The hospitality industry is dominated by small- and medium-sized hotels that are often owned and managed by families. As a result, a number of scholars have called for a better understanding of the role that family values play in the successful operation of family-managed hotels. A family's socioemotional wealth (SEW)—the amalgamation of various family values—has received considerable attention in the recent literature. In this paper we seek to advance the understanding of family-managed hospitality firms by applying the SEW construct from the entrepreneurship domain, and hypothesize that different components of family SEW distinctively impact hotel performance. We further argue that the negative impact of certain family values is mitigated for hotels that are entrepreneurially oriented. Our findings, based on primary data collected from key functionaries of 334 small hotels in India, empirically validates our theoretical model, and indicates that an appropriate configuration of family SEW components, along with an entrepreneurial orientation (EO), facilitates superior firm performance.

酒店业由通常由家庭拥有和管理的中小型酒店主导。因此，许多学者呼吁更好地理解家族价值观在家族管理酒店成功运营中的作用。家庭的社会情感财富 (SEW)——各种家庭价值观的融合——在最近的文献中受到了相当大的关注。在本文中，我们试图通过应用创业领域的 SEW 结构来加深对家族管理的酒店公司的理解，并假设家族 SEW 的不同组成部分对酒店业绩有显着影响。我们进一步认为，对于以创业为导向的酒店，某些家庭价值观的负面影响会得到缓解。我们的发现，