ScholarWorks@숙명여자대학교

초록

This study applies the Mixed Gamble framework to examine the impact of operational land ownership on generational involvement, financial performance, and asset management strategies within Korean family SMEs. By analyzing the interplay between economic returns and socioemotional wealth (SEW), this study provides insights into the strategic decision-making processes in family businesses. Employing theoretical sampling, five family firms were selected from an initial sample of 108 SMEs affiliated with a financial institution specializing in SME support. The selection criteria included operational land ownership, financing structures, and generational composition. Semi-structured interviews were conducted with key informants, including founders and next-generation managers, identified through purposive sampling. The findings indicate that integrating SEW considerations into operational land ownership fosters stakeholder trust, enhances brand image, and creates economic opportunities, thereby promoting corporate sustainability and social legitimacy. Family firms also showed a preference for internal financial stability over external funding. Relationship banking emerged as an important facilitator, providing tangible economic benefits such as reduced financing costs and optimized rental expenses, thus supporting long-term financial performance. Furthermore, the research underscores that operational land ownership extends beyond purely economic motives. It serves as a foundational asset embedding family values and vision, ensuring intergenerational continuity and reinforcing entrepreneurial identity. As both a financial asset and a socioemotional anchor, operational land strategically facilitates community engagement, supports sustainable financial outcomes, and preserves family legacies. This dual role highlights operational land ownership as an effective means for family firms to balance economic goals with cultural and societal commitments, ultimately fostering lasting community connections and organizational resilience.

키워드