The role of cognitive appraisal and emotions of family members in the family business system

•Emotions are valenced and specific reactions to situations and information.•Specific discrete emotions influence judgments and decision making processes.•More than other organizations, family business decisions are subject to emotion.•Family business research would benefit from a cognitive appraisal framework.

Emotions are valenced and specific affective reactions to the perception of situations, events, objects, or people. They influence thoughts, motivations, and behaviors and can play an important role in family business strategy and decision making. We, therefore, explore the process of discrete emotional response and the factors that elicit emotions of family members in the context of the family business system. Our discussion: (1) defines and differentiates emotions and related terms, (2) applies appraisal theory as a framework for understanding discrete emotions from the perspective of a family member in the context of the family business system, (3) identifies the consequences of discrete emotions, and (4) discusses areas of future research for examining emotions in family business systems.