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This paper aims to explore the effect of socio-emotional wealth on the financial health of Moroccan unlisted family businesses. Building on the theory of socioemotional wealth, this research is a first attempt to provide a better understanding of this phenomenon by analyzing how the non-financial prerogatives of family members are likely to affect the financial health of Moroccan family businesses. To arrive at the results, we conducted this study through exploratory qualitative research using semi-structured interviews with 19 managers of Moroccan unlisted family businesses. The results obtained seem to confirm that the non-financial logic adopted by family members can deteriorate the financial situation of family firms, as they feel less concerned about liquidity, profitability, and solvency objectives and prefer to make decisions that minimize socioemotional losses at the expense of better financial health.

FINANCIAL HEALTH OF MOROCCAN UNLISTED FAMILY BUSINESSES: EXPLANATION BY EMOTIONAL AND SOCIAL DYNAMICS