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Narrow‐Framing and Risk Preferences in Family and Non‐Family Firms

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  • Hanqing “Chevy” Fang
  • Esra Memili
  • James J. Chrisman
  • Linjia Tang

Abstract

Building upon prospect theory’s concept of narrow‐framing, we explore family firms’ risk preferences across multiple decisions in corporate entrepreneurship. We argue that family firms’ decisions are less likely to be narrowly framed (more likely to be made as a group rather than in isolation) compared to non‐family firms. Examining the interaction between two risky decisions (internationalization and R&D investment) in two samples of publicly traded firms in the USA and China confirms our hypotheses. Family firms appear more likely than non‐family firms to diversify risk when making multiple decisions concerning corporate entrepreneurship. However, given inferior performance, risk taking across multiple decisions in family firms is positively related.

Suggested Citation

  • Hanqing “Chevy” Fang & Esra Memili & James J. Chrisman & Linjia Tang, 2021. "Narrow‐Framing and Risk Preferences in Family and Non‐Family Firms," Journal of Management Studies, Wiley Blackwell, vol. 58(1), pages 201-235, January.
    • Handle: RePEc:bla:jomstd:v:58:y:2021:i:1:p:201-235
    DOI: 10.1111/joms.12671
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