Capture of value by stakeholders and firm performance: Does family management have a moderating impact?

Abstract

This work analyses the impact of gaps in stakeholder aspiration levels concerning value capture and company performance, especially regarding the impact on this relationship by family management. The work offers empirical evidence from a sample of 114 Spanish companies of a collaborative attitude among stakeholders when the gaps of generated value appropriations increase, thereby positively affecting company performance. In addition, when stakeholders receive less value than expected, empirical evidence indicates that the management of internal resources and stakeholder demands is more efficient in a family business, and this efficiency increases future performance. These results are useful for management because they demonstrate the relevance of efficient management of relational capital, and family businesses are examples of such relational management.