Abstract
This study develops a mixed gamble perspective of competitive aggressiveness that explains how family-controlled firms frame and evaluate the difficult trade-offs in pursuing competitive aggressiveness that entails potential gains and losses in financial wealth (FW) and socioemotional wealth (SEW). An analysis of 570 listed Korean firms from 1998 to 2017 reveals that family firm owners are reluctant to pursue competitive aggressiveness because of aversion to loss in and risk to their SEW and uncertain FW gains. Under vulnerable conditions, however, family owners are more willing to undertake an aggressive series of competitive actions because FW and SEW could disappear entirely if the firm does not survive.
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