Long-term orientation and intertemporal choice in family firms

G. Tom Lumpkin, Keith H. Brigham

Research output: Contribution to journalArticle

196 Scopus citations

Abstract

A long-term orientation (LTO) is often associated with family firms, but the LTO construct is underdeveloped. This paper sets forth a framework for studying LTO in family firms including developing three dimensions-futurity, continuity, and perseverance. It identifies LTO as a higher-order heuristic that, in matters of intertemporal choice, provides a dominant logic for decisions and actions. Intertemporal choice refers to decisions with payoffs or outcomes that play out over time. Three mechanisms affecting intertemporal choices are identified-representation, self-control, and anticipation. LTO and intertemporal choice are further examined and discussed in the context of family firms.

Original languageEnglish
Pages (from-to)1149-1169
Number of pages21
JournalEntrepreneurship: Theory and Practice
Volume35
Issue number6
DOIs
StatePublished - Nov 2011

Fingerprint Dive into the research topics of 'Long-term orientation and intertemporal choice in family firms'. Together they form a unique fingerprint.

  • Cite this