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Purpose
A large body of research has analyzed individual psychological characteristics as antecedents of strategic decision-making. However, this research has mainly focused on trait-based characteristics that explain impaired strategic decision outcomes. Recently, PsyCap has been proposed as an alternative driver of strategic decision outcomes that, in contrast to other drivers, can be influenced by management.
In jeder Krise liegt eine Chance! So jedenfalls wird immer behauptet. Ob das auch für die Corona-Krise gilt, ist für uns allerdings noch offen. Denn aus unserer Sicht ist die Hoffnung der einen, dass die Erfahrungen mit dieser Krise zu einem anderen gesellschaftlichen Miteinander, zu mehr Werten oder mehr Nachhaltigkeit führen, genauso wenig sicher wie die Hoffnung der anderen, dass doch noch ein schnelles Aufschließen zur VorCorona-Zeit gelingt. Sicher ist im Augenblick doch nur, dass uns die Corona-Krise nicht nur
gesellschaftlich herausfordert, sondern vor allem auch wirtschaftlich: der größte Konjunktureinbruch, die höchste Staatsverschuldung, Millionen Kurzarbeiter hier und Arbeitslose dort und vor allem in den Schwellenländern, die gestern noch eine Chance auf mehr Wohlstand hatten und heut vor dem Nichts stehen.
Schwer zu sagen, wo darin eine Chance liegen soll. Dass wir mit der Digitalisierung schneller weiterkommen? Dass es mehr Homeoffice-Möglichkeiten geben wird? Dass Werte eine größere Rolle spielen? Vielleicht. Aber sonst? Wie immer eine Nach-Corona-Zeit aussehen wird – wir können relativ sicher davon ausgehen, dass sich Unternehmensführung durch die Corona-Krise und die Erfahrungen mit dem Lockdown verändern wird. Aber wie – und vor allem was können wir unternehmerisch aus der Krise lernen?
By integrating cognitive diversity into debiasing literature, this paper contributes towards opening the black box of executive judgment. Based on information processing theory we iestigate the role of cognitive diversity in strategic decision making. We apply a vignette-based experimental research design to examine the effect of cognitive diversity in teams on decision maker's illusion of control. The results of these experiments provide evidence for a positive influence of high cognitive diversity for debiasing judgment while similarly indicating no such effect for groups with low cognitive diversity. These findings suggest that group composition aspects can play an important role for improving judgment in decision making teams and open promising new avenues for studying debiasing in behavioral strategy research.
Risk attribution theory: an exploratory conceptualization of individual choice under uncertainty
(2017)
Empirical research has shown that decision-makers often display distinct risk preferences that are not explained by prospect theory as it currently exists. In particular, decision-makers have been found to act in ways that might reflect individual risk preferences outside of the fourfold pattern predicted by prospect theory. We suggest that this behavior can be explained by integrating personal factors—in addition to the contextual factors proposed by prospect theory—into a unified theory of individual choice under uncertainty. Drawing on recent findings in decision theory and social psychology, we introduce "risk attribution theory" to illustrate how cognitive and affective factors influence the evaluation of risky prospects and eventually lead to distinct individual risk behavior.
Transgenerational control intention (TCI) is a pivotal characteristic of many family firms. Yet, it remains unclear whether TCI benefits family-firm performance by instilling a long-term view, or hurts performance by fueling harmful socioemotional wealth (SEW) goals. We posit that it depends who pursues it. When faced with TCI, family managers are known to suffer from cognitive biases that, we submit, do not similarly apply to nonfamily managers. Thus, only family managers harm performance when pursuing TCI. An empirical iestigation of 107 private German family firms supports our theory; the effect of TCI on firm performance depends on who pursues it.
In this paper we introduce behavioral integration, a construct established in top management team (TMT) research, into the family firm field. TMT research argues that behavioral integration has a positive performance effect as it fosters commitment to the task at hand, joint goals, and mutual trust among TMT members. Because of these specific characteristics, we argue that behavioral integration might act as a relational governance mechanism that positively influences family firm performance. Based on research on family iolvement in management, we posit that this positive performance effect of behavioral integration as a relational governance mechanism is particularly pronounced in family firms with a high degree of family iolvement in management.
Teams of business leaders make most strategic decisions in organizations. However, although a large body of research has analyzed cognitive biases of individual leaders, little is known about how those biases affect teams on the group level. Therefore, on the basis of research into group decision making and group diversity, we analyze demographic diversity and group tenure as two important determinants of overconfidence in groups. We report findings from a quasi-experimental field study iolving 46 management teams, which suggest that diversity and tenure have separate, direct effects on group overconfidence. More specifically, we show that demographic diversity reduces group overconfidence, while group tenure increases it. These findings add a dynamic dimension to the conceptualization of group overconfidence in teams.
Familienunternehmen unterscheiden sich von Nicht-Familienunternehmen aufgrund des möglichen Einflusses der Familie auf das Unternehmen. Dieser Familieneinfluss kann sich sowohl positiv als auch negativ auf den Unternehmenserfolg auswirken. Wie ein Unternehmen erfolgreich die Balance zwischen gegenläufigen Einflüssen hält, zeigt das Fallbeispiel TRUMPF.