PEOPLE.IDEAS.PERFORMANCE

41 which Habbershon, and Wil liams (1999) refers to as “familiness”. If we are already familiar with the process, it might also be worth considering the measurement of socio-emotional wealth. Berrone et al. (2012) suggested five factors that are useful in addressing socio- emotional wealth. The first is family control and influence, which can be direct or indirect. The second is the family members’ identification with the firm, which causes that the firm works as an extension of the family in the eyes of outsiders. The third is binding social ties, which are not only present within the family but also connected to outsider stakeholders. The fourth is emotional attachment, which is a topic without enough research data so far according to Berrone et al. (2012). The emotional life of the family has an influence on the business, but we know little about how it exactly works. Finally, the fifth factor is the renewal of family bonds through dynastic succession. Zellweger et al. (2012) also describe the succession of financial and knowledge capital within the family as a key factor for family firms. Naldi et al. (2013) studied the relationship of the protection of socio-emotional wealth, i.e. behavior interpreted by behavioral agency theory, and firm performance. Their results show that business environment has a great impact on whether such behavior facilitates or hinders good firm performance. This topic needs further research because Naldi et al. (2013) studied only a limited number of environmental variables. It is worth referring to the research of Gomez-Mejia et al. (2014), who came to similar conclusions in the case of high-tech family firms, which is relevant because R&D is very important in this industry. Such family businesses, however, usually invested less in this field than non-family businesses, unless they expected a loss in their socio-emotional wealth. Kumeto (2015) maintains that the protection of socio-emotional wealth also affects the relationship between businesses. Family firms do not prefer the forms of cooperation where socio-emotional wealth may decrease. A common example for this is acquisitions and mergers. They try to avoid them even if they are financially beneficial. Finally, it should be noted that although the behavior of family businesses can be various, and the opinions differ on whether family or non-family businesses are more successful, it does matter in each case how conscious managers are in handling emerging problems. In the case of family businesses, it has been defined as a joint system of ownership, business and family since Tagiuri and Davis (1996), which can result in several positive and negative outputs. Paying attention to these is defined by Zellweger (2014) with the concept of collective mindfulness. He argues that more mindful family businesses do not insist on focusing on any of the different sub-systems, instead they adapt to their own needs and the challenges of the external environment. They accept and they are aware that the family can simultaneously have positive and negative effects on the business. We use a case study to demonstrate which behaviors are explicitly represented related to the outlined three theories by a small family business in the interviews about the firm. Based on Zellweger (2014) we can establish that this is a family business characterized by collective mindfulness, where although the management is still in the hands of the first generation, they are already preparing for succession, in the process of which they experience several positive and negative effects of closely cooperating not only in a firm but also in a family. $33(5$1&( 2) %(+$9,25$/ $*(1&< 7+(25< ,1 7+( &$6( 678'< There is no example of a particularly risk-seeking behavior in the interviews. The firm is referred to as more of a follower in several cases because, although there is an on-going innovation process, they more frequently follow trends in product development. They follow a more conservative strategy in the implementation of ideas. A.X. is open to listen to