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

Ralph I. Williams (), Torsten M. Pieper (), Franz Kellermanns and Joseph H. Astrachan ()
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Ralph I. Williams: Middle Tennessee State University
Torsten M. Pieper: University of North Carolina Charlotte
Joseph H. Astrachan: Kennesaw State University

Management Review Quarterly, 2019, vol. 69, issue 3, No 3, 329-349

Abstract: 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.

Keywords: Family business; Goal formation; Maximizing; Satisficing; Optimizing (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (8)

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DOI: 10.1007/s11301-019-00155-8

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