Territorial 26 (2): 11. https://doi.org/10.15446/bitacora.v26n2.59298.Search in Google Scholar
Moyer, S. K., and N. E. Chalofsky. 2008. “Understanding the Selection and Development of Life Goals of Family Business Owners.” Journal of Enterprising Culture 16 (1): 19–53. https://doi.org/10.1142/s021849580800003x.Search in Google Scholar
Nordqvist, M., G. Marzano, E. R. Brenes, G. Jimenez, and M. Fonseca-Paredes. 2011. “Understanding Entrepreneurial Family Businesses in Uncertain Environments: The Case of Latin America.” In Understanding Entrepreneurial Family Businesses in Uncertain Environments: Opportunities and Resources in Latin America, edited by M. Nordqvist, G. Marzano, E. R. Brenes, G. Jimenez, and M. Fonseca Paredes, 1–29. Cheltenham: Edward Elgar.10.4337/9781849804738.00008Search in Google Scholar
Nordqvist, M., A. Hall, and L. Melin. 2009. “Qualitative Research on Family Businesses: The Relevance and Usefulness of the Interpretive Approach.” Journal of Management and Organization 15 (3): 294–308. https://doi.org/10.5172/jmo.2009.15.3.294.Search in Google Scholar
OACP. 2016. Acuerdo final para la terminación del conflicto y la construcción de una paz estable y duradera. Noviembre 24 de 2016. Oficina del Alto Comisionado para la Paz. Available from: http://www.altocomisionadoparalapaz.gov.co/mesadeconversaciones/PDF/24-1480106030.11-1480106030.2016nuevoacuerdofinal-1480106030.pdf.Search in Google Scholar
Pieper, T. M. 2007. Cohesion in Family Business with Dispersed Shareholdings. PhD diss., Östrich-Winkel: European Business School.Search in Google Scholar
Pieper, T. M. 2010. “Non Solus: Toward a Psychology of Family Business.” Journal of Family Business Strategy 1 (1): 26–39. https://doi.org/10.1016/j.jfbs.2010.02.003.Search in Google Scholar
Ramirez-Pasillas, M., H. Lundberg, and M. Nordqvist. 2021. “Next Generation External Venturing Practices in Family Owned Businesses.” Journal of Management Studies 58 (1): 63–103. https://doi.org/10.1111/joms.12566.Search in Google Scholar
Randerson, K., C. Bettinelli, A. Fayolle, and A. Anderson. 2015. “Family Entrepreneurship as a Field of Research: Exploring its Contours and Contents.” Journal of Family Business Strategy 6 (3): 143–54. https://doi.org/10.1016/j.jfbs.2015.08.002.Search in Google Scholar
Reay, T. 2014. “Publishing Qualitative Research.” Family Business Review 27 (2): 95–102. https://doi.org/10.1177/0894486514529209.Search in Google Scholar
Rieple, A., and S. Snijders. 2018. “The Role of Emotions in the Choice to Adopt, or Resist, Innovations by Irish Dairy Farmers.” Journal of Business Research 85: 23–31. https://doi.org/10.1016/j.jbusres.2017.11.039.Search in Google Scholar
Rowles, G. D. 1990. “Place Attachment Among the Small Town Elderly.” Journal of Rural Community Psychology 11 (1): 103–20.Search in Google Scholar
Steiner Sætre, A., and A. Van de Ven. 2021. “Generating Theory by Abduction.” Academy of Management Review 46 (4): 684–701. https://doi.org/10.5465/amr.2019.0233.Search in Google Scholar
Tagiuri, R., and J. Davis. 1992. “On the Goals of Successful Family Companies.” Family Business Review 5 (1): 43–62. https://doi.org/10.1111/j.1741-6248.1992.00043.x.Search in Google Scholar
Townsend, D. M., L. W. Busenitz, and J. D. Arthurs. 2010. “To Start or Not to Start: Outcome and Ability Expectations in the Decision to Start a New Venture.” Journal of Business Venturing 25 (2): 192–202. https://doi.org/10.1016/j.jbusvent.2008.05.003.Search in Google Scholar
UNHCR. 2024. “The Americas – Regional Overview.” Global Appeal 2024. Retrieved from The Americas|Global Focus 1–4.Search in Google Scholar
Vazquez, P., and H. Rocha. 2018. “On the Goals of Family Firms: A Review and Integration.” Journal of Family Business Strategy 9 (2): 94–106. https://doi.org/10.1016/j.jfbs.2018.02.002.Search in Google Scholar
Villanueva, J., and H. J. Sapienza. 2009. “Goal Tolerance, outside Investors, and Family Firm Governance.” Entrepreneurship Theory and Practice 33 (6): 1193–9. https://doi.org/10.1111/j.1540-6520.2009.00340.x.Search in Google Scholar
Williams, R. I.Jr., T. M. Pieper, F. W. Kellermanns, and J. H. Astrachan. 2018. “Family Firm Goals and Their Effects on Strategy, Family and Organization Behavior: A Review and Research Agenda.” International Journal of Management Reviews 20 (S1): S63–S82. https://doi.org/10.1111/ijmr.12167.Search in Google Scholar
Williams, R. I.Jr., T. M. Pieper, F. W. Kellermanns, and J. H. Astrachan. 2019. “Family Business Goal Formation: A Literature Review and Discussion of Alternative Algorithms.” Management Review Quarterly 69 (3): 329–49, https://doi.org/10.1007/s11301-019-00155-8.Search in Google Scholar
Zahra, S. A., and P. Sharma. 2004. “Family Business Research: A Strategic Reflection.” Family Business Review 17 (4): 331–46. https://doi.org/10.1111/j.1741-6248.2004.00022.x.Search in Google Scholar
Zellweger, T. M., and J. H. Astrachan. 2008. “On the Emotional Value of Owning a Firm.” Family Business Review 21 (4): 347–63. https://doi.org/10.1177/08944865080210040106.Search in Google Scholar
© 2025 Walter de Gruyter GmbH, Berlin/Boston