The DOI matches its Crossref record; 66 of the 66 references it cites were found in a registry or an index.
Emotional Returns and Emotional Costs in Privately Held Family Businesses: Advancing Traditional Business Valuation
Abstract
This article introduces a formula to assess the total value of privately held family businesses from the owner's perspective. It is argued that the total value of a business is not only composed of its financial worth and private benefits, as is usually assumed by traditional financial theory, but that emotional components also have an impact on valuation. In particular, it is assumed that emotional returns (ER) positively affect total value, whereas emotional costs (EC) negatively affect total value. Even though every stakeholder faces emotional costs and returns, it is solely the family business owner who ultimately decides on the worth of a business and consequently factors ER-EC into his or her valuation. The presented formula provides a better understanding of investment decisions in family businesses and a more accurate valuation of these businesses.
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Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
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(2025) · doi:10.53555/acr.v2i2 · Cited by 13,264
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Journal of Economic Literature
(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.633 · Cited by 7,468
Journal of Small Business Management
(2020) · Journal of Small Business Management · doi:10.1111/(issn)1540-627x · Cited by 6,641
Cited by
Why Do Family Firms Strive for Nonfinancial Goals? An Organizational Identity Perspective
Zellweger, T. M., Nason, R. S., Nordqvist, M., & Brush, C. G. (2013) · Entrepreneurship Theory and Practice · doi:10.1111/j.1540-6520.2011.00466.x · Cited by 734
Metadata
- Authors
- Astrachan, J. H., & Jaskiewicz, P.
- Venue
- Family Business Review
- Publisher
- SAGE Publications
- Published
- 2008-06
- Volume
- 21
- Issue
- 2
- Pages
- 139-149
- ISSN
- 0894-4865 (ISSN-L)
- 1741-6248
- OpenAlex
- W2165073229
- Cited by
- 486
- References
- 66
- FWCI
- 44.27
- Type
- journal article
- Language
- en
- Open access
- closed
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- Astrachan, J. H., & Jaskiewicz, P. (2008). Emotional Returns and Emotional Costs in Privately Held Family Businesses: Advancing Traditional Business Valuation. Family Business Review. https://doi.org/10.1111/j.1741-6248.2008.00115.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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