Article2016

Going back to the roots of socioemotional wealth

31 citations0/0 files storedManagement Research The Journal of the Iberoamerican Academy of Management

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Family Business Performance and Succession Job Satisfaction and Organizational Behavior Financial Literacy, Pension, Retirement Analysis

Abstract

Abstract Purpose This commentary elaborates further upon the work by Martin and Gomez-Mejia (this issue) about the two-way relationship between financial wealth and socioemotional wealth (SEW). This paper aims to provide a better understanding of the micro-foundations of the SEW approach, and how the research community could further develop it based on the SEW behavioral roots. Design/methodology/approach The paper explores recent refinements of the SEW approach, its underpinnings, limitations and potential. It undertook a review of the behavioral foundations of SEW, exploring the implications of those foundations in the interplay between SEW and financial wealth. It also examines aspects of SEW that are still under researched using behavioral lens, as well as some ideas about how the field could move forward. Findings The authors note that the SEW approach has become so widespread that some are wrongly using it just as an "umbrella term" to account for the non-economic utilities of family owners, forgoing its theoretical roots and implications. Drawing on its theoretical foundations, the authors theorize on the limitations of the SEW approach when wrongly used, and on its potential when properly applied. The main conclusion is that if the SEW approach aims at becoming a dominant paradigm in the family business field, then going back to its behavioral foundations is needed. Research limitations/implications The main conclusion is that if the SEW approach aims at becoming a dominant paradigm in the family business field, then going back to its behavioral foundations is needed. Originality/value Overall, this work calls for the use of a "back-to-the-basics" strategy, in which the field clearly understands the original purpose of the SEW perspective, as well as its limitations and potential to become a dominant paradigm in the family business field.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1992Advances in prospect theory: Cumulative representation of uncertainty 2009The Uppsala internationalization process model revisited: From liability of foreignness to liability of outsidership 2007Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills 2005How do family ownership, control and management affect firm value?2012Socioemotional Wealth in Family Firms 2011The Bind that Ties: Socioemotional Wealth Preservation in Family Firms 1998A Behavioral Agency Model of Managerial Risk Taking

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2022Emotions, identity, social bonds and commitment to the family business: moderating role of controlling generation 2019Value creation in privately held family businesses: The moderating role of socioemotional wealth 2021Socioemotional wealth (SEW) as the driver of business performance in family businesses in Bosnia and Herzegovina: the mediating role of transformational leadership

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