Goal structures in family firms seems of part icular interest to the field as the overall orientation and the objectives of family firms are determined in an area of potential conflict between the two subsystems of firm and famil y. We asked shareholders of German family firms to rate the importance of certain goals in the organization’s management. By doing a principal component analysis on the ratings given, we identified four cen tral categories of goals that permit a much more detailed analysis than would a simple differentiation between family-related and firm-related goals. The diffe rences among organizations in the identified dimensions of short-term and long-term family goals, as well as growth - and value-orientated firm goals are then assessed in more detail. Among other aspects, we found the existence of an advisory board to be the strongest driver of goal prefer ences along these dimensions. Theoretically, our findings indicate that, dependi ng on family firm characteristics, agency and stewardship theory are both useful in explaining the goals of th e relevant systems of family and firm.     «

Goal structures in family firms seems of part icular interest to the field as the overall orientation and the objectives of family firms are determined in an area of potential conflict between the two subsystems of firm and famil y. We asked shareholders of German family firms to rate the importance of certain goals in the organization’s management. By doing a principal component analysis on the ratings given, we identified four cen tral categories of goals that permit a much more detailed analy...     »