Emotional Ownership

Abstract

“The Next Generations” in family firms are the key to the survival of the sector, yet gaps remain in the knowledge about their relationship with the firm. This research focuses on the determinants of this relationship. The concept of emotional ownership emerged as an explanatory variable in a qualitative study, followed by a quantitative study, where the authors report the development of a robust measure and identify its key predictors using a large sample. Results include confirmation that emotional ownership is orthogonal to actual ownership, yet an outcome of behaviors, structures, and strategies within the control of families and their firms.

“SEW” What Do We Know and Where Do We Go? A Review of Socioemotional Wealth and a Way Forward

“…Explain topics surrounding transgenerational control intentions and succession alternatives (Björnberg & Nicholson, 2012;Strike et al, 2015;Zellweger, Kellermanns, Chrisman, & Chua, 2012); intrafamily succession opportunities create both positive and negative influences on innovation activities (Hauck & Prügl, 2015) • Blurs the boundaries between family and business as economic downturns, illness, divorce, succession conflict, death, and failure can greatly affect decisionmaking processes and the setting of future goals (Dunn, 1999;Gersick et al, 1997;Shepherd et al, 2009) • Family members' satisfaction with the firm is the most appropriate performance measure (Mahto et al, 2010 (Björnberg & Nicholson, 2012;Strike et al, 2015;Zellweger, Kellermanns, Chrisman, & Chua, 2012) • Intrafamily succession opportunities create both positive and negative influences on innovation activities (Hauck & Prügl, 2015).…”

From Intention to Trust to Behavioral Trust: Trust Building in Family Business Advising

“…Similarly, the perception of trust seems to be highly influenced by an advisors' ability to interact in a personal way that strongly accords with SEW considerations (Berrone et al, 2012) and to equally involve key employees and informal family decision makers. Finally, the display of behavioral trust, again, seems to be highly dependent on owner managers' personal traits affecting their willingness to take risks and on the family business's unique aspects, such as routines, culture and their emotional ownership depending on the generation (Björnberg & Nicholson, 2012).…”

Family governance systems: the complementary role of constitutions and councils

“…The main function of these meetings is 'to achieve, maintain, and increase family members' unity both among themselves and with their family business' (Gallo & Kenyon-Rouvinez, 2005, p. 53). The purpose of the family assembly and family council has to do with cultivating trust and a shared vision amongst family members (Gnan & Montemerlo, 2006) to enhance their emotional commitment to and identification with the family and the firm (Bj€ ornberg & Nicholson, 2012). Similarly, the family assembly and family council improve family communication (Labaki, 2011;Suess, 2014) and offer an orderly and structured vehicle to convey the needs and expectations of the family with respect to the firm (Aronoff & Ward, 2016;Eckrich & McClure, 2012;Nordqvist & Melin, 2010).…”