Purpose

This study examines how stewardship might mediate the influence of family ownership on firm financial performance. The authors argue that differences in financial performance may reflect not only the family's influence but also the prevalence of a stewardship-oriented culture, across varying degrees of family influence.

Design/methodology/approach

The measure of family influence uses the F-PEC scale: family [F], power [P], experience [E] and culture [C]. It supports cross-firm comparisons of different levels of family influence. To capture the multidimensional nature of family influence, this study uses structural equation modelling and measures the meditating effects of stewardship.

Findings

The results reveal a mediating effect of stewardship; family firms achieve better performance when they take advantage of and encourage stewardship attitudes among owners and leaders. Factors associated with stewardship behaviour, including stewardship motivation and stewardship culture, help explain why some family firms perform better than others.

Practical implications

When analysing the behaviour of family firms, interested entrepreneurs, managers and consultants should acknowledge that the family's influence entails both financial and emotional capital. The survival of the family businesses depends on balancing these aspects.

Originality/value

In response to calls for research into mediators of the complex relationship between family influence and firm outcomes, this study provides a novel explanation for performance-maximizing behaviours by organizations, in which pro-organizational attitudes coexist with self-serving motives.

中文翻译：

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家庭影响力和公司绩效：管理的中介作用

目的

这项研究探讨了管家如何调解家族所有制对公司财务业绩的影响。作者认为，财务绩效的差异可能不仅反映了家庭的影响力，而且还反映了在不同程度的家庭影响力中，以管理为导向的文化的普遍性。

设计/方法/方法

家庭影响力的量度使用F-PEC量表：家庭[F]，能力[P]，经验[E]和文化[C]。它支持对不同家庭影响力的公司间比较。为了捕捉家庭影响力的多维性质，本研究使用结构方程模型并测量管理的冥想效果。

发现

结果揭示了管理的中介作用。当家族企业利用并鼓励所有者和领导者之间的管理态度时，他们会取得更好的业绩。与管理行为相关的因素，包括管理动机和管理文化，有助于解释为什么某些家族企业的业绩要好于其他家族企业。

实际影响

在分析家族企业的行为时，有兴趣的企业家，管理人员和顾问应承认，家族的影响力既需要资金，也需要情感资金。家族企业的生存取决于平衡这些方面。

创意/价值

为了回应对家庭影响力与公司成果之间复杂关系的调解者的研究的呼吁，本研究为组织的绩效最大化行为提供了新颖的解释，在这种行为中，组织前的态度与自我服务动机并存。