Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315615 
Year of Publication: 
2024
Citation: 
[Journal:] Small Business Economics [ISSN:] 1573-0913 [Volume:] 63 [Issue:] 2 [Publisher:] Springer US [Place:] New York [Year:] 2024 [Pages:] 805-829
Publisher: 
Springer US, New York
Abstract: 
Abstract Drawing from prospect theory, we use an experimental study design to explore how and why reference points of managers of family and nonfamily firms differ. We contribute to research on the role of economic theories for family businesses by elaborating on decision-making mechanisms in the context of family firms. Furthermore, we investigate whether family and nonfamily managers within family firms vary in their investment decisions. Our study demonstrates the importance of price volatility as a determinant of reference points and shows how the same type of information can lead to different reference points based on whether the manager is from a family or nonfamily firm.
Subjects: 
Family business
Prospect theory
Reference points
Investment decisions
Family firms
Reference point
Price volatility
Family managers
Non-family managers
Persistent Identifier of the first edition: 
Additional Information: 
D81;D84
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version
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