Abstract
This paper examines the impact of professional boards on the relationship between socioemotional wealth (SEW) preservation and family firm performance. Based on Resource Dependency Theory (RDT) as well as goal-setting research, we propose that the installation of professional supervisory and management boards aids in the development of firm strategies that align SEW preservation and firm performance. An empirical investigation involving 104 private family firms from Germany supports our theory that professional boards moderate the relationship between SEW preservation and firm performance.
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