Sustainability practices of family firms: the interplay between family ownership and long-term orientation |
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| Authors: | Esra Memili Hanqing “Chevy” Fang Burcu Koç Özlem Yildirim-Öktem Sevil Sonmez |
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| Institution: | 1. Bryan School of Business and Economics, University of North Carolina at Greensboro, Greensboro, NC, USA;2. Department of Business &3. Information Technology (BIT), Missouri University of Science and Technology, Rolla, MO, USA;4. Department of Tourism Management, Gazi University, Ankara, Turkey;5. Department of International Trade, Bogazici University, Hisar Campus, Bebek, Turkey;6. Department of Tourism, Events &7. Attractions, University of Central Florida, Orlando, FL, USA |
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| Abstract: | Sustainability practices are critical for family firms, as they relate directly to the continuity of the business and relationships with important stakeholders, such as members of the local community. Nevertheless, not all family firms wish to adopt sustainability practices. To examine this, we draw upon the socioemotional wealth perspective in order to develop a theoretical model of the direct negative effects of family ownership on the adoption of sustainability practices. We also suggest moderating effects of long-term orientation (LTO) on this link. Our model is tested on a sample of 195 family firms in the tourism and hospitality sector. The results support our hypothesis that family ownership negatively influences the adoption of sustainability practices. Additionally, LTO moderates the relationship between family ownership and the adoption of sustainability practices, such that family owners with a high LTO are more likely to adopt this particular practice compared to those with a low LTO. |
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| Keywords: | Sustainability practices family firms long-term orientation hospitality tourism |
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