Leveraging on the behavioural mixed gamble lens, we contend that heterogeneity in organisational goals leads to different diversification behaviours in family firms. Using survey and archival data on a sample of 988 family SMEs homogenous in their (high) family involvement level, we show that family SMEs that pursue nonfinancial (financial) goals exhibit lower (higher) probability of extending the boundaries of the firm to new product and/or market domains. Interestingly, in the face of threats, only those family SMEs that prioritise financial goals exacerbate their propensity to diversify, while increased vulnerability leads to an even lower probability of adopting diversification decisions among family SMEs with nonfinancial goals.

中文翻译：

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不确定性下家庭中小企业的多元化决策：目标作为经验法则

利用行为混合赌博镜头，我们认为组织目标的异质性导致家族企业的不同多元化行为。使用对 988 家家族中小型企业（家族参与程度高）同质化样本的调查和档案数据，我们表明追求非财务（财务）目标的家族中小型企业将公司边界扩展到新产品的概率较低（较高）和/或市场领域。有趣的是，面对威胁，只有那些优先考虑财务目标的家族中小企业会加剧其多元化倾向，而脆弱性的增加会导致具有非财务目标的家族中小企业采用多元化决策的可能性更低。