A SOCIOEMOTIONAL WEALTH PERSPECTIVE IN SMALL FAMILY FIRMS

The use of socioemotional wealth (SEW) as a key means of distinguishing family firms from other businesses has received increasing interest in the academic community. It is an important acknowledgement of the non-financial aspects that enter into the decision processes within family firms. In this r...

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Bibliographic Details
Published in:Academy of Entrepreneurship journal 2016-01, Vol.22 (1), p.51
Main Authors: Brannon, David L, Edmond, Verona P
Format: Article
Language:English
Subjects:
Corporate governance
Decision making
Entrepreneurship
Family farms
Family owned businesses
Farms
Management decisions
Researchers
Restaurants
Subsidies
Theory
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Summary:The use of socioemotional wealth (SEW) as a key means of distinguishing family firms from other businesses has received increasing interest in the academic community. It is an important acknowledgement of the non-financial aspects that enter into the decision processes within family firms. In this research article, we support the adoption of SEW to study micro and small sized family businesses, which are frequently ignored in academic management journals. We use real world examples from family farms in a southeastern US state to illustrate the germaneness of the SEW construct, discuss the influence of the SEW dimensions, and discuss how the SEW dimensions may have a stronger significance for micro-sized firms compared to large family businesses. We propose that the inclusion of socio-emotional wealth (SEW) is vital in examining micro and small sized family businesses.
ISSN:1087-9595
1528-2686