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Cristina Cruz

Other affiliations: Texas A&M University
Bio: Cristina Cruz is an academic researcher from IE University. The author has contributed to research in topics: Socioemotional selectivity theory & Entrepreneurial orientation. The author has an hindex of 19, co-authored 40 publications receiving 5504 citations. Previous affiliations of Cristina Cruz include Texas A&M University.

Papers
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Journal ArticleDOI
TL;DR: In this article, the authors make the case for the socioemotional wealth (SEW) approach as the potential dominant paradigm in the family business field and argue that SEW is the most important differentiator of the family firm as a unique entity and helps explain why family firms behave distinctively.
Abstract: This article makes the case for the socioemotional wealth (SEW) approach as the potential dominant paradigm in the family business field. The authors argue that SEW is the most important differentiator of the family firm as a unique entity and, as such, helps explain why family firms behave distinctively. In doing so, the authors review the concept of SEW, its different dimensions, and its links with other theoretical approaches. The authors also address the issue of how to measure this construct and offer various alternatives for operationalizing it. Finally, they offer a set of topics that can be pursued in future studies using the SEW approach.

1,592 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examine how family firms differ from non-family firms along five broad categories of managerial decisions, including management processes, firm strategies, corporate governance, stakeholder relations and business venturing.
Abstract: A growing body of research shows that family firms are different from other organizations in significant ways. In this paper we review this literature by examining how family firms differ from nonfamily firms along five broad categories of managerial decisions. These categories encompass a set of key organizational choices concerning management processes, firm strategies, corporate governance, stakeholder relations and business venturing. We argue that socioemotional wealth or affective endowment of family owners explain many of these choices. We also examine some contingency factors (namely family stage, firm size, firm hazard, and the presence of nonfamily shareholders) that moderate the influence of socioemotional wealth preservation as a point of reference when making managerial decisions in family firms. Lastly, we explore the firm performance consequences of family ownership.

1,381 citations

Journal ArticleDOI
TL;DR: In this article, the authors compared the environmental performance of family and non-family public corporations between 1998 and 2002, using a sample of 194 U.S. firms required to report their emissions.
Abstract: This paper compares the environmental performance of family and nonfamily public corporations between 1998 and 2002, using a sample of 194 U.S. firms required to report their emissions. We found that family-controlled public firms protect their socioemotional wealth by having a better environmental performance than their nonfamily counterparts, particularly at the local level, and that for the nonfamily firms, stock ownership by the chief executive officer (CEO) has a negative environmental impact. We also found that the positive effect of family ownership on environmental performance persists independently of whether the CEO is a family member or serves both as CEO and board chair.

1,281 citations

Journal ArticleDOI
TL;DR: While family business research has prominently recognized that family firms are motivated by non-financial factors, the literature has remained relatively silent about whether or not these firms are driven by financial factors.
Abstract: While family business research has prominently recognized that family firms are motivated by nonfinancial factors, the literature has remained relatively silent about whether or not these firms are...

498 citations

Journal ArticleDOI
TL;DR: In this paper, the authors view the contracts of top managers from an integrated agency theory-trust perspective, arguing that two conditions reflecting CEO risk bearing, top management team (TMT) behavioral uncertainty and CEO vulnerability, are negatively related to a CEO's perceptions of TMT benevolence toward him/herself, which in turn influence the protective features of the TMT contracts.
Abstract: In this study, we view the contracts of top managers from an integrated agency theory-trust perspective, arguing that two conditions reflecting CEO risk bearing, top management team (TMT) behavioral uncertainty and CEO vulnerability, are negatively related to a CEO's perceptions of TMT benevolence toward him-/herself, which in turn influence the protective features of TMT contracts. Model tests on data from 122 family-owned firms in Spain support our hypotheses overall. Agency theory may be enhanced by accounting for a CEO's perceptions (as principal) of TMT benevolence and for the effect of those perceptions on contracts with TMT members (as agents).

438 citations


Cited by
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01 Jan 2008
TL;DR: In this article, the authors argue that rational actors make their organizations increasingly similar as they try to change them, and describe three isomorphic processes-coercive, mimetic, and normative.
Abstract: What makes organizations so similar? We contend that the engine of rationalization and bureaucratization has moved from the competitive marketplace to the state and the professions. Once a set of organizations emerges as a field, a paradox arises: rational actors make their organizations increasingly similar as they try to change them. We describe three isomorphic processes-coercive, mimetic, and normative—leading to this outcome. We then specify hypotheses about the impact of resource centralization and dependency, goal ambiguity and technical uncertainty, and professionalization and structuration on isomorphic change. Finally, we suggest implications for theories of organizations and social change.

2,134 citations

Journal ArticleDOI
TL;DR: In this article, the authors make the case for the socioemotional wealth (SEW) approach as the potential dominant paradigm in the family business field and argue that SEW is the most important differentiator of the family firm as a unique entity and helps explain why family firms behave distinctively.
Abstract: This article makes the case for the socioemotional wealth (SEW) approach as the potential dominant paradigm in the family business field. The authors argue that SEW is the most important differentiator of the family firm as a unique entity and, as such, helps explain why family firms behave distinctively. In doing so, the authors review the concept of SEW, its different dimensions, and its links with other theoretical approaches. The authors also address the issue of how to measure this construct and offer various alternatives for operationalizing it. Finally, they offer a set of topics that can be pursued in future studies using the SEW approach.

1,592 citations

Journal ArticleDOI
TL;DR: In this paper, the authors examine how family firms differ from non-family firms along five broad categories of managerial decisions, including management processes, firm strategies, corporate governance, stakeholder relations and business venturing.
Abstract: A growing body of research shows that family firms are different from other organizations in significant ways. In this paper we review this literature by examining how family firms differ from nonfamily firms along five broad categories of managerial decisions. These categories encompass a set of key organizational choices concerning management processes, firm strategies, corporate governance, stakeholder relations and business venturing. We argue that socioemotional wealth or affective endowment of family owners explain many of these choices. We also examine some contingency factors (namely family stage, firm size, firm hazard, and the presence of nonfamily shareholders) that moderate the influence of socioemotional wealth preservation as a point of reference when making managerial decisions in family firms. Lastly, we explore the firm performance consequences of family ownership.

1,381 citations

Journal ArticleDOI
TL;DR: In this article, the authors compared the environmental performance of family and non-family public corporations between 1998 and 2002, using a sample of 194 U.S. firms required to report their emissions.
Abstract: This paper compares the environmental performance of family and nonfamily public corporations between 1998 and 2002, using a sample of 194 U.S. firms required to report their emissions. We found that family-controlled public firms protect their socioemotional wealth by having a better environmental performance than their nonfamily counterparts, particularly at the local level, and that for the nonfamily firms, stock ownership by the chief executive officer (CEO) has a negative environmental impact. We also found that the positive effect of family ownership on environmental performance persists independently of whether the CEO is a family member or serves both as CEO and board chair.

1,281 citations