Long-term orientation of firms
This chapter is about long-term orientation of firms. First, I discuss key terms related to longterm orientation and describe my understanding of the concept (Section 3.1). Next, I describe the various dimensions of long-term orientation (Section 3.2). Then, I introduce the central explanations for long-term orientation and discuss whether and under which conditions family firms should be more long-term oriented than non-family firms (Section 3.3). Building upon this discussion, Section 3.4 presents the specific research questions that will be analyzed in the following chapters.
KeywordsFamily Firm Stock Option Executive Compensation Certainty Equivalent Family Owner
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