Virtue Ethics: A Contribution to Family Firms

This chapter is an exploratory study of business ethics as it relates to family firms; it primarily aims to explore virtue ethics as an alternative proposal for the ethical concerns that family firms face in their management, thus overcoming the limitations of relevant business ethics approaches and integrating them into an overarching paradigm. Ethics can be classified into three main streams: (1) deontology, (2) utilitarianism, and (3) virtue ethics. The former two approaches have been widely used in the realm of business and family firms for many years and they tend to instrumentalize ethics for business purposes. Yet, they are mostly powerless to explain and promote the ethical concerns surrounding the family firm’s culture. Virtue ethics regained philosophical interest in the second half of the twentieth century, shifting the focus of morality from “the right thing to do” to the “best way to live.” By bringing together two consolidated research fields, family firms and virtue ethics, this chapter contributes a rich perspective to current research in both fields and opens up new ways of answering many of the cultural questions that family firms bring to the table. © 2020 Emerald Publishing Limited.