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The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms

Research output: Contribution to Journal/Magazine › Journal article › peer-review

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The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms. / Cho, Jaeyoung; De Massis, Alfredo; Kotlar, Josip.
In: Journal of Management Studies, 20.03.2025.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Cho, J, De Massis, A & Kotlar, J 2025, 'The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms', Journal of Management Studies. https://doi.org/10.1111/joms.13218

APA

Cho, J., De Massis, A., & Kotlar, J. (2025). The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms. Journal of Management Studies. Advance online publication. https://doi.org/10.1111/joms.13218

Vancouver

Cho J, De Massis A, Kotlar J. The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms. Journal of Management Studies. 2025 Mar 20. Epub 2025 Mar 20. doi: 10.1111/joms.13218

Author

Cho, Jaeyoung ; De Massis, Alfredo ; Kotlar, Josip. / The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms. In: Journal of Management Studies. 2025.

Bibtex

@article{56d18acc23134eae924a854fa03817fa,
title = "The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms",
abstract = "We extend the mixed gamble perspective to explain how family‐controlled firms frame and evaluate the difficult trade‐off between potential gains and losses in financial wealth (FW) and socioemotional wealth (SEW) when pursuing portfolio‐level strategic initiatives, as captured by competitive aggressiveness and complexity. Analyzing 570 public‐listed Korean firms from 1998 to 2017, we find that family‐controlled firms tend to avoid competitive aggressiveness and complexity in their strategic action portfolios. However, our broader perspective leads us to identify critical boundary conditions: this reluctance weakens when firms fall below historical and social performance aspiration levels, as the risks to FW and SEW become more apparent. Conversely, their reluctance strengthens when they retain many family business group affiliations that provide safeguards for FW and SEW.",
keywords = "mixed gamble perspective, competitive dynamics, family‐controlled firms, vulnerability, socioemotional wealth",
author = "Jaeyoung Cho and {De Massis}, Alfredo and Josip Kotlar",
year = "2025",
month = mar,
day = "20",
doi = "10.1111/joms.13218",
language = "English",
journal = "Journal of Management Studies",
issn = "0022-2380",
publisher = "Wiley-Blackwell",

}

RIS

TY - JOUR

T1 - The Mixed Gamble of Competitive Dynamics in Family‐Controlled Firms

AU - Cho, Jaeyoung

AU - De Massis, Alfredo

AU - Kotlar, Josip

PY - 2025/3/20

Y1 - 2025/3/20

N2 - We extend the mixed gamble perspective to explain how family‐controlled firms frame and evaluate the difficult trade‐off between potential gains and losses in financial wealth (FW) and socioemotional wealth (SEW) when pursuing portfolio‐level strategic initiatives, as captured by competitive aggressiveness and complexity. Analyzing 570 public‐listed Korean firms from 1998 to 2017, we find that family‐controlled firms tend to avoid competitive aggressiveness and complexity in their strategic action portfolios. However, our broader perspective leads us to identify critical boundary conditions: this reluctance weakens when firms fall below historical and social performance aspiration levels, as the risks to FW and SEW become more apparent. Conversely, their reluctance strengthens when they retain many family business group affiliations that provide safeguards for FW and SEW.

AB - We extend the mixed gamble perspective to explain how family‐controlled firms frame and evaluate the difficult trade‐off between potential gains and losses in financial wealth (FW) and socioemotional wealth (SEW) when pursuing portfolio‐level strategic initiatives, as captured by competitive aggressiveness and complexity. Analyzing 570 public‐listed Korean firms from 1998 to 2017, we find that family‐controlled firms tend to avoid competitive aggressiveness and complexity in their strategic action portfolios. However, our broader perspective leads us to identify critical boundary conditions: this reluctance weakens when firms fall below historical and social performance aspiration levels, as the risks to FW and SEW become more apparent. Conversely, their reluctance strengthens when they retain many family business group affiliations that provide safeguards for FW and SEW.

KW - mixed gamble perspective

KW - competitive dynamics

KW - family‐controlled firms

KW - vulnerability

KW - socioemotional wealth

U2 - 10.1111/joms.13218

DO - 10.1111/joms.13218

M3 - Journal article

JO - Journal of Management Studies

JF - Journal of Management Studies

SN - 0022-2380

ER -