Abstract
The special features displayed by family firms characterize and shape their family social capital and make them unique. The participation of both the family and the firm creates distinctive resources and capabilities in the family firm. As new generations arrive, opposing forces begin to shake the firm, and while some embrace change others expect the continuity of the family influence. Likewise, the influence of the family in the firm conditions its performance. In this study, we empirically address how family influence promotes the development of family social capital that, in turn, impacts on the organizational effectiveness of family firms. Furthermore, we observe the moderating role of generational involvement by considering generations an important source of heterogeneity in family firms. We test the hypotheses on a sample of Spanish family firms, analyzing the data using partial least squares (PLS). Results indicate that the family influence positively affects the development of family social capital and, therefore, the organizational effectiveness of the family firm. However, generational involvement can moderate both relationships in a negative way, by reducing the development and exploitation of the family social capital.
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Notes
Since we test our hypotheses with hierarchical regression analysis, the measurement model refers to the model 3 where all constructs are present. We have also evaluated the measurement properties of the Model 1 and Model 2, obtaining good measurement properties for these models.
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Appendix. Constructs
Appendix. Constructs
Construct | Indicator | Substantive Factor Loading (R1) | (\({R1}^{2}\)) | Method Factor Loading (R2) | R 2 |
|---|---|---|---|---|---|
Family Influence | Pow_1 | 0.595** | 0.354 | -0.311* | 0.097 |
Pow_2 | 0.676** | 0.457 | -0.256* | 0.066 | |
Ess_1 | 0.786** | 0.618 | -0.131 | 0.017 | |
Ess_2 | 0.616** | 0.379 | 0.232** | 0.054 | |
Ess_3 | 0.526** | 0.277 | 0.311** | 0.097 | |
Ess_4 | 0.794** | 0.630 | -0.042 | 0.002 | |
Family Social Capital | Intsoccap_1 | 0.885** | 0.783 | -0.093 | 0.009 |
Intsoccap_2 | 0.888** | 0.789 | -0.065 | 0.004 | |
Intsoccap_3 | 0.871** | 0.759 | -0.133 | 0.018 | |
Intsoccap_4 | 0.601** | 0.361 | 0.110 | 0.012 | |
Intsoccap_5 | 0.911** | 0.830 | -0.194 | 0.038 | |
Intsoccap_6 | 1.089** | 1.414 | -0.317 | 0.100 | |
Intsoccap_7 | 0.707** | 0.500 | 0.077 | 0.006 | |
Intsoccap_8 | 0.428* | 0.183 | 0.409** | 0.167 | |
Intsoccap_9 | 0.395 | 0.156 | 0.238 | 0.057 | |
Organizational Effectiveness | Orgeff_1 | 0.759** | 0.576 | -0.048 | 0.002 |
Orgeff_2 | 0.836** | 0.699 | 0.066 | 0.004 | |
Orgeff_3 | 0.773** | 0.598 | 0.045 | 0.002 | |
Orgeff_4 | 0.824** | 0.679 | -0.059 | 0.003 | |
Orgeff_5 | 0.848** | 0.612 | -0.187* | 0.035 | |
Orgeff_6 | 0.782** | 0.719 | 0.145** | 0.021 | |
Generational Involvement | Geninv_1 | 0.893** | 0.797 | 0.039 | 0.002 |
Geninv_2 | 0.882** | 0.778 | -0.068 | 0.005 | |
Geninv_3 | 0.791** | 0.626 | -0.103 | 0.011 | |
Average | 0.607 | 0.034 |
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Barros-Contreras, I., Pérez-Fernández, H., Martín-Cruz, N. et al. Can we make family social capital flourish? The moderating role of generational involvement. J Fam Econ Iss 44, 655–673 (2023). https://doi.org/10.1007/s10834-022-09855-y
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DOI: https://doi.org/10.1007/s10834-022-09855-y