Socioemotional Wealth in Family Businesses

Veland Ramadani, Erick P. C. Chang, Ramo Palalić and Esra Memili
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Veland Ramadani: South East European University
Erick P. C. Chang: Arkansas State University
Ramo Palalić: Sultan Qaboos University
Esra Memili: University of North Carolina at Greensboro

Chapter 3 in Entrepreneurial Family Businesses, 2024, pp 57-75 from Springer

Abstract: Abstract Socioemotional wealth in private companies is a very important phenomenon. As the family business grows and develops further, it gives an impression to the public of its current status. However, perceptions about this issue are different among family members and employees, and thus, a different attitude in family firms, toward the socioemotional wealth, exists. This chapter portrays the nature and importance of socioemotional wealth, and how it is being created and maintained over time. Moreover, it compares family with non-family businesses concerning the socioemotional wealth. Also, the chapter elaborates on tools and mechanisms to create the socioemotional wealth. Other issues and positive practices are explored and narrated.

Keywords: Socioemotional wealth; FIBER; Family’s unity; Control and influence; Family’s identity; Binding social ties; Family’s image; Family’s reputation; Family’s dynasty; Emotional attachment; Family’s CSR; Family’s transparency; Family’s mechanisms (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-59261-4_3

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DOI: 10.1007/978-3-031-59261-4_3

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