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Financial Distress in Family and Non-Family-Controlled Firms
Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.ORCID iD: 0000-0002-3742-542X
Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).ORCID iD: 0000-0002-1376-6801
2016 (English)In: Academy of Management Proceedings, January 2016 (Meeting Abstract Supplement) 12016 / [ed] John Humphreys, 2016Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

In this study we heed the call from a growing number of scholars to extend our understanding of performance differences between family and non-family firms. Drawing on the mixed gamble logic of the behavioral agency model and the socioemotional wealth prospective, we provide a more fine-grained understanding of the unique role and diverse logic of dominant owners in relation to performance outcomes. Our findings suggest that family firms are the worst among the best (i.e. among firms that do not experience financial distress, they perform worse) and the best among the worst (i.e. among firms that experience financial distress, they perform better), which we attribute to the fact that family owners have more firm specific current wealth to lose (including not only financial wealth but also SEW), and as such respond differently to financial distress.

Place, publisher, year, edition, pages
2016.
Keyword [en]
Behavioral agency, financial distress, mixed gamble logic
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hj:diva-34747DOI: 10.5465/AMBPP.2016.12029abstractOAI: oai:DiVA.org:hj-34747DiVA: diva2:1066151
Conference
76th Annual Meeting of the Academy of Management, Anaheim, August 5-9, 2016.
Available from: 2017-01-17 Created: 2017-01-17 Last updated: 2017-01-17Bibliographically approved

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Chirico, FrancescoBaù, Massimo

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  • apa
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