Professionalisation of the Family Firm and Its Relationship with Personal Values

Abstract

This study aims to determine the relationships between personal values (PVs) and the professionalisation of family firms. To achieve this objective, the theoretical model of PVs by Schwartz (Advances in Experimental Social Psychology 25:1–65, 1992; Journal of Social Issues 50:19–45, 1994) and the multidimensional model of professionalisation by Dekker, Lybaert, Steijvers and Depaire (Family Business Review 26(1): 81–99, 2013; Journal of Small Business Management 53(2): 516–538, 2015) were used, highlighting the inclusion of three more factors found in the literature and which became part of the extended model. As the data-collecting instrument, an online questionnaire was sent to Portuguese family firms, obtaining a final sample of 249 participants. To determine the relationships, structural equation modelling (SEM) was used, specifically Partial Least Squares Structural Equation Modeling (PLS-SEM), initially seeking to validate the constructs (PVs and professionalisation) by adjusting the general model. Then, the structural model was validated, determining the relationships between the variables of the constructs studied. The results demonstrated acceptance of the model and partial and total validation of most of the hypotheses investigated, showing that PVs are related to professionalisation of family firms. Some implications for theory and practice will also be presented.