Family Business Theories and Human Resources Policies in Family Firms

Proceedings of The 3rd International Conference on Research in Human Resource Management

Year: 2023

DOI:

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Family Business Theories and Human Resources Policies in Family Firms

Petru Sandu

ABSTRACT: 

Family business research has been steadily growing over the past two decades. However, the investigation of the interface between family business theories and human resources policies in family firms is still in its early stages. The paper is theoretical exploratory research of the meaning of developing human resources policies from the perspective of home-grown family business theories such as kinship theory, stewardship theory, socioemotional wealth theory, and family-system theory. The importance of the proposed topic relies on the need to develop human resources policies that respond to the family firms’ unique context due to the dynamics of the three-circle model, composed of three subsystems: family, ownership, and business. This approach will enable family businesses to design and implement human resources policies that emphasize the importance of human resources as key strategic resources.

keywords: family business sector, formalization, human resources practices, management, qualitative research