Socioemotional wealth and human resource policies: effects on family firm performance
Identifiers
Permanent link (URI): http://hdl.handle.net/10017/58904DOI: 10.1108/IJEBR-05-2021-0404.
ISSN: 1355-2554
Date
2022-01-20Academic Departments
Universidad de Alcalá. Departamento de Economía y Dirección de Empresas
Bibliographic citation
International Journal of Entrepreneurial Behaviour and Research, 2022, v. 28, n. 1, p. 109-135
Keywords
Family Firms
Human Capital
SMEs
Human resource management
Socioemotional wealth
Financial performance
Document type
info:eu-repo/semantics/article
Version
info:eu-repo/semantics/publishedVersion
Rights
Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)
Access rights
info:eu-repo/semantics/openAccess
Abstract
Purpose: This study analyses whether human resource management (HRM), through the use of four sets of high-performance work policies (HPWPs) (i.e., selection, training, motivation, and opportunity policies), mediates the relationship between socioemotional wealth (SEW)?defined as a unique set of nonfinancial family goals?and firm financial performance when family firms face a high-risk context. Design/methodology/approach: Hypotheses were statistically tested using a structural equation modelling methodology with a cross-sectional sample of 196 mediumsized and private family firms in a high-risk context in Spain. Findings: The results indicate that the relationship between SEW and financial performance in family firms is fully mediated by the use of HPWPs, especially by training and motivation HR policies. The importance given to preserving SEW influences the use of four sets of HPWPs when family firms show clear evidence of being confronted by a financial decline (i.e., a high-risk context). However, to improve their financial results to avoid the firm's failure and thus the loss of their SEW, only those HR policies that focus on training and motivation made a significant and positive contribution to the firm financial performance. Originality: This study contributes to the literature on family firms and HRM by adopting an alternative theoretical framework to understand how the importance of nonfinancial family goals may affect employee structures and management policies, thereby improving financial performance in family firms.
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Files | Size | Format |
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Socioemotional_wealth_2022_IJE ... | 692.6Kb |
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