Authors: Philipp Julian Ruf; Petra M. Moog; Imanol Belausteguigoitia Rius
Addresses: Chair for Entrepreneurship and Family Business, University of Siegen, Unteres Schloss 3, 57072 Siegen, Germany ' Chair for Entrepreneurship and Family Business, University of Siegen, Unteres Schloss 3, 57072 Siegen, Germany ' Instituto Tecnológico Autónomo de México (ITAM), Campus Santa Teresa, Av. Camino a Santa Teresa #930, Col. Héroes de Padierna, Alc. Magdalena Contreras, 10700 Ciudad de México, Mexico
Abstract: Research has shown that family firms differ from their non-family counterparts in terms of strategic behaviour. Socio-emotional wealth (SEW) is a homegrown theory in this context explaining differences in decision-making by acknowledging the unique connection between a family and their business. This paper contributes to the ongoing research related to the theory of socio-emotional wealth by investigating individual, family and family business values as antecedents and underlying motivators for SEW behaviour, influencing strategic decision-making in family firms, directly and as a mediator via SEW. A qualitative study was performed to analyse this connection and the effects on strategic decisions made in family firms. The outcomes show that individual and collective family values are the main drivers of SEW behaviour, changing over time and leading to a different focus on the dimensions of SEW, which is then represented in the strategic decisions made in the family business.
Keywords: family firm; socio-emotional wealth; SEW; values; strategy; decision-making.
International Journal of Entrepreneurship and Small Business, 2020 Vol.40 No.1, pp.83 - 113
Accepted: 26 Apr 2019
Published online: 21 Apr 2020 *