An Exploratory Study of Stewardship and Universal Family Firms: the Importance of Universal Care and Benefaction

Bruno Dyck () and Savanna Vagianos ()
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Bruno Dyck: I.H. Asper School of Business University of Manitoba
Savanna Vagianos: I.H. Asper School of Business University of Manitoba

Humanistic Management Journal, 2023, vol. 8, issue 1, No 4, 29-48

Abstract: Abstract In order to address social and ecological crises that business-as-usual practices have contributed to, we will need firms that emphasise Universal care (e.g., who place greater commitment on the well-being of the larger community versus on the firm itself) and Benefaction (e.g., who treat stakeholders with dignity and generosity rather than seeing them as means to instrumental financial ends). This study examines two kinds of family firms that have been identified as exhibiting Universal care and Benefaction, which are two components of the social emotional wealth (SEW) family firms are thought to be more likely to emphasize than business-as-usual firms. In particular, we compare Stewardship family firms and Universal family firms, and find support for the proposition from the literature that Universal firms place greater emphasis on Universal care and Benefaction. Implications are discussed.

Keywords: Benefaction; Socio-emotional wealth; Sustainability; Universal care; Universal and Stewardship family firms (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s41463-023-00144-w

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