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Psychological contract and social exchange in family firms

Author

Listed:
  • Timothy M. Madden
  • Laura T. Madden
  • Jason A. Strickling
  • Kimberly A. Eddleston

Abstract

This study tests a social exchange theory model that links firm family members' transactional and relational psychological contract obligations to firm performance. Evidence supports the hypotheses that organisational obligations are antecedents of individual contributions to firm performance in the psychological contract model. When family firms meet the employees' perceived obligations to their employees, the employees meet their perceived obligations to their employers. Participative decision-making and succession planning are of particular importance to maintain transgenerational control and evidence is found to support succession planning as fully mediating the relationship between participative decision-making and firm performance.

Suggested Citation

  • Timothy M. Madden & Laura T. Madden & Jason A. Strickling & Kimberly A. Eddleston, 2017. "Psychological contract and social exchange in family firms," International Journal of Management and Enterprise Development, Inderscience Enterprises Ltd, vol. 16(1/2), pages 109-127.
    • Handle: RePEc:ids:ijmede:v:16:y:2017:i:1/2:p:109-127
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    Citations

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    Cited by:

    1. Hayward, Mathew & Hunt, Richard & Miller, Danny, 2022. "How vulnerability enriches family firm relationships: A social exchange perspective," Journal of Family Business Strategy, Elsevier, vol. 13(1).
    2. Duarte Pimentel & Ana Pereira, 2022. "Emotion Regulation and Job Satisfaction Levels of Employees Working in Family and Non-Family Firms," Administrative Sciences, MDPI, vol. 12(3), pages 1-13, September.
    3. Liu, Fangyi, 2021. "Family business succession roadblock model based on fuzzy linguistic preference relations," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    4. Azizi, Mohammad & Salmani Bidgoli, Masoud & Maley, Jane F. & Dabić, Marina, 2022. "A stewardship perspective in family firms: A new perspective for altruism and social capital," Journal of Business Research, Elsevier, vol. 144(C), pages 764-775.

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