A Model of Psychological Ownership in Next-Generation Members of Family-Owned Firms: A Qualitative Study
23 Pages Posted: 22 Oct 2011
Date Written: July 1, 2011
The present research study intends to provide further insights into the psychological ownership experienced by next-generation members in relation to their family firms. Since the area of research is still very young, explorative research is needed. Therefore, a mixed-methods qualitative investigation on a sample of 20 next-generation members of family-owned firms of different sizes, generational stages and business sectors was performed. Through interpretative phenomenological and ethnographic analyses, the origin, transmission and manifestations of psychological ownership towards the family business are studied. The study also explored the factors that foster or undermine the development of a healthy and fulfilling relation between next-generation members and the family business. Our findings suggest that next-generation members generally experience strong levels of psychological ownership. The development of a positive psychological ownership is associated with various factors such as shared experiences, well-functioning governance bodies, structured and planned entry to the business, psychological empowerment and owning shares, among others.
Keywords: next generation, psychological ownership, family-owned firms, qualitative research
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