“…A central component of family firms is nonfinancial goals. Extant research has documented autonomy and control (Ward, 1997), family cohesiveness, supportiveness, loyalty (Sharma and Manikutty, 2005) and pride (Khalilakbar and Khazaei Pool, 2016), as well as family name recognition, respect, status and goodwill in the community (Withisuphakorn and Jiraporn, 2016), as important nonfinancial goals for family firms. Furthermore, a family firm seeks to pass the firm from one generation to the next, resulting in leaders who endeavor to create a positive image and are concerned about the firm's reputation (Block and Wagner, 2014).…”