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Socioemotional Wealth in Family Businesses

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Entrepreneurial Family Businesses

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Abstract

Socioemotional wealth in private companies is a very important asset. 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 important role 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.

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Notes

  1. 1.

    The owner of the family enterprise. Many times, it is the figurehead of the whole family.

  2. 2.

    Available at https://www.thefbcg.com/Secrecy%2D%2DA-Family-Business-Vice/.

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Authors and Affiliations

  1. Faculty of Business and Economics, South East European University, Tetovo, North Macedonia

    Veland Ramadani

  2. Bryan School of Business and Economics, University of North Carolina at Greensboro, Greensboro, NC, USA

    Esra Memili

  3. Faculty of Business and Administration, International University of Sarajevo, Sarajevo, Bosnia and Herzegovina

    Ramo Palalić

  4. Neil Griffin College of Business, Arkansas State University, State University, Arkansas, USA

    Erick P. C. Chang

Authors
  1. Veland Ramadani
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  2. Esra Memili
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  3. Ramo Palalić
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  4. Erick P. C. Chang
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Ramadani, V., Memili, E., Palalić, R., Chang, E.P.C. (2020). Socioemotional Wealth in Family Businesses. In: Entrepreneurial Family Businesses. Springer Texts in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-47778-3_6

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