Moving Beyond Socioemotional Wealth: Toward a Normative Theory of Decision Making in Family Business

Scott Newbert, Justin B. Craig

Research output: Contribution to journalArticleResearchpeer-review

10 Citations (Scopus)

Abstract

Business-owning families are widely believed to make decisions in order to increase their authority over, influence on, and identity with their businesses. Yet, because the resulting socioemotional wealth is intended to be enjoyed by the family alone, this view reflects a largely self-interested approach to decision making. We, therefore, call on family business scholars to leverage the work of social economists (i.e., Amitai Etzioni) and moral philosophers (i.e., Adam Smith) in order to develop normative guidance for family owners seeking to pursue their own interests as well as those of the other stakeholders in society to which they are accountable.

Original languageEnglish
Pages (from-to)339-346
Number of pages8
JournalFamily Business Review
Volume30
Issue number4
DOIs
Publication statusPublished - 1 Dec 2017
Externally publishedYes

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Decision making
Socioemotional wealth
Family business
Authority
Owners
Adam Smith
Leverage
Economists
Stakeholders
Guidance

Cite this

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Moving Beyond Socioemotional Wealth : Toward a Normative Theory of Decision Making in Family Business. / Newbert, Scott; Craig, Justin B.

In: Family Business Review, Vol. 30, No. 4, 01.12.2017, p. 339-346.

Research output: Contribution to journalArticleResearchpeer-review

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