Risky Decisions and the Family Firm Bias: An Experimental Study Based on Prospect Theory
基于前景理论和实验研究，发现家族企业信号会诱导非专业投资者产生行为偏见，使其在高风险选项中更偏好，在收益域减少风险规避，在损失域增强风险寻求。
In this article, we look at how a family firm signal affects decision making of nonprofessional investors. Grounded in prospect theory and supported by empirical evidence from a choice-based experimental study ( N = 418) backed by a qualitative study, we demonstrate a behavioral bias induced by the family firm signal. This family firm bias shifts nonprofessional investors’ preferences toward the high-risk alternative in a choice situation. Accordingly, processing the family firm information seems to moderate risk aversion as risk avoidance is decreased in the gain domain, while risk seeking is reinforced in the loss domain due to trust and longevity associations tied to the family firm signal.