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

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<mark>Journal publication date</mark>1/03/2021
<mark>Journal</mark>Family Business Review
Issue number1
Volume34
Number of pages21
Pages (from-to)12-32
Publication StatusPublished
Early online date6/01/21
<mark>Original language</mark>English

Abstract

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.