“…Moreover, while family firms respond to highly uncertain environments with a short-term planning horizon (Bruun, 1993, p. 13;Pérez-Lizaur, 1997;Whyte, 1996), in more settled environments they adopt very long time horizons. This facilitates the patient investment of education and training in family members (Benedict, 1968;de Lima, 2000;Goody, 1996, pp. 182-183;193;Nafziger, 1969).…”