PurposeThis study analyses whether human resource management (HRM), through the use of four sets of high-performance work policies (HPWPs) (i.e. selection, training, motivation and opportunity policies), mediates the relationship between socioemotional wealth (SEW)—defined as a unique set of nonfinancial family goals—and firm financial performance when family firms face a high-risk context.Design/methodology/approachHypotheses were statistically tested using a structural equation modeling (SEM) methodology with a cross-sectional sample of 196 medium-sized and private family firms in a high-risk context in Spain.FindingsThe results indicate that the relationship between SEW and financial performance in family firms is fully mediated by the use of HPWPs, especially by training and motivation HR policies. The importance given to preserving SEW influences the use of four sets of HPWPs when family firms show clear evidence of being confronted by a financial decline (i.e. a high-risk context). However, to improve their financial results to avoid the firm's failure and thus the loss of their SEW, only those HR policies that focus on training and motivation made a significant and positive contribution to the firm financial performance.Originality/valueThis study contributes to the literature on family firms and HRM by adopting an alternative theoretical framework to understand how the importance of nonfinancial family goals may affect employee structures and management policies, thereby improving financial performance in family firms.

中文翻译：

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社会情感财富和人力资源政策：对家族企业绩效的影响

当家族企业有明确的证据表明面临财务衰退（即高风险背景）时，保护 SEW 的重要性会影响四套 HPWP 的使用。然而，为了改善他们的财务业绩以避免公司的失败，从而避免他们的 SEW 损失，只有那些专注于培训和激励的人力资源政策对公司的财务业绩做出了显着和积极的贡献。原创性/价值本研究有助于文献通过采用另一种理论框架来了解非财务家族目标的重要性如何影响员工结构和管理政策，从而提高家族企业的财务绩效。