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

Scott Newbert, Justin B. Craig*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

59 Scopus citations

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 (US)
Pages (from-to)339-346
Number of pages8
JournalFamily Business Review
Volume30
Issue number4
DOIs
StatePublished - Dec 1 2017

Keywords

  • Adam Smith
  • Miller & Le Breton Miller
  • conceptual/theory development
  • socioemotional wealth

ASJC Scopus subject areas

  • Business, Management and Accounting (miscellaneous)
  • Finance

Fingerprint

Dive into the research topics of 'Moving Beyond Socioemotional Wealth: Toward a Normative Theory of Decision Making in Family Business'. Together they form a unique fingerprint.

Cite this