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| “To Pursue Profit” or “To Value Emotion”: Research on the Goals of Family Firms in the Intergenerational Succession |
| XU Yongbin1, ZHANG Ailan1,2 |
1.School of Accounting, Zhejiang Gongshang University
2.School of Accounting, Zhejiang Gongshang University Hangzhou College of Commerce |
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Abstract: To pursue profit or to value socioemotional wealth (SEW) implies that family businesses place greater emphasis on financial goals or socioemotional wealth goals in the process of intergenerational succession. However, the existing research lacks due attention to this phenomenon and its influence mechanism. Therefore, this paper distinguishes the different stages of intergenerational succession of family firms and studies the enterprise goals. Using the sample of A-share listed family firms from 2006 to 2021, the empirical study finds that: during the intergenerational succession period, family firm’s goal preferences are dynamic, that is, the SEW goals are preferred before the second generation takes over the family firm, and the financial goals are preferred after the second generation becomes a real leader. This conclusion is still valid after a series of robustness tests, and it is confirmed that the level of enterprise risk bearing is the impact mechanism of goal decision-making in intergenerational succession. Further examination finds that at different stages of intergenerational succession, the tenure of founders also has an impact on family firms‘ goals. Finally, this paper finds that the preference of family firms for SEW goals comes at a cost and will lead to some loss in business performance.
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Received: 19 September 2022
Published: 15 March 2023
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2023, Vol. 43 
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