Value creation in privately held family businesses: The moderating role of socioemotional wealth

被引：16
|
作者：
Martinez-Romero, Maria J. [1 ]
Rojo-Ramirez, Alfonso A. [1 ]
del Pilar Casado-Belmonte, Maria [1 ]
机构：
[1] Univ Almeria, La Canada De San Urbano, Almeria, Spain
来源：
CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION | 2020年 / 37卷 / 03期
关键词：
privately held family businesses; socioemotional wealth; value creation; value drivers; value-based management; VALUE-BASED MANAGEMENT; DEVELOPMENT INVESTMENTS; DYNAMIC CAPABILITIES; CONTROLLED FIRMS; PERFORMANCE; PERSPECTIVE; AGENCY; DETERMINANTS; INFORMATION; OWNERSHIP;
D O I：
10.1002/cjas.1540
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This article examines value creation (VC) in the context of privately held family businesses using a value-based management approach. Namely, this paper assesses the influence of five value drivers (operating profit margin, sales growth, income tax rate, investment rate, and leverage) on the VC of family firms, considering the moderating effect of socioemotional wealth (SEW). Evidence from a sample of 188 Spanish family firms indicates a positive moderating effect of SEW on the relationship between operating profit margin, sales growth, and investment rate, and VC, leading to increases in the value of firms. The results emphasize that the importance of SEW and its variations imply heterogeneous strategic behaviours among family firms, and that economic and emotional goals might be compatible.
引用
收藏
页码：283 / 299
页数：17
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