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Baixauli Soler, Juan Samuel

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Baixauli Soler, Juan Samuel
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Universidad de Murcia. Departamento de Organización de Empresas y Finanzas
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Subject: Socioemotional wealth ×

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    Variable selection for classification and forecasting of the family firm's socioemotional wealth
    (WILEY, 2023-06-29) Álvarez Díez, Susana; Baixauli Soler, Juan Samuel; Belda Ruiz, María; Sánchez Marín, Gregorio; Organización de Empresas y Finanzas
    Socioemotional wealth (SEW) refers to those family-centered goals that are likely to have a major influence on the strategic decision-making process and performance of family firms. Many studies have used indirect indicators related to family involvement in ownership and management to measure SEW; meanwhile, others have developed scales to directly measure the level and importance of SEW in family firms. Limitations of both indirect and direct measures of SEW lead empirical research on SEW to be under threat. In the current study, we use random forests to identify the important indicators related to financial and economic decisions, as well as family related measures, for explaining the family firms' SEW and to design a good prediction model using the smallest set of nonredundant indicators. Our results show that the model that exhibits the minimum out-of-bag sample (OOB) error rate includes variables that refer to the presence of family members in the firm's management positions, long-term nonfinancial debt, personnel expenditures, longterm financial investments, short-term financial debt, average storage period, and accounts receivables. For prediction, the model with a reasonably low estimated classification error includes only three variables, which refer to the presence of family members in the firm's management positions, long-term nonfinancial debt, and accounts receivables.
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    Influence of family-centered goals on dividend policy in family firms: a socioemotional wealth approach
    (Springer, 2021-02-17) Belda Ruiz, María; Sánchez Marín, Gregorio; Baixauli Soler, Juan Samuel; Organización de Empresas y Finanzas
    Socioemotional wealth (SEW) preservation is likely to be a key determinant for family firms to shape their dividend policy. This paper analyzes how family-centered goals captured by SEW influence on dividend policy in private family firms, exploring as well the moderating role on these relationships of family involvement in management, generational stage, and firm hazard. Results indicate a negative association between SEW preservation and both the likelihood of giving dividends and the amount of dividend paid. This negative relationship is stronger when the CEO is a family member, in early generational stages and when the firm faces greater performance hazard. The amount of dividend paid is also lower when there are family members in other top management positions beyond the CEO. Thus, the evidence provided suggests that the existing heterogeneity regarding dividend policy in the context of privately held family firms is strongly driven by differences in SEW priorities.
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