Nonfamily Managers, Family Firms, and the Winner's Curse: The Influence of Noneconomic Goals and Bounded Rationality

Family governance and family firm outcomes

“…For instance, the particularistic pursuit of family-centered non-economic goals create intentions to preserve socioemotional wealth (SEW), including family control and influence, binding social ties, emotional attachment, family members' identification with the firm, and renewal of family bonds to the firm through dynastic succession (Berrone et al, 2012;Carney, 2005). The achievement of non-economic goals is contingent upon the family's control of the firm through family governance mechanisms (Chrisman et al, 2014). Hence, when SEW is coupled with family governance components such as family ownership, they are influential on firm strategies, behavior, and performance.…”

The winner’s curse in auctions with losses

“…On the one hand, it appears as an outcome of bounded rationality (Chrisman et al 2014). On the other hand, there may be non-economic reasons why we observe the phenomenon.…”

Entrepreneurial Cognition

“…Further, is this conflict resolved more or less easily (or resolved in a different manner) when the family business has existed for more generations or when it is run by an outside CEO rather than a family CEO? How do non-economic goals often pursued by family members (Chrisman et al 2014) influence their identity conflict? Future research can make important contributions by exploring these and other questions regarding the family-and businessrelated factors behind the emergence and resolution of identity conflict for family owner-managers.…”