The Psychological Foundations of Management in Family Firms: Emotions, Memories, and Experiences. (June 2021)

• Record Type: Journal Article
• Authors: Humphrey, Ronald H.; Massis, Alfredo De; Picone, Pasquale Massimo; Tang, Yi; Piccolo, Ronald F.
• Is Part Of: Family business review. Volume 34:Number 2(2021)
• Page Start: 122
• Page End: 131
• Publication Date: 2021-06
• Subjects: family business -- emotions -- memories -- experiences -- psychological foundations -- decision-making; Family-owned business enterprises -- United States -- Periodicals; Home labor -- United States -- Periodicals; Small business -- United States -- Periodicals; New business enterprises -- United States -- Periodicals; 658.045
• DOI: 10.1177/08944865211012139
• Languages: English
• ISSNs: 0894-4865

Abstract

Exploring the psychological foundations of management in family firms is necessary to understand why they formulate and implement strategies differently from nonfamily firms, and why and how family firm behavior varies across different family firms. Picone et al. (2021. The psychological foundations of management in family firms: Values, biases, and heuristics. Family Business Review, 34 (1), 12-32) have proposed a conceptual framework for the psychological foundations of management in family business, examining how the values, biases, and heuristics of family firm members affect strategic decision-making and family firm outcomes. Drawing on this framework, we examine emotions, memories, and experiences in family firms, disentangling "what we know" from "what we should know", and offering some relevant questions to advance the field.