Set of emotions, relationships, and ties between family and business.
Published in Chapter:
Structural, Psychological, and Socioemotional Factors That Determine Innovation Decisions in Family Firms
Jessica Mendoza Moheno (Universidad Autónoma del Estado de Hidalgo, Mexico), Martín Aubert Hernández Calzada (Universidad Autónoma del Estado de Hidalgo, Mexico), and Blanca Cecilia Salazar Hernández (Universidad Autónoma del Estado de Hidalgo, Mexico)
Copyright: © 2020
|Pages: 22
DOI: 10.4018/978-1-7998-2269-1.ch009
Abstract
This chapter explores the structural, psychological, and socioemotional factors in innovation in a funeral home in Mexico and analyzes the firm's stage in the innovation process. This qualitative study examines socioemotional wealth through the FIBER dimensions and the stage in the innovation process through the Readiness for Innovation in Family Firms (RIFF) framework. The findings suggest that socioemotional wealth has not allowed the implementation of governmental bodies. The existence of two generations in management has allowed the firm to take advantage of the knowledge and experience of the old generation and the skills of the young generation to continue innovating in products, processes, and services. The firm has the willingness and ability to adopt innovation, although SEW's accumulated endowment has limited long-term innovations as the expansion of the business to other states. This chapter addresses the Arriaga Group case study, a well-known family business firm in Hidalgo, Mexico.