Socioemotional wealth and business risks in family-controlled firms:: Evidence from Spanish olive oil mills

• 成果类型: Article
• 署名作者: Gomez-Mejia, Luis R.; Haynes, Katalin Takacs; Nunez-Nickel, Manuel; Jacobson, Kathyrn J. L.; Moyano-Fuentes, Jose
• 署名单位: Arizona State University; Arizona State University-Tempe; Texas A&M University System; Texas A&M University College Station; Mays Business School; Universidad Carlos III de Madrid; Universidad de Jaen
• 刊物名称: ADMINISTRATIVE SCIENCE QUARTERLY
• ISSN/ISSBN: 0001-8392
• DOI: 10.2189/asqu.52.1.106
• 发表日期: 2007
• 页码: 106-137
• 关键词: EMPIRICAL-EXAMINATION; prospect-theory; performance; AGENCY; return; management; strategy; MODEL; COMPENSATION; PERSPECTIVES

摘要

This paper challenges the prevalent notion that family-owned firms are more risk averse than publicly owned firms. Using behavioral theory, we argue that for family firms, the primary reference point is the loss of their socioemotional wealth, and to avoid those losses, family firms are willing to accept a significant risk to their performance; yet at the same time, they avoid risky business decisions that might aggravate that risk. Thus, we propose that the predictions of behavioral theory differ depending on family ownership. We confirm our hypotheses using a population of 1,237 family-owned olive oil mills in Southern Spain who faced the choice during a 54-year period of becoming a member of a cooperative, a decision associated with loss of family control but lower business risk, or remaining independent, which preserves the family's socioemotional wealth but greatly increases its performance hazard. As shown in this study, family firms may be risk willing and risk averse at the same time.