The influence of family commitment on the socioemotional wealth agenda of Spanish family firms: the effects on performance Online publication date: Mon, 24-Oct-2022
by M. Katiuska Cabrera-Suárez; Josefa D. Martín-Santana
International Journal of Entrepreneurship and Small Business (IJESB), Vol. 47, No. 1, 2022
Abstract: Socioemotional wealth (SEW) is recognised as a relevant approach to analyse the idiosyncratic nature of family firms (FFs). However, scholars have suggested that SEW may have both a bright and a dark side in relation to its influence on FFs behaviour and performance, and that family influence may play a key role in this issue. We analyse the effect of family commitment on the orientation to an extended or a restricted SEW agenda and on the economic performance of the FF. The analysis of data from 374 family and non-family managers in 173 Spanish non-listed FFs shows that both an extended and restricted SEW agendas derive from family commitment, but only the goals related to an extended SEW lead to better performance. A multigroup analysis shows that the positive performance effects of the extended SEW agenda can only be obtained when family managers are a majority in the top management teams (TMTs).
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