Thomas M. Zellweger

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F amily firms are thought to pursue nonfinancial goals that provide socioemotional wealth, but socioemotional wealth is feasible only with family control of the firm. Using prospect theory, we hypothesize that socioemotional wealth increases with the extent of current control, duration of control, and intentions for transgenerational control, thus adding to(More)
states that the assumptions behind the capital asset pricing model, in particular the irrelevance of time horizon, do not correspond to the characteristics of firms that prefer long-term investment horizons. I show that family firms display a longer time horizon than most of their nonfa-mily counterparts, since (1) family firms display a longer CEO tenure,(More)
ACADEMIC ABSTRACT Entrepreneurship has been recognized as an important factor contributing to firm success. Despite the potential benefit of entrepreneurship to sustain a family firm across generations, entrepreneurship has been under researched in the family business context. Building on research that emphasizes the important role of the family, we(More)
Drawing from organizational identity theory, we explore how family ownership and family expectations influence family firm image and entrepreneurial risk taking, and ultimately firm performance. We find support for a fully mediated model, utilizing a sample of 163 Swiss family firms. Family ownership was shown to positively influence the development of a(More)
This special issue ends with a comprehensive review article by Zellweger and Astra-chan focused on understanding what we know about the ways in which family influence affects firm performance. Their literature review is organized along the dimensions of power, experience, and culture, through which a family can exert influence on a firm shares how the(More)
Affective organizational commitment is an important predictor of the willingness to contribute to organizational goals and is of particular relevance to family firms, as these firms often rely on long-term involvement of family members through transgenerational succession. Drawing on organizational commitment and ownership attachment theories, we probe the(More)
(2012). Building a family firm image: How family firms capitalize on their family ties. Abstract: We apply organizational identity theory to examine factors that lead family firms to create a family firm image and investigate how a family firm image impacts firm performance. We find that family firm pride, community social ties, and long-term orientation(More)
This study focuses on an issue particularly relevant in these difficult financial times. Can family businesses afford the risk associated with making investments that could generate higher returns? Studies examining financing behavior of family firms report higher control risk aversion than nonfamily firms, whereby control risk is measured through leverage(More)