6533b825fe1ef96bd128292a

RESEARCH PRODUCT

The Psychological Foundations of Management in Family Firms: Values, Biases, and Heuristics

Yi TangRonald F. PiccoloPasquale Massimo PiconeAlfredo Vittorio De MassisAlfredo Vittorio De MassisAlfredo Vittorio De Massis

subject

Family businessHeuristic0502 economics and business05 social sciencesfamily business heuristic bias psychological foundations decision-making values cognitionBusiness Management and Accounting (miscellaneous)050211 marketingCognitionHeuristicsPsychology050203 business & managementFinanceCognitive psychology

description

Considering the heterogeneity of family firm behaviors as reflecting the values, biases, and heuristics of individuals, we discuss the implications of the psychological foundations of management in family firms. We develop a conceptual framework for investigating how the values, biases, and heuristics of family and nonfamily members affect strategic decision-making and the outcomes of family firms. To advance the field, we put forward some relevant questions and offer a future research agenda at the intersection of the psychological foundations of management and family business.

yearjournalcountryeditionlanguage
2021-01-06Family Business Review
https://doi.org/10.1177/0894486520985630