Generations, technology and socioemotional wealth: a study of Czech family businesses

Purpose The interconnection of three phenomena of family businesses is the subject of the presented research. It seeks an answer to the question of whether socioemotional wealth affects the multigenerational FB’s approach to technological advancement in a different way than the single-generational one. Design/methodology/approach Respondents are surveyed in the four groups according to the combination of ownership and management by family members. The research was carried out in the fall of 2024, and 600 valid responses were obtained. The research question will need to focus on the existence of a link between the number of generations in a family business and its access to technological progress and socioemotional wealth as well as the relationship between SEW values and access to new technologies. Findings The presence of multiple generations in a company positively influences the propensity for technological innovation; technological innovation is not the main factor in motivating family members to protect the family legacy; in family businesses where several generations are involved in ownership and management, socioemotional wealth plays a greater role in relation to new technologies; the adoption of new technologies is more influenced by the effort to preserve family values. Originality/value There is research that focuses on family businesses’ access to technology or the impact of socioemotional wealth on the performance of family businesses. The presented research connected three phenomena – family business – new technology – the influence of socio-emotional wealth on attitudes toward new technology. In addition, it reflects the different approaches of the individual generations involved in family business.