Dr. Llanos-Contreras, Orlando

Using the socioemotional wealth perspective has resulted in significant advances in the understanding of family firms since this model was proposed in 2007. It is considered the most challenging theoretical framework for these organisations developed in recent years. Based on a systematic literature review from the Web of Science, 120 articles published from 2007 to 2018 were reviewed. The results show that an increasing number of works based on socioemotional wealth have been published to respond to research questions on various topics regarding family businesses. The citations of these articles have also increased greatly, confirming the pervasive influence this perspective has had. This paper explains the principles behind the socioemotional wealth perspective and how it has been used in a number of empirical and theoretical studies. It also proposes an initial discussion of two research questions on a new topic where this perspective has potential to close gaps in existing research.

The purpose of this paper is to determine how family and business priorities influence organisational decline and turnaround in a family business. Design/methodology/approach – Following critical realism as philosophical orientation, this research is based on an exploratory single case study. Findings–This research identified specific socioemotional wealth priorities driving is organisation decline and turn around. The study also determined how the family and business Dynamic leads to decisions that first trigger the organisational decline and then explain the successful implementation of turnaround strategies. Research limitation/implications – Findings of this research provide limited and contingent theoretical generalisation. Accordingly, replication and further quantitative research is required for a better understanding of this phenomenon. Practical implications – Managers can benefit from this paper by noting which behaviour could lead to organisational decline and which factors could lead to a turnaround. Similarly, managers can learn about the importance of the alignment of socioemotional wealth priorities as a critical response factor to determine whether to follow exit strategies or turnaround (succession) actions. Originality value – The study contributes to the organisational decline literature and family business literature. It advances the understanding of how family businesses should balance family and business priorities to avoid organisational decline and identify strategies success fully implemented for turning around.

This paper explores the relationship between the nature of shocks (family vs. business related), the relative importance of socioemotional wealth importance (SEWi) dimensions (family prominence, enrichment and continuity), and the entrepreneurial orientation (EO) of family firms over time. An exploratory multiple case research based on critical realism was conducted to theorize on how shocks define socially constructed time, which in turn explains the social dynamic behind family firms’ priorities and routines exposing EO. By integrating socioemotional wealth (SEW) framework to time and routine framework from organizations studies, it is proposed that shocks determine the formation and speed of evolution of estuaries of time in family firms. This also explains which are the priorities driving decisions of change or stability within these firms as well as the social and emotional dynamic between the family and the businesses explaining changes in EO.