Psychological Antecedents of Decision Comprehensiveness and Their Relationship to Decision Quality and Performance in Family Firms: An Upper Echelons Perspective

Carr, Jon C.; Vardaman, James M.; Marler, Laura E.; McLarty, Benjamin D.; Blettner, Daniela

doi:10.1177/0894486520917774

Cited by 31 publications

(36 citation statements)

References 60 publications

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“…Students might then consider the psychological foundations of management in family firms (values, heuristics, and biases, but also emotions, experiences, and memories) as a springboard for understanding family firm decisions. For example, future family firm leaders should be aware that their own risk-taking propensity and thoughtfulness will affect the quality of the strategic decision processes, and in turn, firm performance (Carr et al, 2020).…”

Section: Resultsmentioning

confidence: 99%

“…We next summarize the four articles in this issue. Assuming a reductionist approach to the psychological foundations of management, Carr et al (2020) enrich the literature on the psychological antecedents of decision comprehensiveness by focusing mainly on the heuristics and biases square in our proposed framework. The authors argue that the propensity to take risks and the desire to have time to think acutely about problems are two bases on which executives start making strategic decisions.…”

Section: The Articles In This Special Issuementioning

confidence: 99%

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

Picone

Massis

Tang

et al. 2021

Family Business Review

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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.

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Section: Resultsmentioning

confidence: 99%

Section: The Articles In This Special Issuementioning

confidence: 99%

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

Picone

Massis

Tang

et al. 2021

Family Business Review

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“…Heeding this call, Picone, De Massis, Tang and Piccolo (2021) built a conceptual framework linking the psychological foundations of management in family business, strategic decision-making, and firm performance. The first issue of the Family Business Review special issue discusses some of Picone et al’s (2021) key constructs: decision comprehensiveness (Carr, Vardaman, Marler, McLarty, & Blettner, 2020), values (Ruf, Graffius, Wolff, Moog, & Felden, 2020), overconfidence (Dick, Wagner, & Pernsteiner, 2020), and Machiavellism (Chandler, Petrenko, Hill, & Hayes, 2020).…”

mentioning

confidence: 99%

The Psychological Foundations of Management in Family Firms: Emotions, Memories, and Experiences

Humphrey

Massis

Picone

et al. 2021

Family Business Review

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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.

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“…Then managers can improve their strategic understanding of the environment by being more comprehensive. Studies have shown that the comprehensiveness of strategic decision-making for family firms is positively associated with decision-making quality and firm performance ( Carr et al, 2020 ). Miller (2008) study showed that, in a turbulent environment, both linear and non-linear relationships between comprehensiveness and performance are significantly positive.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Openness and Entrepreneurial Performance During COVID-19 Pandemic: Strategic Decision Comprehensiveness as an Inconsistent Mediator

et al. 2022

Front. Psychol.

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The COVID-19 pandemic severely hit small and micro-businesses. In the face of the impact of the pandemic, how to help entrepreneurs, especially small- and micro-businesses that are more sensitive to the impact of the pandemic, make decisions to reduce losses has become an issue worth paying attention to. From the perspective of personality approach, this article studied openness, which is the strongest predictor of entrepreneurial performance among the big five personality traits, and explored the impact of entrepreneurs’ openness on entrepreneurial performance during the COVID-19 pandemic, as well as the inconsistent mediating role of strategic decision comprehensiveness on entrepreneurial performance. An online questionnaire survey was conducted among 238 entrepreneurs of small- and micro-businesses when China was recovering from the pandemic and starting to resume work and production (February 18 – February 26, 2020). Entrepreneurial performance during the COVID-19 pandemic was measured by comparing the business conditions before and after the pandemic. The results showed that entrepreneurs’ openness positively impacted strategic decision comprehensiveness and entrepreneurial performance during the COVID-19 pandemic. Among the two competing hypotheses proposed by summarizing previous research, the results supported that strategic decision comprehensiveness negatively affected entrepreneurial performance. It indicated that entrepreneurs who tend to collect and analyze information extensively and then make decisions during the pandemic could not seize opportunities and improve their entrepreneurial performance. The results further supported that strategic decision comprehensiveness was an inconsistent mediator between openness and entrepreneurial performance, showing that entrepreneurs with low openness can also reduce the loss of entrepreneurial performance during the pandemic by making incomplete but rapid strategic decisions. This study found that the openness of entrepreneurs had a positive impact on strategic decision comprehensiveness for the first time and provided more empirical evidence for the negative effect of strategic decision comprehensiveness on entrepreneurial performance in the context of information uncertainty and unanalyzable situations. The inconsistent mediating effect of strategic decision comprehensiveness revealed in this study also has practical significance for helping entrepreneurs make correct decisions to reduce the losses caused by the pandemic.

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Psychological Antecedents of Decision Comprehensiveness and Their Relationship to Decision Quality and Performance in Family Firms: An Upper Echelons Perspective

Cited by 31 publications

References 60 publications

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

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

The Psychological Foundations of Management in Family Firms: Emotions, Memories, and Experiences

Openness and Entrepreneurial Performance During COVID-19 Pandemic: Strategic Decision Comprehensiveness as an Inconsistent Mediator

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