Socioemotional Favoritism: Evidence from Foreign Divestitures in Family Multinationals
研究了家族跨国企业中家族CEO与非家族CEO在撤资外国子公司时的差异，发现家族CEO更不愿撤资，尤其不愿撤资具有情感价值的子公司。
We theorize how family and non-family CEOs in family multinational enterprises (FMNEs) divest foreign subsidiaries. In doing so, we propose an integrative framework that supplements the socioemotional wealth perspective by introducing the notion of socioemotional favoritism. Using this framework, we hypothesize and find that family CEOs are less likely to divest than non-family CEOs by analyzing 161 Korean manufacturing FMNEs between 1998 and 2003. We also find that family CEOs avoid divesting foreign subsidiaries with larger affective endowments, particularly those under family control through threshold ownership and those located in host countries where families have already lost ownership of subsidiaries through past divestitures. We conclude by discussing the implications of our findings for the family firm literature.