Determining whether family management influences firm growth remains a controversial issue in current literature. This study addresses this research gap by analyzing the effect of family TMT involvement on firm growth, as a reflection of the mixed gamble trade-off between restricted versus extended socioemotional wealth priorities, taking into account both the duality between growth and degrowth as well as the multidimensional nature of firm growth. We establish that in the context of potential growth-promoting decisions, family-managed firms attach more importance to restricted than to extended SEW priorities. Meanwhile, in the context of potential degrowth-avoiding decisions, they prioritize extended over restricted SEW priorities. We also explore the contingent effect of financial slack in the former relationships, modulating the relevance attached to restricted and extended priorities within the SEW mixed-gamble. Using a longitudinal sample of 4047 Spanish private family firms, our findings confirm the utility of the SEW mixed gamble approach to explain how the level of family TMT involvement might influence growth rates while undeniably limiting degrowth rates. Moreover, our findings reveal a heterogeneous moderating effect of financial slack on the relationship between family TMT involvement and growth as well as degrowth.

确定家族管理是否影响企业成长在当前文献中仍然是一个有争议的问题。本研究通过分析家庭 TMT 参与对企业增长的影响来弥补这一研究空白，反映了有限与扩展的社会情感财富优先权之间的混合赌博权衡，同时考虑到增长和去增长之间的二元性以及企业成长的多维性。我们发现，在潜在的促进增长的决策中，家族管理的企业更重视限制性 SEW 优先事项，而不是扩展性 SEW 优先事项。与此同时，在潜在的避免去增长决策的背景下，他们优先考虑扩展的 SEW 优先事项而不是受限的 SEW 优先事项。我们还探讨了以前关系中财务松弛的偶然影响，调节 SEW 混合赌博中限制和扩展优先事项的相关性。使用 4047 家西班牙私人家族企业的纵向样本，我们的研究结果证实了 SEW 混合赌博方法的效用，可以解释家族 TMT 参与水平如何影响增长率，同时无可否认地限制去增长率。此外，我们的研究结果揭示了金融闲置对家庭 TMT 参与与增长和去增长之间关系的异质调节作用。