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This distinction between the flows of FCNE benefits and stocks of SEW raises other important future research questions.
Is there such an equivalent with respect to the flow and stock of FCNE benefits?
The problem is further compounded because FCNE benefits and SEW have multiple dimensions that may interact with each other and with economic benefits and firm value (economic wealth) in different ways depending on the strategic behavior and context being considered.
What complicates this further is that family business scholars have argued that the valences of FCNE benefits and SEW stock may be context and time dependent (Cruz, Larraza-Kintana, Garces-Galdeano, & Berrone, 2014; Kellermanns, Eddleston, & Zellweger, 2012; Le Breton-Miller & Miller, 2013; Naldi, Cennamo, Corbetta, & Gomez-Mejia, 2013).
First, it has helped make us aware of the flow and stock aspects of FCNE benefits and SEW.
Distinction between stock SEW literature mostly focused and flow aspects of FCNE on the stock aspect of SEW, benefits neglecting the flow aspect of FCNE benefits Some SEW components can be either flow or stock 2.
Two theoretical perspectives--behavioral theory and stakeholder theory--together, suggest that family firms may be particularly likely to emphasize FCNE goals.
Recent conceptual developments, consistent with the behavioral tradition, point to FCNE goals arising from the emotional value of family firm ownership (Astrachan & Jaskiewicz, 2008; Zellweger & Astrachan, 2008), the relative importance of family social capital in relationship to financial goals (Arregle, Hitt, Sirmon, & Very, 2007; Pearson, Carr, & Shaw, 2008), and the emphasis family firms place on the creation and conservation of socioemotional wealth for the family (Gomez-Mejia, Hynes, Nunez-Nickel, & Moyano-Fuentes, 2007).
From this perspective, family firms are likely to emphasize FCNE goals because they have a unique and powerful stakeholder group (the family) that frequently has goals (family harmony, social status) that are non-economic in nature.
Other relevant research, from a variety of theoretical perspectives, also points to the importance of FCNE goals in family firms.
Furthermore, stakeholder theory suggests that the greater the extent of family involvement and influence, the more importance family firms should attach to FCNE goals and the more these goals should reflect the underlying vision, attitudes, and intentions of the controlling family (Astrachan & Jaskiewicz, 2008; Gomez-Mejia et al., 2007; Zellweger & Astrachan, 2008; Zellweger & Nason).
Consistent with the studies cited above, we focus here on the following FCNE goals: family harmony (Astrachan & Jaskiewicz, 2008; Sharma, Chrisman, Pablo, & Chua, 2001); family social status (Dyer & Whetten, 2006; Zellweger & Astrachan, 2008); and family and firm identity linkage (Gomez-Mejia et al., 2007; Milton, 2008).
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