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

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 stakeholde...

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Bibliographic Details
Published in:Humanistic management journal 2023-04, Vol.8 (1), p.29-48
Main Authors: Dyck, Bruno, Vagianos, Savanna
Format: Article
Language:English
Subjects:
Business and Management
Business Ethics
Education
Family owned businesses
Kinship
Management
Original Research
Philosophy
Profits
Quality of Life Research
Sustainability
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Summary: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.
ISSN:2366-603X
2366-6048
DOI:10.1007/s41463-023-00144-w