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Open AccessArticle

Long-Term Orientation as a Resource for Entrepreneurial Orientation in Private Family Firms: The Need for Participative Decision Making

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Research Center for Entrepreneurship and Family Firms (RCEF), Hasselt University, Agoralaan, Building D, 3590 Diepenbeek, Belgium
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Department of Accountancy and Finance, University of Antwerp, Prinsstraat 13, 2000 Antwerpen, Belgium
*
Author to whom correspondence should be addressed.
Sustainability 2020, 12(13), 5334; https://doi.org/10.3390/su12135334
Received: 5 June 2020 / Revised: 24 June 2020 / Accepted: 29 June 2020 / Published: 1 July 2020
(This article belongs to the Section Economic and Business Aspects of Sustainability)
Building on the resource-based view (RBV) of the firm, this paper suggests that a family firm’s long-term orientation (LTO) can be an important resource that increases firm-level entrepreneurial orientation (EO). Nevertheless, resource orchestration suggests that managers need to orchestrate their resources in order to realize any potential advantage. Therefore, we hypothesize that a family firm’s LTO entails potential resources to engage in entrepreneurial activities, while a participative decision making (PDM) style serves as coordinating mechanism that helps the firm to manage these resources. Using data from 209 private family firms, the results show a positive association between LTO and EO. Also, PDM was found to positively moderate the LTO-EO relationship, providing empirical support for our central hypothesis. View Full-Text
Keywords: Long-term orientation; entrepreneurial orientation; participative decision making; private family firms Long-term orientation; entrepreneurial orientation; participative decision making; private family firms
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Schepers, J.; Voordeckers, W.; Steijvers, T.; Laveren, E. Long-Term Orientation as a Resource for Entrepreneurial Orientation in Private Family Firms: The Need for Participative Decision Making. Sustainability 2020, 12, 5334.

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