Which type of advisors do family businesses trust most? An exploratory application of socioemotional selectivity theory

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Authors
Perry, John T.
Ring, J. Kirk
Broberg, J. Christian
Issue Date
2015-09
Type
Article
Language
en_US
Keywords
Family studies , Family dynamics , Familiness , Content analysis , Corporate governance , Quantitative methods , Strategy
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Abstract

In this article, we introduce socioemotional selectivity theory (SEST) from psychology to the family business literature. Applying the theory to family businesses, we argue that a family business's age influences whether it trusts family or professional business advisors most. Consistent with SEST, we find that business age relates to whether the family business emphasizes financial or socioemotional wealth more and that this wealth emphasis relates to whether family members or professional business advisors are trusted most. Based on these findings, we believe that SEST has much to offer to the study of family and nonfamily businesses.

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Citation
Perry, John T.; Ring, J. Kirk; Broberg, J. Christian. 2015. Which type of advisors do family businesses trust most? An exploratory application of socioemotional selectivity theory. Family Business Review, vol. 28:no. 3:pp 211-226
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SAGE Publications
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ISSN
0894-4865
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