La Descomposición del Valor Emocional en las Fusiones y Adquisiciones de Empresas Familiares: Dimensiones Económica e Institucional
DOI:
https://doi.org/10.24310/ejfb.15.2.2025.21993Palabras clave:
Valor emocional, Dimension económica, Dimensión institucional, Empresa familiar, Fusiones y AdquisicionesResumen
Este artículo cuestiona la visión tradicional de la valoración de empresas, posicionando a la empresa familiar, en lugar de la no familiar, como la piedra angular de la teoría económica. Presentamos un nuevo marco teórico para explicar la formación de valor en las empresas familiares durante las fusiones y adquisiciones (M&A), abordando así el antiguo dilema de la valoración en este contexto. Basándonos en la teoría institucional y el enfoque socioemocional, argumentamos que el valor emocional inherente a la propiedad tiene dos dimensiones distintas pero complementarias: la dimensión económica, que influye en los flujos de caja a través del impacto que la propiedad y la gestión familiar tienen en la estrategia de la empresa, y la dimensión institucional, que refleja los aspectos apreciativos que los miembros de la familia tienen respecto a la empresa, como la identidad, el legado o el sentido de pertenencia. Esta doble estructura redefine la interacción entre valor y precio, tanto en las M&A intrafamiliares como en las realizadas a tercero no familiares, ofreciendo una nueva perspectiva sobre la dinámica de la negociación y los resultados de estas operaciones. Al integrar la lógica emocional y financiera, nuestra propuesta lleva la teoría de la valoración más allá del paradigma racional y sienta las bases para futuras investigaciones empíricas y aplicaciones prácticas.
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