Entrepreneurial orientation and socioemotional wealth as enablers of the impact of digital transformation in family firms

IF 3.6 Q2 MANAGEMENT Journal of Family Business Management Pub Date : 2024-04-02 DOI:10.1108/jfbm-11-2023-0282
Virginia Lasio, Juan M. Gómez, John Rosso, Alejandro Sánchez
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Abstract

Purpose

The research aims to investigate how digital transformation (DT), entrepreneurial orientation (EO) and socioemotional wealth (SEW) impact the financial performance of family firms in uncertain business environments. Drawing from existing literature, we propose that DT and EO drive firm performance. Additionally, we suggest a new role for SEW, which positively moderates this relationship in family firms, especially in terms of risk behavior and innovation for survival.

Design/methodology/approach

We used the STEP Consortium’s 2020–2021 database, derived from a global survey that explored how family businesses responded to environmental shocks. Following STEP’s definitions, we proposed three hypotheses and tested two models using structural equation modeling.

Findings

The findings show that EO significantly enhances the impact of DT on family firm performance. Family businesses exhibit a notable willingness to take strategic venture risks to protect their SEW. These findings align with conclusions drawn in related literature, supporting all hypothesized relationships proposed.

Practical implications

The study has made an applied contribution by challenging the misconception that family firms are outdated and provides insights into supporting their approach to entrepreneurship, innovation and transgenerational entrepreneurship. Furthermore, it provides business families and consultants with a new view of SEW as a strategic asset.

Originality/value

Our study adds to the literature by showing how entrepreneurial orientation catalyzes the positive impact of digital transformation on firm financial performance. We also highlight the contextual influence on family firm decision-makers' risk propensity, which affects SEW development and firm outcomes. This context dependency of SEW can hinder or enhance performance, offering new research and support avenues for family firms.

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创业导向和社会情感财富是家族企业数字化转型影响的促进因素
目的 本研究旨在探讨在不确定的商业环境中,数字化转型(DT)、创业导向(EO)和社会情感财富(SEW)如何影响家族企业的财务业绩。借鉴现有文献,我们认为数字化转型和创业导向会推动企业绩效。此外,我们还提出了 SEW 的新作用,它对家族企业中的这种关系具有积极的调节作用,尤其是在风险行为和创新求生方面。设计/方法/途径我们使用了 STEP 联合会的 2020-2021 数据库,该数据库来自于一项探索家族企业如何应对环境冲击的全球调查。根据 STEP 的定义,我们提出了三个假设,并使用结构方程模型对两个模型进行了检验。研究结果研究结果表明,EO 显著增强了 DT 对家族企业绩效的影响。家族企业明显愿意承担战略风险以保护其 SEW。这些研究结果与相关文献得出的结论一致,支持了所有假设的关系。该研究挑战了家族企业已经过时的错误观念,为支持家族企业的创业、创新和跨代创业方法提供了真知灼见,从而做出了应用性贡献。此外,它还为企业家族和顾问提供了一种将 SEW 视为战略资产的新观点。原创性/价值我们的研究通过展示创业导向如何催化数字化转型对企业财务绩效的积极影响,为相关文献增添了新的内容。我们还强调了环境对家族企业决策者风险倾向的影响,而风险倾向会影响 SEW 的发展和企业成果。SEW 的这种环境依赖性可以阻碍或提高绩效,为家族企业提供了新的研究和支持途径。
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来源期刊
CiteScore
5.50
自引率
33.30%
发文量
51
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