The Emotional Value Breakdown in Family Firm M&A: Economic versus Institutional Dimensions
DOI:
https://doi.org/10.24310/ejfb.15.2.2025.21993Keywords:
Emotional value, Economic dimension, Institutional dimension, Family firm, M&AAbstract
This paper challenges the traditional view of firm valuation, positioning the family firm, rather than the non-family firm, as the cornerstone of economic theory. We present a new theoretical framework to explain the formation of value in family firms during mergers and acquisitions (M&A), thereby addressing the long-standing valuation puzzle in this context. Drawing on institutional theory and the socio-emotional approach, we argue that the emotional value embedded in ownership has two distinct yet complementary dimensions: the economic dimension, which influences cash flows through the impact that family ownership and family management have on the firm's strategy, and the institutional dimension, which reflects the appreciative aspects that family members hold regarding the firm, such as identity, legacy or sense of belonging. This dual structure redefines the interaction between value and price in both intra-family and sell-out M&As, offering a new perspective on negotiation dynamics and deal outcomes. By integrating emotional and financial logic, our proposal takes valuation theory beyond the rational paradigm and provides a basis for future empirical research and practical applications.
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