Abstract
The paper aims to examine the role of socioemotional wealth (SEW), social capital (SC), and knowledge internalization in the innovation process of family firms. It draws upon recent shortcomings of management and family business literature including the need for exploring mediators in the innovation process and innovation heterogeneity of family businesses. A serial mediation model is tested on a dataset of 198 US family firms. We found SEW to be positively related to bonding SC. In turn, bonding SC was found to enhance bridging SC and knowledge internalization. Despite a negative relationship between bonding SC and innovation output, our analysis revealed three indirect paths that demonstrate the crucial role of SEW and bonding SC in promoting innovation in family firms. Specifically, SEW increases innovation output through the sequential effect of (1) bonding SC and bridging SC, (2) bonding SC and knowledge internalization, and (3) bonding SC, bridging SC, and knowledge internalization. The implications for theory and practice are discussed.
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