Sacrifice, Protect, and Hope for the Best: Family Ownership, Turnaround Moves, and Crisis Survival
研究家族企业在生存危机中如何根据所有权高低选择不同的扭亏举措，牺牲或保护社会情感财富，并影响破产概率。对家族企业主和银行重组经理有参考价值。
A critical yet unanswered question for family-owned firms in a survival-threatening crisis is which turnaround moves to employ and for what reasons. Building on noneconomic goals associated with family ownership and related socioemotional wealth (SEW) considerations, we theorize that the higher the degree of family ownership, the more likely family owners are to sacrifice normative SEW dimensions and to protect instrumental SEW dimensions. This then affects which operational, portfolio, financial, and managerial turnaround moves are likely to be employed, and ultimately, the odds of insolvency. Analyzing a unique sample of responses from 209 bank turnaround managers generally confirms our theorizing.