NAVIGATING EXPANSION: EXPLORING DECISION-MAKING PROCESSES IN FAMILY ENTERPRISES THROUGH ASPIRATIONS

Abstract

Understanding the strategic decisions of family enterprises requires a comprehensive exploration of their goals and expectations, given the intricate interplay between the family and business systems. This study delves into the duality of family business management objectives, encompassing economic and non-economic goals, notably social emotional wealth (SEW). Analyzing the impact of these objectives on corporate decisionmaking and growth, we emphasize the need to simultaneously consider both facets to gain a holistic view of family business dynamics. By integrating economic and non-economic reference points into the realm of family expectations, this research advances enterprise behavior theory from a family systems perspective. The multifaceted nature of family enterprises demands a nuanced understanding that transcends the conventional focus on economic goals alone. This study underscores the significance of striking a balance between economic and non-economic aspirations for a comprehensive comprehension of family business decisionmaking.