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Management Review Quarterly

Erschienen in:

29.01.2019

Family business goal formation: a literature review and discussion of alternative algorithms

verfasst von: Ralph I. Williams Jr., Torsten M. Pieper, Franz W. Kellermanns, Joseph H. Astrachan

Erschienen in: Management Review Quarterly | Ausgabe 3/2019

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Abstract

Goals represent an organization’s desired outcomes, and family businesses are known to pursue multiple goals, which commonly include both financial and non-financial aspects. While family business goals have garnered much attention among researchers, relatively little is known about the approaches that family businesses use to shape their idiosyncratic goal sets. The purpose of this article is twofold. First, we review the family business literature and synthesize the current knowledge regarding goal formation. Second, we incorporate insights from extant organizational goal literature and discuss various approaches (algorithms)—specifically, maximizing, satisficing, and optimizing—that family businesses may employ to select goals. These insights form the foundation for our discussion and recommendations for future research aimed at furthering the understanding of family business goal formation.

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Space limitations prevent inclusion of a complete list of the 82 articles, but a full list is available upon request from the corresponding author.

The seven topics were the product of discussion among the authors. The topics were further refined during the examination of the 82 selected articles.

We discuss utility in the goal formation algorithms section below.

Although Chua et al. (2018) was published after our review, they discuss the potential conflicts between family and business value goals.

This example was adapted from Harwood and Lawless (1975) regarding the satisfaction of multiple stakeholder goals related to building a college class schedule.

This example assumes including family members in the business will result in family conflict, which is not always the case.

* denotes articles included in the literature review.

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Titel: Family business goal formation: a literature review and discussion of alternative algorithms
verfasst von: Ralph I. Williams Jr.
Torsten M. Pieper
Franz W. Kellermanns
Joseph H. Astrachan
Publikationsdatum: 29.01.2019
Verlag: Springer International Publishing
Erschienen in: Management Review Quarterly / Ausgabe 3/2019
Print ISSN: 2198-1620
Elektronische ISSN: 2198-1639
DOI: https://doi.org/10.1007/s11301-019-00155-8

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