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Socioemotional Favoritism: Evidence from Foreign Divestitures in Family Multinationals

机译:社会情感偏爱:来自跨国跨国公司的外国剥离的证据

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摘要

We theorize how family and non-family CEOs in family multinational enterprises (FMNEs) divest foreign subsidiaries. In doing so, we propose an integrative framework that supplements the socioemotional wealth perspective by introducing the notion of socioemotional favoritism. Using this framework, we hypothesize and find that family CEOs are less likely to divest than non-family CEOs by analyzing 161 Korean manufacturing FMNEs between 1998 and 2003. We also find that family CEOs avoid divesting foreign subsidiaries with larger affective endowments, particularly those under family control through threshold ownership and those located in host countries where families have already lost ownership of subsidiaries through past divestitures. We conclude by discussing the implications of our findings for the family firm literature.
机译:我们对家族跨国企业(FMNE)中家族和非家族CEO如何剥离外国子公司进行了理论分析。在此过程中,我们提出了一个整合框架,通过引入社会情感偏爱的概念来补充社会情感财富的观点。通过使用此框架,我们通过分析1998年至2003年之间的161个韩国制造业FMNE,假设并发现家族CEO相比非家族CEO脱任的可能性较小。我们还发现,家族CEO避免剥离具有较大情感end赋的外国子公司,特别是那些通过门槛所有权和位于东道国的家庭进行控制,这些国家的家庭已经因过去的资产剥离而失去了子公司的所有权。最后,我们讨论了我们的发现对家族企业文献的意义。

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