TY - JOUR
T1 - Moving Beyond Socioemotional Wealth
T2 - Toward a Normative Theory of Decision Making in Family Business
AU - Newbert, Scott
AU - Craig, Justin B.
PY - 2017/12/1
Y1 - 2017/12/1
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=85033497348&partnerID=8YFLogxK
U2 - 10.1177/0894486517733572
DO - 10.1177/0894486517733572
M3 - Article
AN - SCOPUS:85033497348
SN - 0894-4865
VL - 30
SP - 339
EP - 346
JO - Family Business Review
JF - Family Business Review
IS - 4
ER -