Socioemotional Wealth and Proactive Stakeholder Engagement: Why Family-Controlled Firms Care More About Their Stakeholders

While family business research has prominently recognized that family firms are motivated by nonfinancial factors, the literature has remained relatively silent about whether or not these firms are more likely than others to engage actively with their stakeholders, who often have nonpecuniary demand...

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Bibliographic Details
Published inEntrepreneurship theory and practice Vol. 36; no. 6; pp. 1153 - 1173
Main Authors Cennamo, Carmelo, Berrone, Pascual, Cruz, Cristina, Gomez-Mejia, Luis R.
Format Journal Article
LanguageEnglish
Published Los Angeles, CA Blackwell Publishing Ltd 01.11.2012
SAGE Publications
Sage Publications, Inc
SAGE PUBLICATIONS, INC
Subjects
Analysis
Business
Business studies
Entrepreneurs
Entrepreneurship
Family
Family corporations
Family firms
Family owned businesses
Family-owned business enterprises
Financial economics
Firm theory
Investor relations
Shareholder relations
Socioemotional selectivity theory
Stakeholder
Stakeholders
Studies
Wealth
United States
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Summary:While family business research has prominently recognized that family firms are motivated by nonfinancial factors, the literature has remained relatively silent about whether or not these firms are more likely than others to engage actively with their stakeholders, who often have nonpecuniary demands. This paper argues that family firms are more prone to adopt proactive stakeholder engagement (PSE) activities because by doing so they preserve and enhance their socioemotional wealth (SEW). We explore the impact of the different dimensions of SEW on PSE and identify distinctive logics that explain the adoption of such practices. Finally, we offer a set of topics for future studies.
Bibliography:ark:/67375/WNG-X2X1SPZ0-Z
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ArticleID:ETAP543
ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
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ObjectType-Article-1
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ISSN:1042-2587
1540-6520
DOI:10.1111/j.1540-6520.2012.00543.x