Publication: Linkages between high-performance work practices and family-centered goals: implications for financial performance in family firms
Authors
Sánchez Marín, Gregorio ; Lozano Reina, Gabriel ; Beglaryan, Mane
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Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
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Publisher
Emerald Publishing Limited
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Description
© 2023 Emerald Publishing Limited. This manuscript version is made available under the CC-BY-NC 4.0 license http://creativecommons.org/licenses/by-nc/4.0/
This document is the Submitted Manuscript version of a Published Work that appeared in final form in Journal of Small Business and Enterprise Development. To access the final edited and published work see https://doi.org/10.1108/JSBED-03-2023-0117
Abstract
Purpose
This study explores what impact high-performance work practices (HPWP) – from the ability-motivation-opportunity (AMO) framework – might have on financial performance among family firms and examines the mediating role played by family-centered goals (FCGs).
Design/methodology/approach
The empirical approach is based on data collected from a sample of 339 Spanish small and medium-sized family enterprises operating in the industry and service sectors. To test the hypotheses, this paper applies a path analysis modeling tool to estimate both indirect and direct effects in mediator models.
Findings
The results indicate that the AMO framework has a significant impact on financial performance through the lens of FCGs. In addition, family businesses' keen concern to preserve family wealth influences the effectiveness of HPWPs, making firms more socioemotionally oriented at the expense of economic impact.
Research limitations/implications
This paper underscores the importance of integrating family aspirations into strategic human resource management (HRM) design, emphasizing the significance of socioemotional wealth (SEW) preservation.
Practical implications
The findings offer practical insights for family managers, family owners and human resource (HR) practitioners, suggesting the need to align HR practices with family goals and to strategically balance socioemotional and financial wealth considerations. Family owners in key management positions must skillfully manage HR strategies in order to harmonize family and firm goals.
Originality/value
By examining the mediating effect of FCGs, this paper advances and extends SEW theory in the context of HRM by considering the relationships between HR practices and firm performance as a mixed gamble approach.
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