Nonfinancial Outcomes in Family Business Research: A Review and Future Research Agenda

Nonfinancial outcomes (NFOs) are goals, objectives, performance indicators, or other results, effects, and consequences not operationalized in terms of direct monetary value. The most salient NFOs for family businesses represent socioemotional considerations that are unique to the family’s decisions and behaviors; yet there are hundreds of different outcomes that can be classified as nonfinancial, with numerous implications for family and nonfamily businesses. With the objective of advancing knowledge of NFOs, we review 267 articles containing 322 NFOs, synthesize our findings by classifying the NFOs into quadrants, discuss how they are utilized in the extant literature, and suggest future research opportunities.