In the Horns of the Dilemma: Socioemotional Wealth, Financial Wealth, and Acquisitions in Family Firms
In the Horns of the Dilemma: Socioemotional Wealth, Financial Wealth, and Acquisitions in Family Firms
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DOI：
10.1177/0149206315614375
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发表时间：
2018-04-01
影响因子：
13.5
通讯作者：
Zellweger, Thomas M.
中科院分区：
文献类型：
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作者：
Gomez-Mejia, Luis R.;Patel, Pankaj C.;Zellweger, Thomas M.
我们认为家族企业在战略决策中经常面临一个两难的选择：是维持现有的社会情感财富还是追求未来的财务财富。将这种混合赌博的观点应用于收购，家族所有者评估潜在的收购对财富两个维度的影响。根据这一推理，我们的研究结果表明，家庭控制意味着一般不愿意收购，当收购发生时，对相关目标的偏好。由于财务和社会情感的观点导致很大程度上不兼容的预测收购的发生和相关性，家族企业所有者使用他们的公司的脆弱性作为一个信号。脆弱性的增加导致了一种倾向，即优先考虑金融而不是社会情感财富问题框架，这反映在收购无关的目标。实证结果支持这些预测。
We posit that family firms often face a dilemma in their strategic decision making: whether to maintain current socioemotional wealth or pursue prospective financial wealth. Applying such a mixed gamble perspective to acquisitions, family owners assess potential acquisitions with regard to their impact on both wealth dimensions. In line with this reasoning, our results show that family control implies a general reluctance to acquire and, when an acquisition happens, a preference for related targets. Because financial and socioemotional viewpoints lead to largely incompatible predictions about the occurrence and relatedness of acquisitions, family firm owners use their firm's vulnerability as a signal. Increased vulnerability leads to a heightened propensity to prioritize financial over socioemotional wealth problem framing, which is reflected in the acquisition of unrelated targets. Empirical results are supportive of these predictions.