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Family Business Review
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On the Emotional Value of Owning a Firm

Thomas M. Zellweger

University of St. Gallen and Babson College, Dufourstrasse 40a, 9000 St. Gallen, thomas.zellweger{at}unisg.ch

Joseph H. Astrachan

Cox Family Enterprise Center, Wachovia Chair in Family Business, Management and Entrepreneurship Department, Coles College of Business, Kennesaw State University, Joe_Astrachan{at}coles2.Kennesaw.edu

This article examines how owners of firms subjectively value their ownership stake in monetary terms. We utilize endowment and possession attachment literature to investigate how emotional benefits and costs related to organizational ownership affect emotional value. We define emotional value as that part of willingness to accept unexplained by the financial value of the ownership stake and the private financial benefits of control accruing to the owner. Our research provides new insight into firm owners' psychology and value considerations where an owner values nonfinancial aspects of the ownership stake.

Family Business Review, Vol. 21, No. 4, 347-363 (2008)
DOI: 10.1177/08944865080210040106
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[Abstract] [PDF]