{"title":"CEO risk preferences in family firms: Combining socioemotional wealth and gender identity perspectives","authors":"Fabio Zona, Caterina Pesci, Marco Zamarian","doi":"10.1016/j.jfbs.2023.100553","DOIUrl":null,"url":null,"abstract":"<div><p>Challenging the established notion that women at the top are consistently risk averse, this study combines insights from social identity and socioemotional wealth (SEW) perspectives to propose a novel view of risk preferences by women and men CEOs in family businesses. It reframes risk preferences as behavioral responses by gender and family (managerial) role expectations relative to social aspirations. An empirical test of Italian firms provides support for the hypothesized effects. For firms above social aspirations, women family CEOs take more risk as performance declines than their men family counterparts; this gap in risk preferences attenuates for men/women nonfamily CEOs. For firms below social aspirations, these effects are reversed. This study contributes to research on gender identity and risk-taking in family firms by showing that women and men do not always behave according to gender stereotypes. Rather, due to malleability of gender identity, they enact differing risk behaviors across contexts. In addition, it advances SEW theory by unpacking the effects of distinct SEW dimensions on firm risk by gender identity.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":9.5000,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Family Business Strategy","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1877858523000025","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
Challenging the established notion that women at the top are consistently risk averse, this study combines insights from social identity and socioemotional wealth (SEW) perspectives to propose a novel view of risk preferences by women and men CEOs in family businesses. It reframes risk preferences as behavioral responses by gender and family (managerial) role expectations relative to social aspirations. An empirical test of Italian firms provides support for the hypothesized effects. For firms above social aspirations, women family CEOs take more risk as performance declines than their men family counterparts; this gap in risk preferences attenuates for men/women nonfamily CEOs. For firms below social aspirations, these effects are reversed. This study contributes to research on gender identity and risk-taking in family firms by showing that women and men do not always behave according to gender stereotypes. Rather, due to malleability of gender identity, they enact differing risk behaviors across contexts. In addition, it advances SEW theory by unpacking the effects of distinct SEW dimensions on firm risk by gender identity.
本研究将社会认同和社会情感财富（SEW）视角的观点结合起来，对家族企业中男女首席执行官的风险偏好提出了一种新的观点，从而对女性高层始终规避风险的既定观念提出了挑战。它将风险偏好重新定义为性别和家族（管理者）角色期望相对于社会期望的行为反应。对意大利企业进行的实证检验为假设效应提供了支持。在高于社会期望值的企业中，女性家族首席执行官在业绩下滑时比男性家族首席执行官承担更多的风险；在男性/女性非家族首席执行官中，这种风险偏好上的差距有所减弱。对于低于社会期望值的公司，这些影响则相反。这项研究表明，女性和男性并不总是按照性别刻板印象行事，从而为有关家族企业中性别认同和风险承担的研究做出了贡献。相反，由于性别认同的可塑性，他们会在不同的环境中采取不同的风险行为。此外，该研究还通过解读不同性别身份的 SEW 维度对企业风险的影响，推动了 SEW 理论的发展。
期刊介绍：
The Journal of Family Business Strategy takes an international perspective, providing a platform for research that advances our understanding of family businesses. Welcoming submissions across various dimensions, the journal explores the intricate interplay between family dynamics and business operations, contributing new insights to this specialized field.
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