Forschungsbericht - Privat gehaltene Familienunternehmen finanzieren sich in
der Regel zuerst über eigene Mittel, um ihre Unabhängigkeit nicht zu gefährden. Zudem können sie aufgrund bewusst tiefer gehaltenen Kapitalkosten auch ganz andere Investitionsprojekte tätigen als Nicht-Familienunternehmen. Dies ergab eine Studie des Family Business Centers an der Universität St. Gallen im Auftrag des Wirtschaftsprüfungs- und Beratungsunternehmens Ernst & Young.
Our paper contributes to the overarching question: "How does the family contribute to firm success?" We add to the nomological net of the familiness construct, by reaching beyond the components of involvement and the essence approach and by introducing organizational identity as a third dimension of familiness. As such, we investigate which families are most likely to build familiness. Specifically, the organizational identity dimension of familiness reflects how the family defines and views the firm, which can facilitate performance advantages through leveraging familiness both internally and externally. Lastly, we discuss how the combinations of components of involvement, essence and identity dimensions of familiness interact and explain why and how some families are a key resource to their firms while others add little value to their organizations.
Drawing on the Affect Infusion Model (AIM) from cognitive psychology we develop a conceptual framework that explains how affect related to corporate ownership impacts the formation of socioemotional wealth perceptions among family firm owners reflected in altered subjective value perceptions for the ownership stake. We explore target, personal, and situational features in the subjective valuation process for the ownership stake and explain how these factors mediate the relationship between affect and socioemotional wealth perceptions. We further our understanding about the level of bias in family owners' subjective firm value assessments and offer new approaches for socioemotional wealth research
Drawing on cognitive psychology we develop a conceptual framework that explores how affect biases acceptable sale prices for private family firm ownership. We explore target, personal, and situational features of the subjective valuation process and discuss how these factors drive socioemotional wealth perceptions and thereby alter acceptable sale prices for the ownership stake. Our study contributes to the socioemotional wealth (Gomez-Mejia et al., 2007) and family business literatures.
The Global Family Business Index comprises the largest 500 family firms around the globe. It provides impressive evidence of the economic power and relevance of family firms in the world.
The index is compiled by the Center for Family Business at the University of St.Gallen, Switzerland, in cooperation with EY's Global Family Business Center of Excellence.
