Psychological ownership in family firms: a perspective article
Abstract
Purpose
This article explores psychological ownership (PO) in family firms (FFs); its impact on interpersonal relationships, attitudes and behaviors within the organization; and its importance for long-term success. It also highlights the factors that contribute to PO in these types of businesses.
Design/methodology/approach
The article conducts a literature review that utilizes existing research to delve into the phenomenon of PO within the context of FFs.
Findings
The article emphasizes that PO significantly impacts employee behavior and attitudes toward FFs. It shows the favorable influence of PO on employees' conduct and mindset. However, excessive PO can lead to disputes and obstruct the transfer of control.
Practical implications
The success of family businesses depends on nurturing strong, positive PO in future generations and among nonfamily members.
Originality/value
The article contributes to PO literature in FFs by analyzing its influence on FFs. It highlights factors affecting PO formation and its consequences and highlights novel lines of future research.
Keywords
Acknowledgements
The authors express their gratitude for the funding received through the Research, Development, and Innovation (RDI) project TED2021-132446B-I00, funded by MCIN/AEI/10.13039/501100011033/. They also acknowledge the financial support from the project PID2020-115018RB-C31 (AEI/FEDER, EU), funded by the Ministry of Science and Innovation of the Government of Spain and the European Regional Development Funds.
Citation
Caicedo-Leitón, A.L., Garcés-Galdeano, L. and Larraza-Kintana, M. (2024), "Psychological ownership in family firms: a perspective article", Journal of Family Business Management, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JFBM-10-2023-0204
Publisher
:Emerald Publishing Limited
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