Narrow‐Framing and Risk Preferences in Family and Non‐Family Firms
基于前景理论的窄框架概念，研究家族企业在公司创业中多个决策的风险偏好，发现家族企业比非家族企业更少窄框架，更倾向于分散风险，但在业绩不佳时多决策的风险承担呈正相关。
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.