Strategy

Family-controlled Firms and Stakeholder Management

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In this chapter, we review the existing literature on the intersection between stakeholder management and family firms. We address the main tenets of institutional theory and the stakeholder management approach and their application to the family business context. Following that, we take a socioemotional wealth approach to argue that protecting this wealth may be the strongest motivation for family owners to not only attend to economically relevant stakeholders but also to address the need of secondary or fringe constituencies, even when doing so is not rewarded with significant profits. We conclude with a set of three broad research questions that will expand the boundaries of this emerging field of inquiry.
Bibliographic citation: Berrone, Pascual; Cruz, C.; Gómez-Mejía, Luis R., "Family-controlled Firms and Stakeholder Management: A Socioemotional Wealth Preservation Perspective". In: Leif Melin, Mattias Nordqvist, Pramodita Sharma. The Sage Handbook of Family Business. Thousand Oaks, CA: Sage Publications, 2013. pp 179 - 195
Date: 30/11/2013
Author(s): Berrone, Pascual; Cruz, C.; Gómez-Mejía, Luis R.
Document type: Chapter
Editor(s): Cátedra Schneider Electric de Sostenibilidad y Estrategia
Languages: English