The interplay between socioemotional wealth and family firm psychological capital in influencing firm performance in hospitality and tourism
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Date
2020
Journal Title
Journal ISSN
Volume Title
Publisher
Elservier
Abstract
The purpose of this study is to examine the impact of family firm specific non-financial dynamics [socioemotional
wealth (SEW) and family firm psychological capital (FFPsyCap)] on firm performance. We develop a
model of how family firms' SEW preservation goal negatively affects firm performance in terms of sales and the
mitigating influence of FFPsyCap on this association. We test the model on a sample of 192 family firms in the
Hospitality and Tourism (H&T) industry. Using a cross-sectional research design, surveys were solicited from
small-and-medium size hotels in Turkey. Ordinary Least Squares technique is used to test our hypotheses. The
results reveal that family firms' SEW preservation goal negatively affects firm performance in terms of sales, and
the FFPsyCap mitigates this influence. Accordingly, if small-and-medium size firms in H&T can capitalize on
non-financial strengths and minimize the impact of family-centric goals on firm outcomes, they can attain
transgenerational sustainability and success.
Description
Tourism Management Perspectives 34 (2020) 100651
Keywords
Family firms,Socioemotional wealth,Family firm psychological capital,Firm performance,Hospitality and tourism