The Nexus Between Religiosity and Socioemotional Wealth in Family Firms’ Mergers and Acquisitions Decisions
通过研究德国、奥地利和瑞士21家家族企业的并购决策，发现宗教家族企业更厌恶损失，优先考虑社会情感财富的即时损失而非未来收益，并基于基督教伦理强调社会利益，如员工福祉和排除不道德目标。
This study examines how religiosity influences managerial decision-making in family firms under the consideration of socioemotional wealth. Through qualitative research on mergers and acquisitions (M&A) decisions, we examine the dynamics of 21 family firms in Germany, Austria, and Switzerland. The study reveals distinct differences between secular and religious family firms with regard to the underlying decision mechanisms and associated M&A outcomes. Specifically, we show that religious family firms demonstrate heightened loss aversion, prioritizing immediate socioemotional wealth losses over potential future gains, which makes them more cautious about pursuing M&A and diversification. Additionally, ethical and moral considerations rooted in Christian ethics lead religious family firms to emphasize societal (non-self-serving) interests (e.g., prioritizing employee well-being and excluding unethical targets), surpassing self-interested financial and socioemotional wealth objectives. These findings offer nuanced insights into the decision-making processes of religious family firm actors, while also advancing the understanding of the socioemotional wealth concept.