USING INTERPRETIVE STRUCTURAL MODELLING TO EXPLORE SOCIO-EMOTIONAL WEALTH (SEW) THAT INFLUENCE ON FAMILY FIRM PERFORMANCE
Keywords:Interpretive structural modelling, Socio-emotional wealth, family firm performance
Family firm are very important organization form because it generate more than 50 % of GDP of many countries but empirical research still not clear how family involvement in family business influence on firm performance.The objective of this study is to explore the relationships between the factors of socio-emotional wealth relating to governance mechanism, and the entrepreneurial orientation impact on performances of family firm in Thailand. This study was employed interpretive structural modelling technique. Data were collected by applying the Delphi method from the seven experts from scholar and automobile industry. This study found that the factors of socio-emotional wealth has a strong power on ownership, the notion of fairness, the board of directors, an entrepreneurial orientation and firm performance. This finding would be beneficial to practitioners on how to balance their socio emotional wealth or the effective needs or goals of a family and effective strategies to improve family firm performance.
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