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Socioemotional wealth in volatile,uncertain, complex and ambiguous contexts: The case of family firms in Latin America and the Caribbean

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dc.contributor.authorGómez Mejía, Luis
dc.contributor.authorMendoza López, Anabel
dc.contributor.authorDuran, Patricio
dc.contributor.authorAguinis, Herman
dc.contributor.authorCruz, Cristina
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2024-07-08T13:14:10Z
dc.date.available2024-07-08T13:14:10Z
dc.date.issued2024
dc.description.abstractThe 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. © 2023 The Authors
dc.description.keywordEntrepreneurship
dc.description.keywordFamily business
dc.description.keywordLatin America and the Caribbean
dc.description.keywordManagement theory
dc.description.keywordSocioemotional wealth
dc.description.keywordTheory advancements
dc.description.keywordVUCA
dc.formatapplication/pdf
dc.identifier.citationGómez Mejía, L.R., Mendoza López, A.H., Cruz, C., Duran, P., & Aguinis, H. (2023). Socioemotional wealth in volatile, uncertain, complex, and ambiguous contexts: The case of family firms in Latin America and the Caribbean. Journal of Family Business Strategy.
dc.identifier.doihttps://doi.org/10.1016/j.jfbs.2022.100551
dc.identifier.issn18778585
dc.identifier.officialurlhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85147882013&doi=10.1016%2fj.jfbs.2022.100551&partnerID=40&md5=b4eade5931430a10830b9a1cc68b1b09
dc.identifier.urihttps://hdl.handle.net/20.500.14417/2998
dc.issue.number1
dc.journal.titleJournal of Family Business Strategy
dc.language.isoeng
dc.publisherElsevier Ltd
dc.relation.departmentEntrepreneurship
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectEntrepreneurship
dc.subjectFamily business
dc.subjectLatin America and the Caribbean
dc.subjectManagement theory
dc.subjectSocioemotional wealth
dc.subjectTheory advancements
dc.subjectVUCA
dc.subject.keywordEntrepreneurship
dc.subject.keywordFamily business
dc.subject.keywordLatin America and the Caribbean
dc.subject.keywordManagement theory
dc.subject.keywordSocioemotional wealth
dc.subject.keywordTheory advancements
dc.subject.keywordVUCA
dc.titleSocioemotional wealth in volatile,uncertain, complex and ambiguous contexts: The case of family firms in Latin America and the Caribbean
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/publishedVersion
dc.volume.number15
dspace.entity.typePublication
person.identifier.scopus-author-id6603684572
person.identifier.scopus-author-id58099584900
person.identifier.scopus-author-id35558267400
person.identifier.scopus-author-id57190374267
person.identifier.scopus-author-id7006100196
relation.isAuthorOfPublicatione07ea98a-55ba-493e-afd6-86b7d4be51cf
relation.isAuthorOfPublication.latestForDiscoverye07ea98a-55ba-493e-afd6-86b7d4be51cf
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