He nández-Pe lines, Felipe; A aya-Cas illo, Luis; Cas o Nuño, Me cedes
A icle
Dynamic capabili ies, p ese a ion o socioemo ional
weal h, and amily i m pe o mance
Jou nal o Inno a ion & Knowledge (JIK)
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Sugges ed Ci a ion: He nández-Pe lines, Felipe; A aya-Cas illo, Luis; Cas o Nuño, Me cedes (2025) :
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Dynamic capabili ies, p ese a ion o socioemo ional weal h, and amily
i m pe o mance
Felipe He n´
andez-Pe lines
a,*
, Luis A aya-Cas illo
b
, Me cedes Cas o-Nu˜
no
c
a
Uni e si y o Cas illa La Mancha, Calle San Ped o M´
a i , 7. 45002 Toledo, Spain
b
School o Business, Uni e sidad Adol o Ib´
a˜
nez, A . P esiden e E ´
azu iz 3485, Las Condes, San iago, Chile
c
Uni e sidad de Se illa, A enida Ram´
on y Cajal, 1. 41018 Se illa, Spain
ARTICLE INFO
JEL Classi ica ion:
C88
D21
M21
Keywo ds:
Family i ms
Dynamic capabili ies
Socioemo ional weal h
Pe o mance
ABSTRACT
This s udy examines he pe o mance o amily businesses h ough he heo e ical lenses o dynamic capabili ies
and socioemo ional weal h. A concep ual model is p oposed, in which socioemo ional weal h mode a es he
ela ionship be ween dynamic capabili ies and amily i m pe o mance. The esea ch employs pa ial leas
squa es s uc u al equa ion modeling (PLS-SEM), a second-gene a ion mul i a ia e analysis echnique, o analyze
da a and es hypo heses. The indings e eal ha dynamic capabili ies posi i ely in luence amily i m pe o -
mance, wi h inno a ion eme ging as he mos impac ul dynamic capabili y. Addi ionally, socioemo ional weal h
no only di ec ly enhances pe o mance bu also ac s as a mode a o , s eng hening he ela ionship be ween
dynamic capabili ies and pe o mance. This s udy makes wo key con ibu ions. Fi s , i ad ances he unde -
s anding o how dynamic capabili ies and socioemo ional weal h shape amily i m pe o mance. Second, i
unde sco es he pi o al ole o socioemo ional weal h in ampli ying he e ec s o dynamic capabili ies on pe -
o mance. These insigh s ha e signi ican p ac ical implica ions o amily i ms, emphasizing he impo ance o
s a egically managing bo h dynamic capabili ies and socioemo ional weal h o d i e pe o mance and ensu e
long- e m sus ainabili y.
In oduc ion
Family i ms ep esen one o he mos p e alen and signi ican
o ms o business o ganiza ion in many coun ies (A aya-Cas illo e al.,
2022; G´
omez-Mejía e al., 2007; Poza & Daughe y, 2013). Thei
impo ance s ems om hei abili y o gene a e bo h weal h and
employmen (Chang e al., 2009; Fan e al., 2011; Ma hews e al.,
2012). Mo eo e , he g ow h and unc ioning o nume ous economies
a e deeply in luenced by he ac i i ies o amily i ms (As achan &
Shanke , 2003; He n´
andez-Pe lines e al., 2021a; Memili e al., 2015).
This widesp ead p e alence has spu ed a g owing in e es in amily
i ms wi hin he ield o business adminis a ion. Recen esea ch has
inc easingly ocused on unde s anding hei unique beha io s and pe -
o mance d i e s (L´
opez-Fe n´
andez e al., 2016; No dq is & Melin,
2010; Sha ma e al., 2012). A cen al goal o hese s udies is o enhance
he unde s anding o wha con ibu es o hei success and sus ainabili y
(Ch isman e al., 2010; He n´
andez-Pe lines e al., 2021a; Sha ma e al.,
2012).
Companies in gene al, and amily i ms in pa icula , ope a e in
en i onmen s cha ac e ized by apid change and high le els o unce -
ain y (He n´
andez-Pe lines e al., 2022). To h i e in such condi ions,
i ms mus de elop o ganiza ional capaci ies ha enable hem o adap
and espond e ec i ely o ma ke shi s (O lando, 2016). In his con ex ,
he dynamic capabili ies amewo k p o ides a obus heo e ical
ounda ion o his esea ch (Mikado, 2001; P aha lad & Hamel, 1990;
Tie ce e al., 1997).
The dynamic capabili ies app oach has gained signi ican impo -
ance in he ield o s a egic managemen (Albo -Mo an e al., 2018).
Due o hei unique cha ac e is ics, amily i ms possess esou ces and
capabili ies ha enable hem o emain compe i i e and sus ain his
compe i i eness o e ime (Sha ma & Sal a o, 2011). This pape ocuses
speci ically on abso p i e and inno a i e capaci ies, as amily i ms
mus le e age ex e nal knowledge o enhance hei inno a ion capa-
bili ies and achie e supe io pe o mance (He n´
andez-Pe lines e al.,
2021b).
Abso p i e capaci y is de ined as he o ganiza ional ou ines and
p ocesses ha allow i ms o acqui e, assimila e, ans o m, and exploi
knowledge (Zah a & Geo ge, 2002). Po en ial abso p i e capaci y can
* Co esponding au ho .
E-mail add esses: [email p o ec ed] (F. He n´
andez-Pe lines), [email p o ec ed] (L. A aya-Cas illo), [email p o ec ed] (M. Cas o-Nu˜
no).
Con en s lis s a ailable a ScienceDi ec
Jou nal o Inno a ion & Knowledge
jou nal homepage: www.else ie .com/loca e/jik
h ps://doi.o g/10.1016/j.jik.2025.100667
Recei ed 13 Oc obe 2024; Accep ed 4 Feb ua y 2025
Jou nal o Inno a ion & Knowledge 10 (2025) 100667
A ailable online 10 Feb ua y 2025
2444-569X/© 2025 The Au ho s. Published by Else ie España, S.L.U. on behal o Jou nal o Inno a ion & Knowledge. This is an open access a icle unde he CC
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signi ican ly bene i o ganiza ions by boos ing hei inno a i e capa-
bili ies, he eby imp o ing hei inno a ion pe o mance (B inke ink,
2018; Hu ado-Palomino e al., 2022). This is pa icula ly ele an o
amily i ms, as inno a ion has become a c i ical ac o o hei su i al
and long- e m business de elopmen (No dq is e al., 2009).
In addi ion, a g owing body o esea ch has eme ged ha ocuses on
he emo ional endowmen o amily i ms (He n´
andez-Pe lines e al.,
2021a). This pe spec i e has p o ided aluable insigh s in o he be-
ha io s and ou comes o amily i ms (Ng e al., 2019). The managemen
o amily i ms is deeply in e wined wi h emo ions and ela ionships
(Mo gan & G´
omez-Mejía, 2014), leading hem o pu sue no only
inancial objec i es bu also non-economic goals ha a e in eg al o
hei iden i y and go e nance (He n´
andez-Pe lines e al., 2021b; Tagiu i
& Da is, 1992; Zellwege e al., 2013).
Among hese non-economic goals is he p ese a ion o socioemo-
ional weal h (SEW; A aya-Cas illo e al., 2021; Be one e al., 2010;
Glo e & Reay, 2015). Socioemo ional weal h encompasses he amily’s
con ol and in luence o e he i m, he iden i ica ion o amily membe s
wi h he business, binding social ies, emo ional a achmen o amily
membe s, and he enewal o amily bonds h ough dynas ic succession
(Be one e al., 2012). These elemen s a e dis inc i e ea u es o amily
i ms (G´
omez-Mejía e al., 2011; Hol e al., 2018) and ha e become
cen al o hei managemen (Be one e al., 2010; Glo e & Reay,
2015). Resea ch has shown ha he p ese a ion o socioemo ional
weal h posi i ely impac s amily i m pe o mance (Alonso-Dos-San os
& Llanos-Con e as, 2019).
Mo eo e , socioemo ional weal h can be linked o dynamic capa-
bili ies, as i s p ese a ion may enhance he in luence o en ep eneu ial
o ien a ion on amily i m pe o mance. This is achie ed h ough a
deepe unde s anding o he ac o s d i ing such in luence (Chi ico
e al., 2011; Llanos-Con e as e al., 2019). Gi en ha inno a ion am-
pli ies he e ec o abso p i e capaci y on amily i m pe o mance
(He n´
andez-Pe lines e al., 2022), he p ese a ion o socioemo ional
weal h may lead o ac ions and policies ha enable amily i ms o
achie e high pe o mance, pa icula ly when hey exhibi s ong
en ep eneu ial o ien a ion (He n´
andez-Pe lines e al., 2021a).
This s udy is mo i a ed by he need o be e unde s and he in lu-
ence o dynamic capabili ies on amily i m pe o mance, pa icula ly in
ligh o he po en ial mode a ing ole o socioemo ional weal h. To his
end, he esea ch i s examines he di ec ela ionship be ween dynamic
capabili ies, socioemo ional weal h, and he pe o mance o Chilean
amily i ms. I hen in es iga es he mode a ing e ec o socioemo ional
weal h on he ela ionship be ween dynamic capabili ies and pe o -
mance in his con ex .
Based on his analysis, he ollowing esea ch ques ions a e
p oposed:
1. Do dynamic capabili ies ha e a posi i e in luence on he pe o -
mance o Chilean amily i ms?
2. Does socioemo ional weal h posi i ely a ec he pe o mance o
Chilean amily i ms?
3. Does socioemo ional weal h posi i ely mode a e he ela ionship
be ween dynamic capabili ies and he pe o mance o Chilean amily
i ms?
To add ess hese esea ch ques ions, a ques ionnai e ea u ing Like -
ype scales (1 =s ongly disag ee; 7 =s ongly ag ee) was dis ibu ed
ia email o CEOs o Chilean amily i ms be ween May and Sep embe
2019. A o al o 135 alid esponses we e ob ained. The da a we e
analyzed using PLS-SEM wi h Sma PLS .4.1.0.9 so wa e o es he
hypo heses (Ringle e al., 2024).
Despi e hei signi icance, he e is a no able gap in he li e a u e
ega ding how dynamic capabili ies and socioemo ional weal h in e ac
o in luence he pe o mance o amily i ms, pa icula ly in La in
Ame ica and speci ically in Chile (B iano-Tu en & Pole i-Hughes,
2017; Espinosa-M´
endez e al., 2018; Llanos-Con e as e al., 2019,
2021; Temp ano-Ga cía e al., 2023). Chilean amily i ms p o ide a
compelling con ex o examining he ole o amily in luence
(Temp ano-Ga cía e al., 2023), as hey ep esen he mos p e alen
o m o business o ganiza ion in La in Ame ica, ye esea ch on hese
i ms emains limi ed (Pa ada e al., 2016).This s udy add esses his gap
and con ibu es o he ield by demons a ing he di ec ela ionship
be ween dynamic capabili ies, socioemo ional weal h, and he pe o -
mance o Chilean amily i ms. Fu he mo e, i p oposes a model ha
links dynamic capabili ies, socioemo ional weal h and business pe o -
mance, o e ing p ac ical insigh s o imp o e he managemen o amily
i ms.
The p ima y con ibu ion o his s udy lies in i s applicabili y o
Chilean amily businesses. The indings p o ide aluable insigh s in o
how dynamic capabili ies and socioemo ional weal h shape he pe o -
mance o hese i ms. This app oach has signi ican implica ions o he
su i al and compe i i eness o amily businesses, equipping decision-
make s wi h ools o design s a egies ha enhance bo h economic
and non-economic objec i es.
In summa y, his esea ch no only ad ances academic unde s and-
ing o amily i ms bu also deli e s p ac ical alue o he sec o by o -
e ing speci ic ecommenda ions on how o manage dynamic
capabili ies and socioemo ional weal h o achie e sus ainable long- e m
pe o mance.
Following his in oduc ion, he pape is s uc u ed as ollows. Sec-
ion 2 p o ides a e iew o he mos ele an li e a u e on amily i ms,
dynamic capabili ies, and socioemo ional weal h, and p esen s he hy-
po heses de i ed om his e iew. Sec ion 3 ou lines he esea ch
design, including de ails on he sample, measu emen o a iables, and
he me hodology used o es he hypo heses. Sec ion 4 p esen s he
analysis o he esul s. Finally, Sec ion 5 discusses he key conclusions
d awn om he s udy, along wi h i s limi a ions and p oposed u u e
esea ch di ec ions.
Concep ual amewo k and hypo hesis
Dynamic capabili ies
The su i al o amily i ms has ga ne ed signi ican academic
a en ion (Alonso-Dos-San os & Llanos-Con e as, 2019; Issah e al.,
2023), pa icula ly because he su i al a e o amily i ms beyond he
hi d gene a ion is no ably low (Eddles on e al., 2013). Resea che s
ha e made conside able s ides in unde s anding he ac o s ha enable
amily i ms o su i e ac oss gene a ions (Daspi e al., 2019; Zellwege
e al., 2012).
In his con ex , he dynamic capabili ies app oach has gained
p ominence in s a egic managemen (Albo -Mo an e al., 2018).
In ense compe i ion wi hin business ecosys ems necessi a es ha o ga-
niza ions de elop di e se s a egies based on hei esou ces and capa-
bili ies o enhance inno a ion, sus ainabili y, and business pe o mance
ou comes (Hu ado-Palomino e al., 2022; Leonidou e al., 2023; Pa -
a-Requena e al., 2020).
The dynamic na u e o hese capabili ies e e s o a i m’s abili y o
enew i s compe encies o align wi h he e ol ing ma ke en i onmen
(Leonidou e al., 2023). These capabili ies a e ca ego ized in o wo
p ima y esea ch s eams (Hu ado Palomino e al., 2022): dynamic
capabili ies and ope a ional capabili ies (Cepeda & Ve a, 2007; Mak-
konen e al., 2014; Schilke e al., 2018). Ope a ional capabili ies pe ain
o epe i i e and ou ine echnical ac i i ies ha i ms pe o m in hei
day- o-day ope a ions (Hel a & Win e , 2011). In con as , dynamic
capabili ies in ol e he abili y o c ea e alue h ough he de elopmen
and implemen a ion o new p ocesses, se ices, and p oduc s, he eby
enhancing a i m’s compe i i e ad an age (McKel ie & Da idsson,
2009; Zah a & Geo ge, 2002).
Dynamic capabili ies p o ide a sys ema ic amewo k o achie ing
compe i i e ad an age in dynamic en i onmen s (Daspi e al., 2019).
This pa adigm explains how i ms, pa icula ly amily i ms, adap o
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100667
2
changes in he ma ke (Hel a e al., 2007; Tie ce e al., 1997; Zollo &
Win e , 2002). These capabili ies enable con inuous adap a ion by
acili a ing he econ igu a ion o esou ces (Hel a & Win e , 2011;
Win e , 2003), guided by a i m’s abili y o unde s and and espond o
ex e nal en i onmen al shi s (Daspi e al., 2019). Consequen ly, dy-
namic capabili ies eme ge when a i m can c ea e, expand, o modi y i s
esou ce base (Hel a e al., 2007).
This app oach eme ged as an ex ension o he esou ce-based iew
(Albo -Mo an e al., 2018; Gue as-Ma in e al., 2014) and ocuses on
unde s anding he na u e and implica ions o o ganiza ional capabili ies
(Schilke e al., 2018). Se e al ypes o dynamic capabili ies ha e been
iden i ied: abso p i e capaci y (Wang & Ahmed, 2007), inno a i e ca-
paci y (Ve ona & Ra asi, 2003), lea ning capaci y (Zollo & Win e ,
2002), and capabili ies ela ed o building ne wo ks and ela ionships
(M¨
olle & S ahn, 2003). Among hese, his pape ocuses on he i s
wo—abso p i e capaci y and inno a i e capaci y—as hese in e nal
capabili ies a e c i ical o de eloping new business p ocesses and
p oduc s ha mee ma ke demands (U gal e al., 2011). Abso p i e
capaci y is pa icula ly impo an , as i enables i ms o cap u e and
u ilize ex e nal knowledge (Hu ado-Palomino e al., 2022). Simila ly,
inno a ion plays a i al ole in ensu ing ma ke success (Saunila, 2020).
Fi s , he p ocess o acqui ing knowledge om he en i onmen and
implemen ing in e nal changes wi hin he i m is d i en by abso p i e
capaci y, a knowledge-speci ic dynamic capabili y (Daspi e al., 2019;
Tie ce, 2019; Zah a & Geo ge, 2002). Abso p i e capaci y is c i ical o
gaining compe i i e ad an age, pa icula ly h ough inc eased in es -
men in R&D (Aljanabi e al., 2014; Tsai, 2001). I is also a co ne s one
o business s a egy, as i enables i ms o ecognize, assimila e, and
apply new knowledge, which is essen ial o su i al in compe i i e
ma ke s (Jansen e al., 2005). In his ega d, po en ial abso p i e ca-
paci y can signi ican ly bene i o ganiza ions by enhancing hei inno-
a i e capabili ies, he eby imp o ing inno a ion pe o mance
(Hu ado-Palomino e al., 2022).
Cohen and Le in hal (1990) we e he i s o de ine abso p i e ca-
paci y as a i m’s abili y o iden i y, assimila e, and exploi new
knowledge. Zah a and Geo ge (2002) expanded on his concep , in e-
g a ing ea lie de ini ions and desc ibing abso p i e capaci y as “a se o
o ganiza ional ou ines and p ocesses by which i ms acqui e, assimi-
la e, ans o m, and exploi knowledge” (Zah a & Geo ge, 2002, p. 186).
These au ho s u he di ided abso p i e capaci y in o wo dimensions:
po en ial abso p i e capaci y and ealized abso p i e capaci y
(Hu ado-Palomino e al., 2022). Po en ial abso p i e capaci y e e s o
he abili y o acqui e and assimila e ex e nal knowledge, while ealized
abso p i e capaci y in ol es ans o ming and exploi ing ha knowl-
edge o c ea e new p oduc s and p ocesses. This s udy ocuses on po-
en ial abso p i e capaci y, as i is a c i ical d i e o a i m’s inno a i e
capabili ies (Clauss e al., 2021).
The second dynamic capabili y examined in his s udy is inno a ion.
This capabili y was selec ed due o i s s ong co ela ion wi h abso p i e
capaci y (Wang & Ahmed, 2007). The ela ionship be ween abso p i e
capaci y and inno a ion is so in e wined ha some esea che s a gue
ha a i m canno ully bene i om inno a ion wi hou he in ol emen
o abso p i e capaci y (Kos opoulos e al., 2011). Indeed, inno a i e
capaci y has been a ocal poin o esea ch because o i s po en ial o
ans o m knowledge in o new p oduc s, p ocesses, and sys ems
(Saunila, 2020). I e lec s a i m’s abili y o con e ideas and knowl-
edge in o unique o e ings ha mee cus ome demands, he eby
gene a ing business alue (Ruiz-O ega e al., 2021; U gal e al., 2011).
This compe i i e ad an age hinges on he amily i m’s dynamic capa-
bili y o adap , in eg a e, and econ igu e acqui ed knowledge
(Zellwege & Siege , 2012).
In addi ion, p ocess inno a ion in ol es changes in how p oduc s a e
p oduced and se ices a e deli e ed. F om his pe spec i e, wo ypes o
inno a ion a e ecognized: p oduc inno a ion and p ocess inno a ion.
Bo h ypes signi ican ly impac a i m’s compe i i eness and a e essen-
ial o d i ing economic g ow h (Camis´
on & Villa -L´
opez, 2010). This
wo-dimensional concep o inno a ion ep esen s a b oade and mo e
nuanced unde s anding compa ed o he adi ional de ini ion o R&D.
The de ini ion o inno a ion adop ed in his s udy encompasses he
gene a ion o bo h new p oduc s and new p ocesses (P ajogo & Sohal,
2006; Schumpe e , 1934). This wo-dimensional app oach is widely
accep ed as he mos comp ehensi e amewo k o unde s anding
inno a ion (Camis´
on & Villa -L´
opez, 2010; P ajogo & Sohal, 2006;
Yamin e al., 1997). Wha makes inno a ion pa icula ly ele an is ha ,
when i is consis en and con inuous (Hjalage , 2010), i enables i ms o
en e new ma ke s and seize eme ging oppo uni ies (Wang e al., 2004).
Inno a ion has been ex ensi ely s udied in he con ex o amily
i ms (De Massis e al., 2013; Du ´
an e al., 2016; Mille & Le
B e on-Mille , 2005) as a key indica o o success and a c i ical ac o
in luencing hei long- e m su i al (Calab `
o e al., 2019; Eddles on
e al., 2008). Howe e , esea ch on abso p i e capaci y in amily i ms
emains limi ed (Ande s´
en, 2015; De Massis e al., 2013; Hu ado-Pa-
lomino e al., 2022). Despi e his, some s udies ha e ound ha
abso p i e capaci y signi ican ly de e mines he inno a i e pe o mance
o amily i ms (Cha ˜
ao Fe ei a & Ma os Fe ei a, 2017).
Based on his discussion, he ollowing hypo hesis is p oposed (see
Fig. 1):
H1. Dynamic capabili ies posi i ely a ec he pe o mance o Chilean
amily i ms.
Socioemo ional weal h
Family i ms pu sue a combina ion o business and amily goals
(Mah o e al., 2010), which o en o e lap (Calab `
o e al., 2023; F anco &
P a a, 2019; G´
omez-Mejía e al., 2011). In many cases, amily goals
signi ican ly in luence business objec i es (Ma ínez-Rome o &
Rojo-Ramí ez, 2017; Vandeke kho e al., 2015). Among hese
non- inancial goals, socioemo ional weal h has eme ged as a cen al
concep in he managemen o amily i ms (Be one e al., 2010; Glo e
& Reay, 2015; G´
omez-Mejía e al., 2023) and a key ac o in explaining
hei beha io (Be one e al., 2012; G´
omez-Mejía e al., 2007; Ma í-
nez-Rome o & Rojo-Ramí ez, 2016).
In his con ex , he non- inancial objec i es in oduced by amilies
in o hei i ms a e e e ed o as socioemo ional weal h in he li e a u e
(G´
omez-Mejía e al., 2007). This concep has been widely analyzed in
amily i m esea ch (G´
omez-Mejía e al., 2010; He n´
andez-Pe lines
e al., 2023; Schepe s e al., 2014). Socioemo ional weal h is de ined as
“ he non- inancial aspec s o he i m ha mee he amily’s a ec i e
needs, such as iden i y, he abili y o exe cise amily in luence, and he
pe pe ua ion o he amily dynas y” (G´
omez-Mejía e al., 2007, p. 106).
This heo e ical amewo k is oo ed in he beha io al agency model
(Ch isman & Pa el, 2012) and is pa icula ly sui ed o he s udy o amily
i ms, as i in eg a es amily, pe sonal, and o ganiza ional goals
(Llanos-Con e as & San os, 2018). Acco ding o his pa adigm, he
beha io o amily i ms is shaped by non-economic amily goals ha
gene a e socioemo ional weal h (Ch isman & Pa el, 2012; G´
omez-Mejía
e al., 2011; He n´
andez-Pe lines e al., 2021a), as well as by he
emo ional alue cen e ed on he amily (Zellwege e al., 2012).
Howe e , amily i ms a e no homogeneous in hei p e e ences,
pe cep ions, alues, a i udes, and in en ions (Wes head & Howo h,
2007). The unique cha ac e is ics o each amily managing a i m make
hem he e ogeneous in e ms o socioemo ional weal h (Ba os e al.,
2017; Chi ico & No dq is , 2010; Ch isman e al., 2012). Th ough he
agg ega ion o amily emo ions, he emo ional o socioemo ional alue
o he i m is de i ed (As achan & Jaskiewicz, 2008; G´
omez-Mejía
e al., 2007). These di e ences in powe , expe ience, and cul u e o m
he basis o di e si y in amily i ms, as highligh ed by he pa icipa ion
and essence app oaches (Chua e al., 1999).
Mo eo e , socioemo ional weal h p o ides a concep ual amewo k
ha explains he di e ences be ween amily and non- amily i ms, as
well as he a ia ions among amily i ms hemsel es (Hughes e al.,
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100667
3
2018; Sal a o & Ald ich, 2012; Temp ano-Ga cía e al., 2023). I s
uniqueness a ises om he desi e o amily i m owne s o pu sue
non-economic goals aimed a p ese ing amily endowmen s, which
e lec he dis inc in e es s, ision, and a i udes o he con olling
amily (Ch isman e al., 2012). Addi ionally, amily i ms p io i ize
non- inancial goals, which signi ican ly in luence hei s a egic
decision-making (Be one e al., 2012; Cennamo e al., 2012;
G´
omez-Mejía e al., 2011), and hey s i e o gene a e and p ese e
socioemo ional weal h (Domenichelli & Be in, 2021).
As a esul , amily i ms accumula e socioemo ional weal h, and his
o ien a ion shapes he benchma ks o p o i o loss ha guide hei
decision-making (Da ila e al., 2023; G´
omez-Mejía e al., 2007). This is
because amily membe s in hese i ms o en ha e a s ong emo ional
a achmen o one ano he and iden i y deeply wi h he amily i m,
which is equen ly iewed as an ex ension o he amily i sel
(Kallmuenze e al., 2018).
Howe e , he p io i iza ion o non-economic goals by amily owne s
does no necessa ily esul in sub-op imal s a egies ha ha m he pe -
o mance o amily i ms (Alonso-Dos-San os & Llanos-Con e as, 2019;
Debicki e al., 2017; Temp ano-Ga cía e al., 2023). In ac , he
non- inancial aspec s o he i m ha ul ill he amily’s speci ic needs
can posi i ely in luence amily i m pe o mance (Debicki e al., 2017;
Ng e al., 2019; Zellwege e al., 2012). Based on his discussion, he
ollowing hypo hesis is p oposed (see Fig. 1):
H2. Socioemo ional weal h posi i ely a ec s he pe o mance o
Chilean amily i ms.
S ong dynamic capabili ies a e c i ical o ensu ing a i m’s su i al
in compe i i e en i onmen s (Ca nes & I eland, 2013; De Massis e al.,
2016; Weimann, Ge ken & Hülsbeck, 2020). While he de elopmen o
dynamic capabili ies is ele an o all ypes o i ms, amily i ms p o-
ide a unique con ex o s udying hei impo ance in business model
inno a ion (Calab `
o e al., 2018). This is due o hei long- e m s a egic
ocus (Bammens e al., 2015), ich adi ions (G´
omez-Mejía e al., 2007,
2011; Mille & Le B e on-Mille , 2014), and con inuous pu sui o
s a egic enewal (Weimann e al., 2020).
S ong dynamic capabili ies enable g ea e lexibili y and highe
inno a ion ou pu (De Massis e al., 2016), as hey in ol e he e ec i e
mobiliza ion o esou ces and skills o con e inpu s in o ou pu s
(Mille e al., 2015). Fo amily i ms, acqui ing, assimila ing, ans-
o ming, and exploi ing ex e nal knowledge is essen ial o imp o ing
pe o mance. This p ocess allows hem o achie e g ea e inno a ion
ou pu wi h lowe inno a ion inpu (Du an e al., 2016), while
le e aging hei unique amily adi ions (De Massis e al., 2016).
Dynamic capabili ies se e as a sou ce o sus ained pe o mance o
amily i ms (Ing am & B a nicka-My´
sliwiec, 2021). The success o
inno a ion in hese i ms depends on he in e naliza ion o knowledge
(Chi ico & Sal a o, 2014), he mobiliza ion o in e nal and ex e nal
esou ces (Lohe & Calab o, 2017), and he e sa ili y o a ailable e-
sou ces, s a egic o ien a ion, social capi al, and socioemo ional weal h
(Ing am & B a nicka-My´
sliwiec, 2021).
The pu sui o socioemo ional weal h appea s o di ec ly in luence
how amily i ms seize s a egic oppo uni ies and inno a e (S asa &
Machek, 2023). Socioemo ional weal h shapes dynamic capabili ies in
amily i ms by enabling amilies o achie e non-economic goals, such as
enhancing hei epu a ion, secu ing employmen o amily membe s,
and main aining amily con ol h ough gene a ional enewal
(G´
omez-Mejía e al., 2011). This pe spec i e p o ides aluable insigh s
in o he s a egic managemen p ocesses o amily i ms, which a e
cha ac e ized by he in e play be ween business and amily objec i es
(Kallmuenze e al., 2018).
Mo eo e , socioemo ional weal h plays a c i ical ole in de eloping
managemen skills, expe ise, and p ocesses. I also enhances a i m’s
abili y o e alua e, de ach, in eg a e, and le e age esou ces o achie e
compe i i e ad an age (G a es & Thomas, 2006). Socioemo ional
weal h acili a es he inco po a ion o ela ionships be ween he com-
pany and he amily, which a e conside ed a de ining ea u e o amily
i ms (Ba os e al., 2017; G´
omez-Mejía e al., 2011). These ela ionships
explain he unique p io i ies ha guide hei s a egic decision-making
(Habbe shon e al., 2003; Zah a & Sha ma, 2004).
In his con ex , owne ship in amily i ms plays a key ole in de e -
mining abso p i e capaci y (Volbe da e al., 2010), while amily
pa icipa ion enhances he posi i e e ec o inno a i e capaci y on
g ow h (Casillas & Mo eno, 2010) and os e s an en ep eneu ial spi i
(Zah a, 2005). The su i al o he i m is o en linked o he alignmen o
business g ow h and amily alues (Shephe d, 2015), which
Fig. 1. P oposed esea ch model
No e: COFAIN – Con ol and Family In luence, IDFAMEFIRM Iden i ica ion o Family Membe s wi h he Fi m, BISOTI - Binding Social Ties, EMATFAMEM -
Emo ional A achmen o Family Membe s, REFABOTHSUC - Renewal o Family Bonds Th ough Succession.
Sou ce: Compiled by he au ho .
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100667
4
signi ican ly in luences he success o ailu e o business decisions
(Simon & Kim, 2017). The con ol and in luence exe ed by he amily
enable p oac i e s a egic decisions, including hose in ol ing inno a-
ion and calcula ed isk- aking (Habbe shon & Pis ui, 2002; Kelle -
manns e al., 2012). Based on his discussion, he ollowing hypo hesis is
p oposed (see Fig. 1):
H3. The in luence o dynamic capabili ies on he pe o mance o
Chilean amily i ms is posi i ely mode a ed by socioemo ional weal h.
Building on he abo e, his s udy p oposes a mode a ion model in
which socioemo ional weal h mode a es he ela ionship be ween dy-
namic capabili ies (abso p i e capaci y and inno a i e capaci y) and he
pe o mance o Chilean amily i ms. The p ima y con ibu ion o his
pape lies in he de elopmen and es ing o his mode a ion model.
Me hodology
This s udy adop s a causal conclusi e esea ch design wi h a c oss-
sec ional app oach (Malho a, 2004). The ield s udy was conduc ed
be ween May and Sep embe 2019. A non-p obabilis ic con enience
sampling me hod was used (Malho a, 2004), al hough he sample was
ep esen a i e in e ms o geog aphical a ea, gende , age g oup, indus-
ial sec o , gene a ional le el, i m age, and i m size. A s uc u ed
su ey was adminis e ed o 142 CEOs o Chilean amily i ms, o which
135 we e alid o analysis.
The su ey was conduc ed using he Su eyMonkey pla o m. A p e-
es was ca ied ou wi h a sample o 12 esponden s o ensu e he ac-
cu acy and eliabili y o he ins umen . In he inal sample, 66.7 % o
esponden s we e male, wi h an a e age age o 44.8 yea s. App oxi-
ma ely 74.8 % o he esponden s had highe educa ion, and he a e age
enu e in he CEO posi ion was 9.8 yea s. None o he a iables had >3
% missing alues, and hese we e andomly dis ibu ed ac oss he cases
(Olinsky e al., 2003).
Da a collec ion
The s a is ical powe o he s udy sample was calcula ed using
Cohen’s e ospec i e es (1992) and de e mined o be 0.998, u ilizing
he G * Powe 3.1.9.2 p og am (Faul e al., 2009). This alue indica es
ha he sample size used in his s udy had su icien s a is ical powe ,
exceeding he h eshold o 0.80 ecommended by Cohen (1992).
Measu emen o a iables
All a iables we e measu ed using a 7-poin Like scale, anging
om 1 (s ongly disag ee) o 7 (s ongly ag ee). The a iables used in
his s udy we e as ollows:
1 Dynamic capabili ies. In his s udy, dynamic capabili ies we e
measu ed h ough abso p i e capaci y and inno a i e capaci y.
Abso p i e capaci y is a second-o de a-mode composi e measu ed
using he scale p oposed by Cohen and Le in hal (1990) and Lane
e al. (2006) and alida ed by Fla en e al. (2011). I assesses he
ex en o which i ms acqui e ( h ee i ems), assimila e ( ou i ems),
ans o m ( ou i ems), and exploi ( h ee i ems) new knowledge.
Inno a i e capaci y is a second-o de a-mode composi e measu ed
using he scale sugges ed by P ajogo and Sohal (2006), applied o
wo ypes o inno a ion: p oduc inno a ion ( i e i ems) and p ocess
inno a ion ( ou i ems). As a esul , dynamic capabili ies we e
ope a ionalized as a hi d-o de b-mode composi e.
2 Socioemo ional weal h. Socioemo ional weal h was ope a ionalized
as a second-o de b-mode composi e based on 27 i ems ac oss he
i e dimensions de ined by Be one e al. (2012). These dimensions
include con ol and amily in luence (six i ems), iden i ica ion o
amily membe s wi h he i m (six i ems), binding social ies ( i e
i ems), emo ional a achmen o amily membe s (six i ems), and
enewal o amily bonds h ough succession ( ou i ems).
3 Pe o mance measu emen . This s udy used an o e all measu e o
i m pe o mance, assessing he pe cep ion o i m pe o mance
ela i e o compe i o s (Olson e al., 2005). The use o pe cep ual o
sa is ac ion measu es o e alua e business pe o mance is inc eas-
ingly common in esea ch (Manzano-Ga cía & Ayala-Cal o, 2020).
Pe o mance was ope a ionalized as a i s -o de a-mode composi e,
measu ed using ou i ems: sales g ow h, p o i g ow h, ma ke sha e
g ow h, and e u n on equi y g ow h. These i ems we e d awn om a
combina ion o scales sugges ed by Chi ico e al. (2011), Kelle -
manns e al. (2012), K aus e al. (2012), Naldi e al. (2007), and
Wiklund and Shephe d (2003). The scale was alida ed by He n´
an-
dez-Pe lines e al. (2021a).
4 Con ol a iables. The con ol a iables used in his s udy we e i m
size (numbe o employees) and i m age (age o he i m), as p o-
posed by Ch isman e al. (2005). Bo h a iables we e ope a ionalized
as i s -o de a-mode composi es.
Resul s
The mul i a ia e Pa ial Leas Squa es (PLS) echnique was
employed o analyze he esul s and es bo h he di ec and mode a ing
hypo heses p oposed in his s udy. This quan i a i e s uc u al equa ion
modeling echnique was selec ed o se e al easons:
1) I is well-sui ed o esea ch in he ea ly s ages o de eloping new
heo e ical cons uc s (Ge en e al., 2011; Ringle e al., 2010).
2) I s p edic i e na u e allows one o add ess esea ch ques ions
(Hai e al., 2014; Sa s ed e al., 2014).
3) I enables he examina ion o causal ela ionships be ween he
analyzed a iables (As achan e al., 2014; J¨
o eskog & Wold, 1982;).
4) I is app op ia e o da a analysis when he sample size is no la ge
(Hensele e al., 2015; Reina z e al., 2009).
5) I is capable o analyzing complex model ela ionships (Hai e al.,
2019).
The da a analysis was conduc ed using Sma PLS .4.1.0.9 by SEM-
PLS (Ringle e al., 2024).
Common me hod bias
In cons uc ing he measu emen ins umen , i was essen ial o
add ess common me hod a iance, as i can pose a signi ican issue in
beha io al science esea ch. Common me hod bias a ises when bo h
independen and dependen a iables a e measu ed using he same
esponse me hod, leading o a iance a ibu ed o he measu emen
me hod a he han he cons uc s hemsel es (Howa d e al., 2024;
Kock e al., 2021; Podsako e al., 2003). To mi iga e his issue, a
wo-s ep me hodology ou lined by Podsako e al. (2012) was ollowed.
Fi s , he p ocedu al aspec s we e e iewed, including he wo ding o
he i ems, he measu emen scale, he esponse o ma , and he gene al
ins uc ions. Second, s a is ical me hods we e applied wi hin he PLS-
SEM amewo k, as ecommended by Kock (2015). Speci ically, he
a iance in la ion ac o (VIF) was used o assess common me hod bias,
wi h a h eshold alue below 3.3 indica ing accep able le els. In his
s udy, he VIF alue was 1.0283, con i ming ha he da a mee his
c i e ion and ha he measu emen me hod does no exhibi common
me hod bias p oblems.
Analysis o he measu emen model
Da a analysis ollowed he ecommenda ions o Ba clay e al. (1995)
and Hai e al. (2017), beginning wi h he e alua ion o he measu e-
men model be o e p oceeding o he s uc u al model.
As desc ibed by Sa s ed e al. (2016), he e alua ion p ocess o bo h
F. He n´
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Jou nal o Inno a ion & Knowledge 10 (2025) 100667
5
models equi es he a iables o be modeled app op ia ely o analysis in
he Sma PLS p og am. The con ol a iables we e de ined as ollows:
1 Dynamic capabili ies. This hi d-o de b-mode composi e consis s o
abso p i e capaci y and inno a i e capaci y, bo h o which a e
second-o de b-mode composi es.
2 Socioemo ional weal h. This second-o de b-mode composi e is
ope a ionalized h ough i e dimensions: amily con ol and in lu-
ence, iden i ica ion o amily membe s wi h he i m, binding social
ies, emo ional a achmen , and enewal o amily bonds h ough
succession.
3 Pe o mance. This a iable is ope a ionalized as a i s -o de a-
mode composi e.
4 Size and age o he i m. These a iables we e ope a ionalized as
i s -o de a-mode composi es.
To e alua e he measu emen model, he a iables we e assessed o
eliabili y, con e gen alidi y, and disc iminan alidi y, ollowing he
ecommenda ions o Rold´
an and S´
anchez-F anco (2012). The ollowing
indica o s we e used (Ba clay e al., 1995; Hai e al., 2017; Rold´
an &
S´
anchez-F anco, 2012):
a) Composi e eliabili y. Acco ding o Fo nell and La cke (1981),
composi e eliabili y alues should ange be ween 0.7 and 0.9 (Hai
e al., 2018). In his s udy, all indica o s demons a ed accep able
composi e eliabili y alues (Table 1). Addi ionally, no edundancy
issues we e obse ed, as no alue exceeded 0.95 (Diaman opoulos
e al., 2012; D ole & Mo ison, 2001).
b) C onbach’s alpha. Values o C onbach’s alpha should exceed
0.7 (Fo nell & La cke , 1981). In his s udy, all a iables me his
c i e ion, wi h C onbach’s alpha alues abo e 0.7 (Table 1).
c) Rho-A. As ecommended by Dijks a and Hensele (2015), Rho-A
alues should exceed 0.7 and lie be ween he composi e eliabili y
and C onbach’s alpha alues (Hai e al., 2018). This condi ion was
sa is ied o all a iables in his s udy (Table 1).
d) A e age a iance ex ac ed (AVE). This a io e alua es he
con e gen alidi y o a composi e. Fo nell and La cke (1981)
ecommend ha AVE alues should exceed 0.5, a c i e ion me by
he da a in his s udy (Table 1).
e) He e o ai -mono ai (HTMT) a io. This a io assesses
disc iminan alidi y. Fo disc iminan alidi y o be con i med, he
co ela ion alue be ween each pai o cons uc s should no exceed
he squa e oo o he AVE o each cons uc . Addi ionally, HTMT
alues should be <0.85 (Hensele e al., 2015), a condi ion sa is ied
by he alues in his s udy (Table 1).
Dynamic capabili ies we e ope a ionalized as a hi d-o de b-mode
composi e, comp ising abso p i e capaci y (a second-o de a-mode
composi e) and inno a i e capaci y (a second-o de a-mode composi e).
To assess how each o hese wo composi es con ibu es o he o e all
dynamic capabili ies cons uc , hei weigh s we e analyzed. Among he
wo capaci ies, abso p i e capaci y eme ged as he mos signi ican ,
wi h a pa h coe icien o 0.8712, compa ed o inno a i e capaci y,
which had a pa h coe icien o 0.3874 (see Table 2).
Socioemo ional weal h was ope a ionalized as a second-o de b-
mode composi e based on he dimensions p oposed by Be one e al.
(2012). Among hese dimensions, he emo ional a achmen o amily
membe s (wi h a pa h coe icien o 0.2450) and he enewal o amily
bonds h ough succession (wi h a pa h coe icien o 0.2440) we e
iden i ied as he mos impo an (see Table 3).
Disc iminan alidi y was assessed using he HTMT in e ence
me hod wi h he boo s apping op ion (5000 subsamples). Disc iminan
alidi y is con i med when he esul ing con idence in e al con ains
alues <1, a condi ion sa is ied by he da a in his s udy (see Table 4).
Once he con e gen and disc iminan alidi y o he measu emen
model we e con i med, he ela ionships be ween he a iables we e
es ed o analyze he s uc u al model.
Analysis o he s uc u al model
The s uc u al model analysis e eals ha dynamic capabili ies ha e
a posi i e and signi ican impac on pe o mance. The pa h coe icien is
0.2621, exceeding he minimum h eshold o 0.2 es ablished by Chin
(1998)). The e ec is s a is ically signi ican , wi h a - alue o 4.4032
(based on : 4.999, one- ailed) and a p- alue o 0.0000 (p <0.001)
(Table 5). The e o e, he i s hypo hesis (H1) is suppo ed.
Simila ly, socioemo ional weal h posi i ely and signi ican ly in-
luences pe o mance, wi h a pa h coe icien o 0.3848, a - alue o
3.4593 (based on : 4.999, one- ailed), and a p- alue o 0.0000 (p <
0.001) (Table 5). This con i ms he second hypo hesis (H2).
Toge he , dynamic capabili ies and socioemo ional weal h explain
26.16 % o he a iance in amily i m pe o mance, demons a ing hei
join posi i e e ec .
Nex , he mode a ing e ec o socioemo ional weal h on he ela-
ionship be ween dynamic capabili ies and pe o mance was analyzed.
The mode a ing e ec is posi i e and signi ican , wi h a pa h coe icien
o 0.1819, a - alue o 4.6512, and a p- alue o 0.0000. This mode a ing
e ec enhances he in luence o dynamic capabili ies on pe o mance,
explaining 28.19 % o he a iance (Table 5; Fig. 2). The s eng h o his
mode a ing e ec is mode a e, as indica ed by an ²- alue o 0.26 (Chin,
2010). Thus, he hi d hypo hesis (H3) is also con i med.
None o he con ol a iables had a signi ican in luence on he
model, as hei pa h coe icien s we e below 0.2 and hei p- alues
exceeded he h eshold o p <0.001 (Table 6).
The s uc u al model analysis was comple ed by assessing he
goodness o i using he S anda dized Roo Mean Squa e Residual
(SRMR), as p oposed by Hu and Ben le (1998) and Hensele e al.
(2015). The SRMR alue o his model was 0.071, which is below he
ecommended h eshold o 0.08 (Hensele e al., 2015), indica ing a
good i .
Table 1
Co ela ion ma ix, composi e eliabili y, con e gen and disc iminan alidi y,
He e o ai -Mono ai Ra io (HTMT) and desc ip i e s a is ics.
Cons uc AVE Composi e
Reliabili y
1.
DINCAP
2. SEW 3. PERF
1. DINCAP 0.6623 0.9071 0.8138*
2. SEW 0.7356 0.9326 0.0845 0.8576*
3. PERF 0.7795 0.9339 0.3783 0.3243 0.8828*
He e o ai -Mono ai Ra e (HTMT)
1. DINCAP
2. SEW 0.2263
3. PERF 0.4219 0.3595
C onbach’s Alpha 0.8714 0.9086 0.9052
Rho-A 0.8766 0.9124 0.9049
Mean 3.02 2.64 2.91
SD 1.30 1.06 1.60
No e: The mean and s anda d de ia ion alues o each o he second-o de
composi es ha e been calcula ed om he mean alues o he i s -o de sec-
ond-o de , and hi d-o de composi es ha compose hem.
(*) The diagonal alues we e ex ac ed om he squa e oo o each AVE com-
posi e.
Sou ce: Compiled by au ho s.
Table 2
Abso p i e capaci y and inno a i e capaci y as dimensions o dynamic
capabili ies.
Weigh s Value o Value o p
ACAP 0.8712 7.0855 0.000
CINN 0.3874 9.0249 0.000
No e: ACAP – Abso p i e Capaci y: CINN – Inno a i e Capaci y.
F. He n´
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Jou nal o Inno a ion & Knowledge 10 (2025) 100667
6
Discussion, conclusions, limi a ions and u u e lines o esea ch
This s udy explo es he ela ionship be ween dynamic capabili ies,
socioemo ional weal h, and business pe o mance in amily i ms using a
complex second-gene a ion s uc u al equa ion model. The in eg a i e
model, which connec s dynamic capabili ies, socioemo ional weal h,
and pe o mance, was applied o Chilean amily i ms, making his
esea ch one o he i s o add ess his analysis in his con ex . The
empi ical indings highligh he s a egic ole o dynamic capabili ies,
emphasize he in e play be ween economic and emo ional objec i es,
and p o ide p ac ical ecommenda ions o he s a egic managemen o
hese concep s.
Family i ms a e he mos p e alen o m o business globally
(Beliae a e al., 2022; D´
a ila e al., 2023; M´
endez & V´
azquez, 2023).
They ep esen mo e han hal o all i ms in bo h de eloped and
eme ging economies (Be one e al., 2022), con ibu e be ween 70 %
and 90 % o annual global GDP, and accoun o 80 % o wo ldwide
employmen (De Massis e al., 2018). Chile is no excep ion, as amily
i ms play a c i ical ole in i s economy, con ibu ing be ween 50 % and
70 % o GDP and employmen (ESE, 2022). This s udy ocuses on
Chilean amily i ms, gi en he limi ed esea ch on amily businesses in
his coun y (Temp ano-Ga cía e al., 2023).
While he e m “ amily i m” migh sugges a homogeneous g oup o
companies, he eali y is qui e he opposi e. Family i ms a e highly
he e ogeneous (Chua e al., 2012; Co be a & Sal a o, 2004; Sama a &
Be begal-Mi aben , 2018), e lec ing he di e si y o amily businesses
(Ch isman & Pa el, 2012; Gedajlo ic e al., 2012; Llanos-Con e as &
Alonso-Dos-San os, 2018). This he e ogenei y has made i challenging o
es ablish a uni e sally accep ed de ini ion o “ amily i m”
(A aya-Cas illo e al., 2021; Chua e al., 2012; Co be a & Sal a o,
2004). Howe e , a e iew o he li e a u e e eals wo common ea u es
in mos de ini ions (F anco & P a a, 2019): amily owne ship and con-
ol o he i m, including he ac i e in ol emen o amily membe s in
i s managemen (Kallmuenze e al., 2018).
The de ini ion o a amily i m in his s udy is based on he ecom-
menda ions o Mille e al. (2008), which emphasize bo h amily
in ol emen and he essence o he business. This app oach inco po a es
bo h quan i a i e and quali a i e aspec s. Fo a company o be classi ied
as a amily i m, a signi ican po ion o i s capi al mus be owned by he
amily, o a numbe o amily membe s mus be in ol ed in i s man-
agemen (quan i a i e aspec s). Addi ionally, he ounde and successo s
mus demons a e a commi men o main aining amily owne ship,
go e nance, and managemen (quali a i e aspec s) (He n´
andez-Pe lines
e al., 2021a). These quali a i e aspec s a e pa icula ly impo an when
analyzing socioemo ional weal h, as hey a e in eg al o bo h i s
de ini ion and measu emen .
Family i ms a e he mos p e alen and signi ican o m o business
in many coun ies (A aya-Cas illo e al., 2022; G´
omez-Mejía e al., 2007;
Poza & Daughe y, 2013). They a e ecognized o hei abili y o
gene a e bo h weal h and employmen (Chang e al., 2009; Fan e al.,
2011; Ma hews e al., 2012). Fu he mo e, he g ow h and unc ioning
o many economies a e hea ily in luenced by he ac i i ies o amily
i ms (As achan & Shanke , 2003; He n´
andez-Pe lines e al., 2021a;
Memili e al., 2015).
In his con ex , amily i ms ha e ga ne ed inc easing a en ion in
business managemen esea ch, pa icula ly in unde s anding hei
pe o mance (Ch isman e al., 2010; He n´
andez-Pe lines e al., 2021a;
Sha ma e al., 2012). Resea che s ha e explo ed ac o s such as
emo ional endowmen and socioemo ional weal h, which signi ican ly
in luence bo h he beha io and ou comes o amily i ms (Ng e al.,
2019). Socioemo ional weal h, encompassing elemen s such as amily
con ol, amily iden i ica ion wi h he i m, and dynas ic succession, has
been iden i ied as a c i ical non-economic objec i e in hei manage-
men (Be one e al., 2012). This ac o no only s eng hens emo ional
a achmen and amily ies bu also posi i ely impac s business pe o -
mance (Alonso-Dos-San os & Llanos-Con e as, 2019).
The main con ibu ions o his s udy a e wo old. Fi s , i p o ides a
deepe unde s anding o he ole o dynamic capabili ies and socio-
emo ional weal h in he pe o mance o amily i ms. Second, i high-
ligh s how socioemo ional weal h can enhance he impac o dynamic
capabili ies on pe o mance. These indings ha e signi ican implica-
ions o amily i ms, emphasizing he need o s a egically manage
bo h dynamic capabili ies and socioemo ional weal h o imp o e pe -
o mance and ensu e long- e m sus ainabili y.
A he same ime, amily i ms ope a e in en i onmen s cha ac e ized
by apid change and high unce ain y (He n´
andez-Pe lines e al., 2022).
To h i e in such condi ions, hey mus de elop dynamic o ganiza ional
capabili ies, such as abso p i e and inno a i e capaci ies, o espond o
ma ke demands and main ain compe i i eness (O lando, 2016). These
capabili ies enable amily i ms o le e age ex e nal knowledge and
s eng hen hei inno a i e po en ial, which a e c i ical o hei
long- e m su i al and g ow h (B inke ink, 2018; No dq is e al.,
2009).
Despi e hei impo ance, he e is a no able gap in he li e a u e
ega ding how dynamic capabili ies and socioemo ional weal h in e ac
o in luence he pe o mance o amily i ms, pa icula ly in La in
Ame ican con ex s such as Chile. This s udy add esses his gap and
con ibu es o he ield by demons a ing he di ec and in e ac i e
Table 3
Dimensions o socioemo ional weal h.
Weigh s Value o Value o p
COFAIN 0.2175 6.3302 0.000
IDFAMEFIRM 0.2039 9.0431 0.000
BISOTI 0.2159 8.2641 0.000
EMATFAMEM 0.2450 7.4992 0.000
REFABOTHSUC 0.2448 6.4172 0.000
No e: COFAIN – Con ol and Family In luence; IDFAMEFIRM – Iden i ica ion o
Family Membe s wi h he Fi m: BISOTI - Binding Social Ties; EMATFAMEM -
Emo ional A achmen o Family Membe s; REFABOTHSUC - Renewal o Family
Bonds Th ough Succession.
Table 4
HTMT in e ence.
O iginal Sample (O) Sample Mean (M) 5.0 % 95.0 % Sample Mean (M) Bias 5.0 % 95.0 %
DINCAP>PERF 0.3534 0.3577 0.2227 0.4883 0.3577 0.0043 0.2103 0.4756
SEW>PERF 0.2944 0.2954 0.1512 0.4319 0.2954 0.0010 0.1488 0.4290
Sou ce: Compiled by au ho s.
Table 5
S uc u al model.
Model R
2
ß -Value Hypo hesis
Di ec Model:
DINCAP >PERF
SEW >PERF
0.2616 0.2621
0.3848
4.4032
(0.0000)
3.4593
(0.0003)
H
1
: Suppo ed
H
2
: Suppo ed
Mode a ion Model:
Mode a ion o SEW
DINCAP >PERF
0.2819
0.1819
0.3437
4.6512
(0.0000)
5.2671
(0.0000)
H
3
: Suppo ed
Sou ce: Compiled by au ho s.
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100667
7
e ec s o hese a iables on he pe o mance o Chilean amily i ms.
Fu he mo e, i p oposes a model ha links dynamic capabili ies, soci-
oemo ional weal h, and business pe o mance, o e ing p ac ical in-
sigh s o enhance he managemen o amily i ms.
The i s esea ch ques ion add essed whe he dynamic capabili ies
posi i ely in luence he pe o mance o amily i ms, and he indings
con i m ha hey do. Dynamic capabili ies ha e eme ged as a c i ical
app oach in business managemen (Albo -Mo an e al., 2018),
enabling i ms o achie e compe i i e ad an ages in dynamic en i on-
men s (Daspi e al., 2019) and adap o changing condi ions (Hel a
e al., 2007). Among he a ious dynamic capabili ies, his s udy ocused
on abso p i e capaci y and inno a i e capaci y, as hey encompass bo h
he abili y o cap u e and u ilize ex e nal knowledge (Hu ado-Palomino
e al., 2022) and he capaci y o gene a e in e nal knowledge h ough
inno a ion (Saunila, 2020).
The esea ch con i ms ha dynamic capabili ies a e essen ial o
imp o ing pe o mance in compe i i e and dynamic en i onmen s. This
inding aligns wi h seminal s udies by Tie ce e al. (1997) and mo e
ecen wo k by Hu ado-Palomino e al. (2022). In his case, he speci ic
impo ance o :
– Abso p i e capaci y: This capabili y p o es c i ical o acqui ing,
assimila ing, and exploi ing ex e nal knowledge, enabling amily
i ms o emain compe i i e in dynamic ma ke s. This inding e-
in o ces he wo k o Zah a and Geo ge (2002), who iden i ied
abso p i e capaci y as cen al o os e ing inno a ion.
– Inno a i e capaci y: The ole o inno a i e capaci y emains highly
ele an , pa icula ly in he gene a ion o new p oduc s. As empha-
sized by s udies such as Saunila (2020), inno a ion is essen ial o
di e en ia ion and adap a ion o e ol ing ma ke demands.
The s udy highligh s ha dynamic capabili ies explain 26.16 % o he
a iance in business pe o mance, unde sco ing he impo ance o
s eng hening hese capabili ies in amily i ms o ensu e long- e m
sus ainabili y.
In con as o s udies ha p io i ize inno a ion as he p ima y d i e
o success (Calab `
o e al., 2019; De Massis e al., 2013), his pape
iden i ies abso p i e capaci y as he mos in luen ial componen . This
inding may e lec he speci ic cha ac e is ics o he Chilean business
en i onmen , whe e he abili y o adap o and le e age ex e nal
knowledge ca ies g ea e weigh .
Addi ionally, he s udy con i ms ha socioemo ional weal h posi-
i ely and signi ican ly in luences he pe o mance o amily i ms, wi h
a pa h coe icien o 0.3848. This esul ein o ces socioemo ional
weal h as one o he mos ele an amewo ks o unde s anding amily
business managemen (Ba os e al., 2017; G´
omez-Mejía e al., 2023).
Among he dimensions o socioemo ional weal h es ablished by Be one
e al. (2012), emo ional a achmen o amily membe s and he enewal
o amily bonds h ough succession eme ge as he mos c i ical di-
mensions. Toge he , dynamic capabili ies and socioemo ional weal h
explain 26.16 % o he a iance in amily i m pe o mance.
The mode a ing ole o socioemo ional weal h has been examined in
p e ious esea ch s udies (He n´
andez-Pe lines e al., 2021a; Schepe s
e al., 2014). In bo h s udies, he mode a ing ole o socioemo ional
weal h on he in luence o en ep eneu ial o ien a ion (EO) on pe o -
mance in amily i ms was analyzed. Schepe s e al. (2014) showed ha
he posi i e e ec o EO on inancial pe o mance dec eases as he le el
o SEW p ese a ion inc eases. He n´
andez-Pe lines e al. (2021a)
showed ha he conce n o p ese e SEW posi i ely mode a es he in-
luence o EO on amily business pe o mance. Thei esea ch s udy
analyzes he pe o mance o amily businesses. The conclusion o his
pape is ha socioemo ional weal h has a posi i e and signi ican
mode a ing e ec , which causes an inc ease in he in luence o dynamic
capabili ies on he pe o mance o amily i ms, explaining 28.19 % o
he a iance o amily business pe o mance. The esul s o his pape
con i m he posi i e mode a ing ole o socioemo ional weal h, which is
a key aspec in amily i ms (Ba os e al., 2017; G´
omez-Mejía e al.,
2011), whe eas amily i ms a e a he conce ned wi h hei long- e m
su i al and passing on he business legacy o u u e gene a ions
(Be one e al., 2012). The main implica ion o hese esul s o amily
business managemen is ha , al hough dynamic capabili ies posi i ely
a ec amily business pe o mance, his e ec is enhanced when socio-
emo ional weal h is conside ed, as socioemo ional weal h posi i ely
mode a es and ac s as a boos o amily business pe o mance.
Al hough SEW has been ex ensi ely esea ched as an independen
ac o (G´
omez-Mejía e al., 2011), i s mode a ing ole in his esea ch
Fig. 2. S uc u al model
Sou ce: Compiled by he au ho .
Table 6
Con ol a iables.
Va iable ß -Value
Age 0.0160 0.1835
Size 0.0075 0.5777
Sou ce: Compiled.
F. He n´
andez-Pe lines e al.
Jou nal o Inno a ion & Knowledge 10 (2025) 100667
8
