Dr. Gregorio Sánchez-Márin, Dr. Mane Beglaryan, Dr. Gabriel Lozano-Reina
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MBA Program Chair Published in JSBED

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YEREVAN, Armenia — A collaborative study by American University of Armenia (AUA) Master of Business Administration (MBA) Program Chair and Associate Professor Dr. Mane Beglaryan, along with Dr. Gregorio Sánchez-Márin, professor of management at the University of Alcala, and Dr. Gabriel Lozano-Reina, associate professor at the University of Murcia, has been published in the Journal of Small Business and Enterprise Development. 

The paper, titled “Linkages between high-performance work practices and family-centered goals: implications for financial performance in family firms,” examines the impact of Abilities, Motivation, and Opportunities (AMO)-oriented human resources (HR) practices on the financial performance of family small- and medium-sized enterprises (SME). The authors also examine the mediating role of Family-Centered Goals (FCG) in this relationship. Using a sample of 339 Spanish family firms, the findings confirm the effectiveness of High-Performance Work Practices (HPWP) in the form of AMO- oriented HR practices and the significant mediating effect of FCGs. The focus of family SMEs on preserving family wealth has a negative net influence on the effectiveness of HPWP, thereby making HR practices more socio-emotionally oriented at the expense of their financial impact.  

By examining the mediating effect of FCGs, the study advances and extends socioemotional wealth (SEW) theory in the context of HRM by considering the relationships between HR practices and firm performance as a mixed gamble approach. Also, the findings offer practical insights for family managers, family owners, and HR practitioners, suggesting the need to align HR practices with family goals and strategically balance socioemotional and financial wealth considerations.

“Family firms are unique given their focus on maintaining their SEW, displaying a reservation to implement proper HR practices that compromise financial performance and efficiency.  Those in strategic key positions among family firms must diligently manage HR strategies in order to harmonize family and firm goals. This is our second successful publication on family firms and the outcome of continued collaboration with two of my international colleagues. Fostering academic collaboration that results in a publication in a highly reputable peer-reviewed journal aligns with AUA’s scholarship of discovery, elevating the research agenda, institutional visibility, and fostering international scholarly networks,” notes Dr. Beglaryan.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia, affiliated with the University of California, and accredited by the WASC Senior College and University Commission in the United States. AUA provides local and international students with Western-style education through top-quality undergraduate and graduate degree and certificate programs, promotes research and innovation, encourages civic engagement and community service, and fosters democratic values.