Values as antecedents of socio-emotional wealth behaviour in family firms

Ruf, Philipp Julian; Moog, Petra; Rius, Imanol Belausteguigoitia

doi:10.1504/ijesb.2020.106944

Cited by 6 publications

(5 citation statements)

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“…The mutual knowledge prevailing among family members drives dynamic capacities which positively impact on business performance and value creation (Pacheco, 2019). Ruf et al . (2020) report that individual and collective family values are the main drivers of family firm behaviour, changing over time and leading to different effects across the different SEW dimensions, which reflect in family firm strategic decisions, above all in how these companies manage their businesses through different approaches.…”

Section: Thematic Groupsmentioning

confidence: 99%

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

Marques

Leitão²,

Ferreira³

et al. 2023

IJEBR

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PurposeAdopting the research concept of socioemotional wealth (SEW) as applied to family firm leaders, this study aims to analyse the literature on succession and corporate governance processes in family firms in keeping with this still developing concept and thereby not only contributing to advancing knowledge on this field but also proposing a conceptual model of analysis and a future research agenda.Design/methodology/approachThe authors carried out a review and systematisation of the literature according to its different thematic groups through recourse to VOSviewer software and content analysis to establish a systematised and integrated structure of the reference literature based on a sample of 218 studies published and indexed on the Web of Science and SCOPUS databases between 2010 and 2021.FindingsThe results portray five leading clusters, specifically, (1) SEW and family firm performance; (2) SEW and the focus on leadership as a precursor to succession; (3) family firms, SEW and corporate social governance; (4) family firm innovation and performance; and (5) family ownership and management. The authors then put forward a conceptual model of analysis both to better integrate these topics and as a proposition for application in future research projects.Originality/valueThe study provides a new and solid systematisation of the literature and supports the argument that family firms concentrating on developing the leader's SEW increase the probability of structuring a successful succession process as well as the likelihood of achieving higher quality corporate governance.

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Section: Thematic Groupsmentioning

confidence: 99%

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

Marques

Leitão²,

Ferreira³

et al. 2023

IJEBR

View full text Add to dashboard Cite

show abstract

“…Jiang et al (2018) recently proposed that many of the challenges the concept of SEW faces can be addressed by looking through a social-psychology lens and, as mentioned, values have long been deemed to be a substantial part of SEW, motivating distinct family firm behavior (Berrone et al, 2012; Gómez-Mejía et al, 2007; Jiang et al, 2018; Ruf et al, 2020). Thus far, and to the best knowledge of the authors, however, no attempt has been made to take a closer look at which values influence and motivate this SEW behavior.…”

Section: Introductionmentioning

confidence: 99%

Back to the Roots: Applying the Concept of Individual Human Values to Understand Family Firm Behavior

Ruf

Graffius

Wolff

et al. 2020

Family Business Review

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This study examines the influence of individual owner-manager values on the different dimensions of socioemotional wealth in family firms. We argue that values of owner-managers in family firms are one of the underlying motivators for socioemotional wealth behavior and used structural equation modeling to test the assumed connection. The results of our data set with 1,003 cases show, in accordance with Schwartz’s value dimensions, that social- and person-oriented values influence different dimensions of the FIBER scale. Our findings help understand the importance of individual values, advance socioemotional wealth research, and contribute to the understanding of family firm behavior.

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“…Therefore, many academic studies as well as policy makers and policy consulting institutions (Mandl, 2008;Ruf et al, 2020) take into account another important characteristic of family business -overlapping with familiness, ownership and management (Astrachan et al, 2002;Davis, 2001;Habbershon et al, 2003, p. 20,003;Tagiuri & Davis, 1996): their willingness to sustain, maintain and hand-over the business in their region to a second, third or further generations (Rau et al, 2019;Ruf et al, 2021). This notion of 'generation' has surprisingly often been over-looked (Rovelli et al, 2021).…”

Section: Appendix a Sources Of Data And Measurement Of Family Businessmentioning

confidence: 99%

“…To obtain a more hands-on insight what this embeddedness and familiness with a longterm orientation might mean, this idea embraces, that family business and especially their decision-making owners have personal values (Ruf et al, 2020). Following those values, their behavior is affected resulting in socioemotional wealth (SEW) actions (Berrone et al, 2012) and setting corporate social responsibility (CSR) management goals and activities (Carroll, 2009;European Commission, 2002, which are not solely following economic principles and profit making, but showing a responsibility towards their values (Grözinger et al, 2021;Ruf et al, 2021) and thus often meaning towards their home region (Basco, 2015;Zellweger et al, 2010).…”

Section: Appendix B Family Business and Local Contextmentioning

confidence: 99%

“…Schwartz (2012) stated that relations within the family are most critical but can include other primary groups. As Ruf et al, (2020) or Grözinger et al, (2021) show, this value specifically embraces local responsibility and wanting to give something back to the community where the family business could start and thrive. Ruf et al, (2021) provide a strong connection and impact of this specific value of benevolence on the SEW behavior of family business owners and their firms.…”

Section: Appendix B Family Business and Local Contextmentioning

confidence: 99%

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The geography of the continuum of entrepreneurship activities—a first glance based on German data

et al. 2022

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The characterization of how entrepreneurial a region or country is, has generally been shaped by a narrow view of what actually constitutes entrepreneurship. In the case of Germany, this has led to a characterization of Germany as not being particularly entrepreneurial. Such a view is at odds with the remarkable, high-performing family business, widely held to be the backbone of the economy. The purpose of this paper is to suggest that the interpretation prevalent in entrepreneurship literature is problematic due to a too narrow operationalization of the entrepreneurship concept. As Zahra (2007; 2014) emphasized, context matters for entrepreneurship, especially on a local or spatial level. One particular organizational manifestation of entrepreneurship, family business, may be congruent in specific spatial and institutional contexts but not in others. Other geographic and institutional contexts may be congruent with the contrasting startups. Thus, an important and novel contribution of this paper is to analyze the geography of family business as distinct from startups: two ends of the entrepreneurship continuum, embedded in different kinds of entrepreneurial ecosystems. We generate innovative maps working with official data, showing the distinct distribution of both kinds of entrepreneurship in different ecosystems. These findings are connected with spatial effects, living conditions and lead to recommendations for policy measures. The paper focuses on Germany, because startups as well as family business are prevalent and can be found in all regions.

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Values as antecedents of socio-emotional wealth behaviour in family firms

Cited by 6 publications

References 0 publications

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

The socioemotional wealth of leaders in family firm succession and corporate governance processes: a systematic literature review

Back to the Roots: Applying the Concept of Individual Human Values to Understand Family Firm Behavior

The geography of the continuum of entrepreneurship activities—a first glance based on German data

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