On the Emotional Value of Owning a Firm

17 Pages Posted: 21 Nov 2008

See all articles by Thomas Zellweger

Thomas Zellweger

University of St. Gallen - Center for Family Business; Babson College - Arthur M. Blank Center for Entrepreneurship

Joseph H. Astrachan

Kennesaw State University - Michael J. Coles College of Business

Abstract

This article examines how owners of firms subjectively value their ownership stake in monetary terms. We utilize endowment and possession attachment literature to investigate how emotional benefits and costs related to organizational ownership affect emotional value. We define emotional value as that part of willingness to accept unexplained by the financial value of the ownership stake and the private financial benefits of control accruing to the owner. Our research provides new insight into firm owners psychology and value considerations where an owner values nonfinancial aspects of the ownership stake.

Suggested Citation

Zellweger, Thomas and Astrachan, Joseph H., On the Emotional Value of Owning a Firm. Family Business Review, Vol. 21, No. 4, pp. 347-363, December 2008, Available at SSRN: https://ssrn.com/abstract=1303738 or http://dx.doi.org/10.1111/j.1741-6248.2008.00129.x

Thomas Zellweger (Contact Author)

University of St. Gallen - Center for Family Business ( email )

Varnbuelstr. 14
Saint Gallen, St. Gallen CH-9000
Switzerland
+41 71 224 71 42 (Phone)
+41 71 224 71 01 (Fax)

HOME PAGE: http://www.kmu.unisg.ch/org/kmu/web.nsf/wwwPubPersonGer/90349757A26ABCBFC125716B0046D6EE

Babson College - Arthur M. Blank Center for Entrepreneurship

231 Forest Street
Babson Park, MA 02457-0310
United States

Joseph H. Astrachan

Kennesaw State University - Michael J. Coles College of Business ( email )

1000 Chastain Road
Kennesaw, GA 30144
United States

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