Family owners' fear of losing socio-emotional wealth: Implications for firm innovativeness

Hu, Qilin and Hughes, Mathew and Hughes, Paul (2023) Family owners' fear of losing socio-emotional wealth: Implications for firm innovativeness. Long Range Planning, 56 (5): 102263. ISSN 0024-6301

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Abstract

By integrating literature on behavioral agency theory and fear as an emotional lens, we develop a theoretical framework explaining how family owners' fear of losing specific dimensions of socio-emotional endowments influence family firm innovativeness. Our analysis of data from a two-phased, multi-respondent, matched survey (n = 407) at two different time points from family SMEs (n = 207) in manufacturing industries in Chongqing, China, shows that socio-emotional preferences, and the fear attached to losing specific endowments, activate or constrain innovativeness. Family owners' fear of losing family control and influence increases firm innovativeness, as do family owners' fear of losing guanxi (social bonds). However, family owners' fear of losing identification with the business among family members decreases firm innovativeness, as do family owners' fear of being unable to renew family bonds. By deepening current understanding of fear and the perceived danger of losing socio-emotional wealth as determinants of firm innovativeness, our findings offer important implications for theory and practice, correcting for the inattention to sentiments and emotional preferences family owners may or may not have towards specific socio-emotional dimensions in their strategic choices.

Item Type:
Journal Article
Journal or Publication Title:
Long Range Planning
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/2000/2003
Subjects:
?? innovativenessfamily firmsocio-emotionalfearlossemotionbehavioral agency theoryfamily ownerfinancestrategy and managementgeography, planning and development ??
ID Code:
205781
Deposited By:
Deposited On:
03 Oct 2023 08:30
Refereed?:
Yes
Published?:
Published
Last Modified:
16 Jul 2024 00:17