Luis R. Gomez-Mejia , Anabel Mendoza-Lopez , Cristina Cruz , Patricio Duran , Herman Aguinis
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引用次数: 0
Abstract
The paradoxical nature of Latin America and the Caribbean (LAC) provides unique opportunities to advance management theory. Focusing on a dominant theoretical framework, Socioemotional Wealth (SEW), we argue that contextual features of LAC, namely the concept of extended family and the volatile, uncertain, complex, and ambiguous (VUCA) environment, make family businesses “SEW intensive” (i.e., high degree of preservation and enhancement of various aspects of SEW) and “SEW sensitive” (i.e., high degree of firm responsiveness to external factors that are SEW-relevant). In turn, these SEW features influence decision making and approaches to dealing with performance hazards and venturing risks. While we use LAC as a specific context, our theorizing and 12 propositions are also relevant to guide future research on other regions of the world, such as parts of Africa, Asia, and the Middle East, where the concept of extended family is widespread and a VUCA environment is also predominant. Overall, we use the characteristics of the LAC context to challenge existing assumptions, advance theory, and guide future empirical research on family businesses.
期刊介绍:
The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.