Downsizing in Family Firms during the Financial Crisis

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The investigation delves into the socioemotional wealth (SEW) preservation aspirations of family firms and their downsizing decisions, analyzing a sample of 196 firms in Germany. It reveals that family firm status alone does not significantly influence downsizing, highlighting the importance of firm heterogeneity. Notably, firms led by lone founders or family CEOs tend to downsize less. Additionally, the study emphasizes the impact of firm size and suggests that family firms should carefully consider the appointment of non-family CEOs to ensure alignment with their SEW values.