Socioemotional Wealth and Family Firm Performance: The Moderating Role of CEO Tenure and Millennial CEO

IF 4.5 2区管理学 Q1 BUSINESS

British Journal of Management Pub Date : 2024-03-12 DOI:10.1111/1467-8551.12818

Carl Åberg, Andrea Calabrò, Alfredo Valentino, Mariateresa Torchia

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引用次数: 0

Abstract

This study sheds light on how socioemotional wealth (SEW) theory functions in family firms. Focusing on the impact of the most highly appraised FIBER dimensions on the performance of such firms, we contextualize SEW by discussing the heterogeneity among family principals via the under-researched role played by specific characteristics of family CEOs. Integrating arguments from SEW and generational theory, we test our theoretical hypotheses using global survey data from a sample of 1833 family firms from 33 countries. The main findings suggest that while family control and influence is not associated with performance, family members’ identification with the firm (FI) improves performance. Moreover, the positive impact of FI on family firm performance weakens in family firms with long-tenured family CEOs. Finally, in family firms led by Millennial CEOs, the positive impact of FI on family firm performance is stronger. Our findings enrich both the theoretical insights into and practical comprehension of SEW priorities in relation to family firm performance, thereby underscoring the diverse performance outcomes associated with various types of family CEOs.

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社会情感财富与家族企业绩效：首席执行官任期和千禧一代首席执行官的调节作用

本研究揭示了社会情感财富（SEW）理论如何在家族企业中发挥作用。我们将重点放在最受高度评价的 FIBER 维度对此类公司业绩的影响上，通过对家族首席执行官的具体特征所发挥的作用研究不足，讨论了家族负责人之间的异质性，从而将 SEW 概念化。结合 SEW 和代际理论的论点，我们使用来自 33 个国家 1833 家家族企业样本的全球调查数据来检验我们的理论假设。主要研究结果表明，虽然家族的控制力和影响力与绩效无关，但家族成员对企业的认同感（FI）会提高绩效。此外，在长期担任家族首席执行官的家族企业中，FI 对家族企业绩效的积极影响会减弱。最后，在千禧一代首席执行官领导的家族企业中，FI 对家族企业绩效的积极影响更大。我们的研究结果丰富了有关家族企业绩效的 SEW 优先事项的理论见解和实践理解，从而强调了与各种类型的家族首席执行官相关的不同绩效结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

British Journal of Management Multiple-

CiteScore

10.00

自引率

12.50%

发文量

期刊介绍： The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.